Limitation on Secured Debt. The Operating Partnership will not, and will not permit any of its Subsidiaries to, Incur any Secured Debt, other than Intercompany Indebtedness and guarantees of Secured Debt Incurred by the Operating Partnership or any of its Subsidiaries in compliance with the Indenture, if, immediately after giving effect to the Incurrence of such Secured Debt and the application of the proceeds thereof, the aggregate principal amount of Secured Debt would be greater than 40% of the sum of, without duplication: (1) Total Assets as of the end of the most recent Reporting Date; and (2) the aggregate purchase price of any assets acquired, and the aggregate amount of any debt or securities offering proceeds received (to the extent that such proceeds were not used to acquire assets or used to reduce Indebtedness), by the Operating Partnership or any of its Subsidiaries since the end of the most recent Reporting Date, including those proceeds obtained in connection with the Incurrence of such additional Secured Indebtedness.
Appears in 5 contracts
Samples: Supplemental Indenture (American Homes 4 Rent, L.P.), Fifth Supplemental Indenture (American Homes 4 Rent, L.P.), Fourth Supplemental Indenture (American Homes 4 Rent, L.P.)
Limitation on Secured Debt. The Operating Partnership will not, and will not permit any of its Subsidiaries to, Incur any Secured Debt, other than Intercompany Indebtedness and guarantees of Secured Debt Incurred by the Operating Partnership or any of its Subsidiaries in compliance with the Indenture, if, immediately after giving effect to the Incurrence of such Secured Debt and the application of the proceeds thereof, the aggregate principal amount of Secured Debt would be greater than 40% of the sum of, without duplication: (1) Total Assets as of the end of the most recent Reporting Date; and (2) the aggregate purchase price of any assets acquired, and the aggregate amount of any debt or securities offering proceeds received (to the extent that such proceeds were not used to acquire assets or used to reduce Indebtedness), by the Operating Partnership or any of its Subsidiaries since the end of the most recent Reporting Date, including those proceeds obtained in connection with the Incurrence of such additional Secured Indebtedness.
Appears in 3 contracts
Samples: Ninth Supplemental Indenture (American Homes 4 Rent, L.P.), Eighth Supplemental Indenture (American Homes 4 Rent, L.P.), Seventh Supplemental Indenture (American Homes 4 Rent, L.P.)
