Limitation on Secured Debt. The Guarantor will not, and will not permit any Subsidiary to, Incur any Secured Debt (other than Intercompany Debt that is subordinate in right of payment to the Notes) if, immediately after giving effect to the Incurrence of such Secured Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all outstanding Secured Debt of the Guarantor and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) would exceed 40% of the sum of the following (without duplication):
Appears in 6 contracts
Samples: Indenture (Piedmont Office Realty Trust, Inc.), Indenture (Piedmont Office Realty Trust, Inc.), Third Supplemental Indenture (Piedmont Office Realty Trust, Inc.)
Limitation on Secured Debt. The In addition to the limitation set forth in Section 2.1 above, neither the Guarantor nor the Company will notIncur, and will not or permit any Subsidiary toof the Consolidated Subsidiaries to Incur, Incur any Secured Debt (Debt, other than Intercompany guarantees of Secured Debt that Incurred by the Guarantor, the Company or any of the Consolidated Subsidiaries that, in each case, is subordinate in right of payment to the Notes) , if, immediately after giving effect to the Incurrence of such Secured Debt and the application of the proceeds from such Debt on a pro forma basisthereof, the aggregate principal amount of all outstanding Secured Debt of the Guarantor and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) would exceed be greater than 40% of the sum of the following (of, without duplication)::
Appears in 2 contracts
Samples: Third Supplemental Indenture (Retail Opportunity Investments Partnership, LP), Second Supplemental Indenture (Retail Opportunity Investments Partnership, LP)
