FCCR Condition definition

FCCR Condition means that the Aggregate Fixed Charge Coverage Ratio for all of the Properties, taken as a whole, must be at least equal to 3.0:1 for the twelve month period of time immediately preceding the end of the fiscal quarter of Lessee which closed prior to the date on which Guarantor gives Lessor notice of the proposed Subject Transfer. As used herein, the term "Rating Agency Condition" shall mean, if and to the extent that the loans contemplated by the Loan Documents have been subject to a Securitization, Lender shall have received a notice or confirmation of the rating agencies which have issued ratings in connection with such Securitization that such Subject Transfer will not cause any of such rating agencies to downgrade, modify, withdraw or qualify any of such ratings. Guarantor shall have the right to satisfy the FCCR Condition by (i) paying or causing to be paid to Lessor the Subject Transfer Rent Prepayment Amount (as hereinafter defined), and (ii) paying or causing to be paid to Lessor the Prepayment Charges payable by Lessor to Lender as a result of the payment by Guarantor to Lessor of the Subject Transfer Rent Prepayment Amount, provided that the payment of the Subject Transfer Rent Prepayment Amount and such Prepayment Charges shall be made prior to or simultaneously with the consummation of the Subject Transfer. Upon payment of the Subject Transfer Rent Prepayment Amount and Prepayment Charges as contemplated by the preceding sentence, Lessor agrees that the Base Monthly Rental beginning with the calendar month immediately following the month in which such payment is made (or, if such payment is made on the first day of a calendar month, beginning with the calendar month in which such payment is made) shall be equal to the Base Monthly Rental then in effect reduced by the Subject Transfer Rent Reduction Amount (as hereinafter defined). For purposes of this Section 7(c), the following terms shall be defined as set forth below:
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Examples of FCCR Condition in a sentence

  • Notwithstanding the foregoing, upon any termination of this Agreement for any reason, any unpaid Incentive Fee (including any Incentive Fee installment for the stub period ending on the termination date) shall become fully earned and immediately due and payable without regard to the FCCR Condition defined below.

  • The Incentive Fee, if any, subject to the FCCR Condition (defined below), shall be payable in arrears in three (3) equal annual installments with the first installment payable on January 15 following the applicable year for which the Incentive Fee relates and on January 15 of the next two successive years.

  • The Incentive Fee, if any, subject to the FCCR Condition (defined below), shall be payable in arrears in three (3) equal annual installments with the first installment payable on January 15 following the applicable year for which the Incentive Fee relates and on January 15 of the next two (2) successive years.