Maximum Secured Debt. The aggregate Secured Debt of the Borrower and the Guarantor, tested as of the last day of each Fiscal Quarter, shall at no time exceed the lesser of (i) $350,000,000 or (ii) 60% of total collective Assets of the Borrower and the Guarantor until the earlier of (a) such time as the Borrower shall have received an Investment Grade Rating or (b) June 30, 1997, at and after which time aggregate Secured Debt of the Borrower and the Guarantor, tested as of the last day of each Fiscal Quarter, shall not exceed 40% of total collective Assets of the Borrower and the Guarantor.
Appears in 2 contracts
Sources: Loan Agreement (Summit Properties Inc), Loan Agreement (Summit Properties Inc)