Minimum Implied Debt Service Ratio

Minimum Implied Debt Service Ratio. The ratio of (x) the aggregate Net Operating Income for all Collateral Properties for the period of two consecutive fiscal quarters most recently ended times 2 to (y) Implied Debt Service determined as of the end of such period, to be less than 1.30 to 1.00; provided, however, that for the fiscal quarter ending December 31, 2004, the Parent shall not permit the ratio of (x) the aggregate Net Operating Income for all Collateral Properties for the fiscal quarter then ended times 4 to (y) Implied... Debt Service determined as of December 31, 2004, to be less than 1.30 to 1.00. Collateral Properties that were disposed of during such period or which are excluded from calculations of Borrowing Base shall be excluded from determinations of such ratio. The Net Operating Income for any Collateral Property acquired during such period shall be included only on a pro forma basis acceptable to the Agent View More