Portfolio Cash Flow means the aggregate net income arising from all Facilities under this Lease as reflected on the Facility Financial Statement of each Facility plus [i] the amount of the provision for depreciation and amortization; plus [ii] the amount of the provision for management fees; plus [iii] the amount of the provision for income taxes; plus [iv] the amount of the provision for Base Rent payments and interest and equipment lease payments, if any, relating to the Facilities; plus [v] any payments made by Tenant to Individual Guarantor under the Cash Flow Agreement provided that such payments are reflected on the Facility Financial Statement as expenses prior to the calculation of net income; minus [vi] an imputed management fee equal to 5% of gross revenues of the Facilities (net of contractual allowances); and minus [vii] an imputed replacement reserve of $300.00 per unit at the Facilities, per year.
If Tenant fails to comply with this provision for any fiscal quarter, and provided that Tenant has maintained a Portfolio Coverage Ratio of at least 1.00 to 1.00 for the current fiscal quarter and the immediately preceding fiscal quarter, such failure shall not be an Event of Default hereunder if Tenant provides to Landlord a Letter of Credit in an amount equal to the difference between the Portfolio Cash Flow needed to achieve the required coverage and the actual Portfolio Cash Flow.
Supplementary Financial Information Third Quarter 2005 Bond Portfolio Cash Flow Hedging Un-hedged 10% 90% Fixed-Rate (12) Includes $87M in bonds financed through off balance sheet fixed-rate securitizations.
Supplementary Financial Information Fourth Quarter 2005 Bond Portfolio Cash Flow Hedging Un-hedged 14% 86% Fixed-Rate (11) Includes $122M in bonds financed through off balance sheet securitizations.
Ratio is the ratio of [i] Portfolio Cash Flow for each applicable period; to [ii] the Base Rent payments under this Lease allocated to the Stabilized Facilities for the applicable period plus interest and equipment lease payments, if any, relating to the Stabilized Facilities.
The "Portfolio Shortfall Amount" for any fiscal quarter means the amount by which the Denominator Amount exceeds the Portfolio Cash Flow for the applicable trailing six-month period.