Debt Ratios. (a) The amount of Secured Debt shall not exceed 50% of the Gross Asset Value during the 24 calendar month period immediately following the Closing Date and thereafter, the amount of Secured Debt shall not exceed 45% of the Gross Asset Value; (b) the Outstanding Amount of all Loans plus the Outstanding Amount of all L/C Obligations shall not exceed the Availability; and (c) the amount of Recourse Debt (excluding the Loans and L/C Obligations) shall not exceed 15% of the Gross Asset Value.
Appears in 2 contracts
Sources: Revolving Credit Agreement (AmREIT, Inc.), Revolving Credit Agreement (AmREIT, Inc.)