Ratio of Secured Indebtedness to Total Asset Value. The Company will not, at any time, permit the ratio of (1) Secured Indebtedness of ▇▇▇▇▇▇ REIT and its Subsidiaries, on a consolidated basis (which shall include ▇▇▇▇▇▇ REIT’s Ownership Share of Secured Indebtedness of Unconsolidated Affiliates in accordance with Section 22.2), to (2) Total Asset Value, to exceed 0.450 to 1.000. For purposes of this Section 10.5(d), Secured Indebtedness shall include all unsecured debt for borrowed money (including Guaranties in respect thereof) of Subsidiaries other than the Company or any Subsidiary Guarantor that is then a party to a Subsidiary Guaranty.
Appears in 2 contracts
Sources: Note Purchase Agreement (Hudson Pacific Properties, L.P.), Note Purchase Agreement (Hudson Pacific Properties, L.P.)