Common use of Rent Coverage Ratio Clause in Contracts

Rent Coverage Ratio. The Credit Parties shall cause the Rent Coverage Ratio, as of the end of each fiscal quarter, to be equal to or greater than 1.30 to 1.00. Notwithstanding the foregoing, to the extent that the Rent Coverage Ratio as of the end of any such fiscal quarter is less than 1.30 to 1.00, such violation shall not constitute a Default or Event of Default so long as within thirty (30) Business Days from the delivery of the information required pursuant to Section 6.02(b) and (c), the Parent Borrower delivers to the Administrative Agent a new Borrowing Base Certificate removing one or more Borrowing Base Assets from the calculation of the Borrowing Base Amount as necessary for the Credit Parties to comply with such Rent Coverage Ratio.

Rent Coverage Ratio. The Credit Parties shall cause the Rent Coverage Ratio, as of the end of each fiscal quarter, to be equal to or greater than 1.30 to 1.00. Notwithstanding the foregoing, to the extent that the Rent Coverage Ratio as of the end of any such fiscal quarter is less than 1.30 to 1.00, such violation shall not constitute a Default or Event of Default so long as within thirty ten (3010) Business Days from the delivery of the information required pursuant to Section 6.02(b) and (c), the Parent Borrower delivers to the Administrative Agent a new Borrowing Base Certificate removing one or more Borrowing Base Assets from the calculation of the Borrowing Base Amount as necessary for the Credit Parties to comply with such Rent Coverage Ratio.