Adjusted Leverage Ratio

Adjusted Leverage Ratio. Means the ratio of (a) the sum of (i) Lender Indebtedness, plus (ii) Subordinated Indebtedness, plus (iii) the Rent Load, to (b) the sum of (i) EBITDA, plus (ii) the Annual Rent Expense. For purposes of calculating the Adjusted Leverage Ratio, (i) the defined term "Rent Load" shall equal, as of any date, the present value, discounted at an interest rate of 10%, of eight annual payments (commencing one year after such date), each equal to the... Annual Rent Expense for the twelve month period ended on such date, and (ii) the defined term "Annual Rent Expense" shall mean, for any twelve month period, the aggregate rent expense of Borrowers for such period with respect to the real estate leased by Borrowers. View More

Adjusted Leverage Ratio. The Adjusted Leverage Ratio of AIC shall not exceed 7.0 to 1.0 at any time.

Adjusted Leverage Ratio. Means, at any time, the ratio of (i) the aggregate principal amount of all indebtedness (other than outstanding non-recourse real estate investment trust portfolio debt) of AIC and its Subsidiaries at such time which on a consolidated basis in accordance with GAAP would be required to be reflected on a consolidated balance sheet of AIC and its Subsidiaries as a liability to (ii) the Tangible Net Worth of AIC and its Subsidiaries.

Adjusted Leverage Ratio. Means, as of any date, the ratio of (a) Indebtedness to (b) Equity of NRFC as of such date

Adjusted Leverage Ratio. Shall be greater than 3.50.