Liabilities to Market Value Capitalization Ratio. The Borrowers will not, as of each Quarterly Measurement Date occurring on or after December 31, 1997, permit the ratio of the aggregate amount of Indebtedness of the Borrowers and their Controlled Subsidiaries (limited to each Borrowers' allocable share thereof) outstanding under notes, bonds, debentures or similar debt instruments plus all guarantees, endorsements or similar contingent obligations individually or in the aggregate in excess of $15,000,000.00 with respect to Indebtedness of other Persons (excluding obligations under completion guaranties, Indebtedness that is secured by an Income Property which is owned by a Borrower or with respect to which a Borrower owns a Partial Interest in the event that the Indebtedness secured by such Income Property exceeds sixty percent (60%) of the Adjusted Value thereof and Indebtedness permitted under Section 8.1(i) and Section 8.1(k)) to Total Market Value Capitalization of the Borrowers to exceed the following percentages: Year of Loan Percentage July 31, 1997 through September 30, 1998 70% October 1, 1998 through September 30, 1999 65% October 1, 1999 through September 30, 2000 60% October 1, 2000 through September 30, 2001 55% October 1, 2001 through July 31, 2002 55%
Liabilities to Market Value Capitalization Ratio. The Borrowers will not, as of each Quarterly Measurement Date occurring on or after the date hereof, permit the ratio of (a) the sum of (i) the aggregate amount of Indebtedness of the Borrowers and their Restricted Subsidiaries (limited to each Borrowers’ allocable share thereof) outstanding under notes, bonds, debentures or similar debt instruments plus all guarantees, endorsements or similar contingent obligations individually or in the aggregate in excess of $25,000,000.00 with respect to Indebtedness of other Persons (excluding obligations under completion guaranties, Non-Recourse Indebtedness that is secured by an asset in the event that the Non-Recourse Indebtedness exceeds fifty-five percent (55%) of the Adjusted Value thereof (or if the Adjusted Value of such asset is not determined under this Agreement, then its historic cost (including land value)), Indebtedness permitted under §8.1(a)(xiii)) (the aggregate amount of Indebtedness described by this clause (a) being referred to collectively as the “Total Indebtedness”) minus (ii) the amount of Unrestricted Cash and Cash Equivalents in excess of $10,000,000.00 reported in accordance with the terms of this Agreement as of such Quarterly Measurement Date to (b) Total Market Value Capitalization of the Borrowers to exceed forty percent (40%).
Liabilities to Market Value Capitalization Ratio. The Borrowers will not, as of each Quarterly Measurement Date occurring on or after the date hereof, permit the ratio of (a) the sum of (i) the aggregate amount of Indebtedness of the Borrowers and their Restricted Subsidiaries (limited to each Borrowers’ allocable share thereof) outstanding under notes, bonds, debentures or similar debt instruments plus all guarantees, endorsements or similar contingent obligations individually or in the aggregate in excess of $25,000,000.00 with respect to Indebtedness of other Persons (excluding obligations under completion guaranties, Non-Recourse Indebtedness that is secured by an asset in the event that the Non-Recourse Indebtedness exceeds fifty-five percent (55%) of the Adjusted Value thereof (or if the Adjusted Value of such asset is not determined under this Agreement, then its historic cost (including land value)), Indebtedness permitted under §8.1(a)(x) and §8.1(a)(xiii) and operating leases that will be treated as capital leases under the proposed guidelines of FASB and the International Accounting Standards Board as described in Exposure Draft: Leases (Topic 840)) (the aggregate amount of Indebtedness described by this clause (a) being referred to collectively as the “Total Indebtedness”) minus (ii) the amount of Unrestricted Cash and Cash Equivalents in excess of $10,000,000.00 reported in accordance with the terms of this Agreement as of such Quarterly Measurement Date to (b)Total Market Value Capitalization of the Borrowers to exceed the following percentages: Fiscal Quarter Ending on or before: Percentage December 31, 2011 55 % Thereafter 50 %
