Definition of Portfolio Debt Service Coverage Ratio

Portfolio Debt Service Coverage Ratio means, the ratio, as determined by Lender as of any date of determination, of (i) the Portfolio Net Operating Income for the immediately preceding twelve (12) calendar month period, to (ii) the aggregate amount of (x) the annual Portfolio Loan Debt Service payments due under the Loan and (y) the debt service payments due in respect of all indebtedness secured or to be secured by a lien on all or any portion of any Portfolio, the Cross-Collateralized Portfolio or any direct or indirect interest in any Borrower or Cross-Collateralized Borrower, in each case, for the next twelve (12) calendar month period. Portfolio Net Operating Income shall be based on a lease-in-place analysis that reflects the then current Leases in place (at both the Portfolio and the Cross-Collateralized Portfolio), as determined by Lender in its reasonable discretion, in accordance with Lender's standard underwriting criteria consistently applied, and excluding extraordinary or one-time items. Portfolio Debt Service Coverage Ratio shall be calculated on a cash flow basis.