Definition of Pro-Forma Indebtedness to EBITDA Ratio


Pro-Forma Indebtedness to EBITDA Ratio means, with respect to a proposed investment in real property proposed to be acquired (the "New Property"), the ratio of (a) the sum of the aggregate amount of Indebtedness of Borrowers (without duplication) at the time of calculation, plus the aggregate amount of any additional Indebtedness to be incurred in connection with the acquisition of the New Property (the "New Indebtedness"), to (b) Consolidated EBITDA for the four (4) quarter period ending on the most recent quarter-end for which financial statements are required to have been delivered pursuant to Section 7.01, as modified to reflect Borrowers' ownership of the New Property and incurrence of the New Indebtedness (which modification shall be based on calculations initially prepared by Borrowers as reasonably adjusted by Agent).