Certain Guarantees. Notwithstanding Section 8.1(f), two or more issues of Non-recourse Indebtedness of the Borrowers and/or one or more Subsidiaries may not be cross-guaranteed or cross-collateralized unless (a) each of such guarantees constitutes Non-recourse Indebtedness, (b) the loan-to-value ratio of each item of Non-recourse Indebtedness shall not exceed 75% as of the date of its incurrence and (c) the total value of all Real Estate subject to such pooled Non-recourse Indebtedness shall not exceed 40% of the Combined Total Asset Value of the Combined Group as of the date of the incurrence of such Non-recourse Indebtedness. Nothing in this Section 8.11 shall be interpreted to permit any Indebtedness that would cause a violation of Sections 9.4, 9.5 or 9.6 of this Agreement.
Appears in 1 contract
Sources: Revolving Credit Agreement (Heritage Property Investment Trust Inc)
Certain Guarantees. Notwithstanding Section 8.1(f), two or more issues of Non-recourse Indebtedness of the Borrowers and/or one or more Subsidiaries may not be cross-guaranteed or cross-collateralized unless (a) each of such guarantees constitutes Non-recourse Indebtedness, (b) the loan-to-value ratio of each item of Non-recourse Indebtedness shall not exceed 75% as of the date of its incurrence and (c) the total value of all Real Estate subject to such pooled Non-recourse Indebtedness shall not exceed 40% of the Combined Total Asset Value of the Combined Group as of the date of the incurrence of such Non-recourse Indebtedness. Nothing in this Section 8.11 shall be interpreted to permit any Indebtedness that would cause a violation of Sections 9.4, 9.5 or 9.6 of this Agreement.
Appears in 1 contract
Sources: Revolving and Term Credit Agreement (Heritage Property Investment Trust Inc)