Ratio of Secured Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Secured Indebtedness to (ii) Total Asset Value to exceed at any time (x) 0.45 to 1.00 at all times prior to the date that is the second anniversary of the Agreement Date, or (y) 0.40 to 1.00 on and at all times after the date that is the second anniversary of the Agreement Date. For the purpose of calculating the ratio of Secured Indebtedness to Total Asset Value, (A) Secured Indebtedness shall be adjusted by deducting therefrom an amount equal to the lesser of (1) the amount by which Unrestricted Cash exceeds $20,000,000 and (2) the amount of Secured Indebtedness that by its terms is scheduled to mature within twenty-four (24) months from the date of such calculation, and (B) Total Asset Value shall be adjusted by deducting therefrom the amount by which Secured Indebtedness is adjusted under the preceding clause (A).
Appears in 3 contracts
Sources: Credit Agreement (Chambers Street Properties), Term Loan Agreement (Chambers Street Properties), Credit Agreement (Chambers Street Properties)