Debt Ratios. (a) The amount of Unsecured Debt at the end of each calendar quarter shall not exceed 60% of the Unencumbered Property Value at such time; provided, however, that if at the end of any calendar quarter, for up to four calendar quarters during the term of this Agreement, the amount of Unsecured Debt exceeds 60% of Unencumbered Property Value but is less than 65% of Unencumbered Property Value then the amount of Unsecured Debt at the end of each such calendar quarter, may exceed 60%, but shall not exceed 65%, of Unencumbered Property Value at such time; (b) the Outstanding Amount of all Loans (including all Swing Loans and Bid Loans) plus the Outstanding Amount of all L/C Obligations shall not exceed the Availability at such time; and (c) the amount of Secured Recourse Debt at the end of each calendar quarter shall not exceed 10% of the Gross Asset Value at such time.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Essex Portfolio Lp), Revolving Credit Agreement (Essex Property Trust Inc)