Modified Consolidated Adjusted Leverage Ratio

Modified Consolidated Adjusted Leverage Ratio. Shall mean, at any date, for Parent and its Consolidated Subsidiaries determined on a consolidated basis, the ratio of the sum of (i) Debt (excluding (A) reimbursement obligations in connection with any undrawn letters of credit to the extent included in Debt and (B) Subordinated Debt for which Lender has entered into a written subordination agreement) and (ii) (a) Rent Expense for the Trailing Four Quarter Period ending on such date multiplied by eight (8) to (b) Consolidated EBITDAR... for the Trailing Four Quarter Period ending on such date plus (1) for the first Fiscal Quarter of the 2003 calendar year, $1,000,000; (2) for the second Fiscal Quarter of the 2003 calendar year, $750,000 (but not including the amount set forth in (b)(1) above); (3) for the third Fiscal Quarter of the 2003 calendar year, $500,000 (but not including the amounts set forth in (b)(1) and (b)(2) above) and (4) for the fourth Fiscal Quarter of the 2003 calendar year, $250,000 (but not including the amounts set forth in (b)(1), (b)(2) and (b)(3) above). View More