Floating Rate Debt. On any date, the Borrower and its Subsidiaries shall not, on a consolidated basis, have outstanding floating rate debt that is neither at a fixed rate or hedged pursuant to a derivative contract greater than 35% of Total Asset Value; provided, however that for purposes hereof, floating rate debt shall not include the notional amount of debt that is subject to interest rate caps which protect against an upward movement of LIBOR by up to 300 basis points.
Appears in 4 contracts
Samples: Credit Agreement (Whitestone REIT), Credit Agreement (Whitestone REIT Operating Partnership, L.P.), Credit Agreement (Whitestone REIT)
Floating Rate Debt. On any date, the Borrower Company and its Subsidiaries shall not, on a consolidated basis, have outstanding floating rate debt Indebtedness for Borrowed Money that is neither at a fixed rate or nor hedged pursuant to a derivative contract greater than 3540% of Total Asset Value; provided, however that for purposes hereof, floating rate debt shall not include the notional amount of debt that is subject to interest rate caps which protect against an upward movement of LIBOR by up to 300 basis points.
Appears in 4 contracts
Samples: Note Purchase and Private Shelf Agreement (LTC Properties Inc), Note Purchase and Private Shelf Agreement (LTC Properties Inc), Note Purchase and Private Shelf Agreement (LTC Properties Inc)
Floating Rate Debt. On any date, the Borrower and its Subsidiaries shall not, on a consolidated basis, have outstanding floating rate debt that is neither at a fixed rate or hedged pursuant to a derivative contract greater than 3540% of Total Asset Value; provided, however that for purposes hereof, floating rate debt shall not include the notional amount of debt that is subject to interest rate caps which protect against an upward movement of LIBOR by up to 300 basis points.
Appears in 4 contracts
Samples: Credit Agreement (LTC Properties Inc), Credit Agreement (LTC Properties Inc), Credit Agreement (LTC Properties Inc)
Floating Rate Debt. On any date, the Borrower and its Subsidiaries shall not, on a consolidated basis, have outstanding floating rate debt that is neither at a fixed rate or hedged pursuant to a derivative contract greater than 3525% of Total Asset Value; provided, however that for purposes hereof, floating rate debt shall not include the notional amount of debt that is subject to interest rate caps which protect against an upward movement of LIBOR by up to 300 basis points.
Appears in 1 contract
Samples: Credit Agreement (Whitestone REIT Operating Partnership, L.P.)
