Maintenance of Unencumbered Total Asset Value. The Operating Partnership and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, will at all times maintain an Unencumbered Total Asset Value in an amount not less than 150% of the aggregate principal amount of all outstanding Unsecured Debt of the Operating Partnership and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. For clarity, it is understood and agreed that, for purposes of this Section 1016, Debt of a Person existing at the time such Person is merged or consolidated with or into the Operating Partnership or any of its Subsidiaries or becomes a Subsidiary of the Operating Partnership shall be deemed to have been incurred by the Operating Partnership or such Subsidiary, as the case may be, on the date of such merger or consolidation or the date such Person becomes a Subsidiary of the Operating Partnership, as the case may be.” ARTICLE 4 AMENDMENTS TO THE INDENTURE FOR THE BENEFIT OF THE HOLDERS OF THE NOTES
Appears in 7 contracts
Samples: Ninth Supplemental Indenture (Mid-America Apartments, L.P.), Eighth Supplemental Indenture (Mid-America Apartments, L.P.), Seventh Supplemental Indenture (Mid-America Apartments, L.P.)
Maintenance of Unencumbered Total Asset Value. “The Operating Partnership and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, will at all times maintain an Unencumbered Total Asset Value in an amount not less than 150% of the aggregate principal amount of all of outstanding Unsecured Debt of the Operating Partnership and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. “For clarity, it is understood and agreed that, for purposes of this Section 10161014, Debt of a Person existing at the time such Person is merged or consolidated with or into the Operating Partnership or any of its Subsidiaries or becomes a Subsidiary of the Operating Partnership shall be deemed to have been incurred by the Operating Partnership or such Subsidiary, as the case may be, on the date of such merger or consolidation or the date such Person becomes a Subsidiary of the Operating Partnership, as the case may be.”
ARTICLE 4 AMENDMENTS TO THE INDENTURE FOR THE BENEFIT OF THE HOLDERS OF THE NOTES
Appears in 3 contracts
Samples: Third Supplemental Indenture (Mid-America Apartments, L.P.), Second Supplemental Indenture (Mid-America Apartments, L.P.), First Supplemental Indenture (Mid-America Apartments, L.P.)
Maintenance of Unencumbered Total Asset Value. “The Operating Partnership and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, will at all times maintain an Unencumbered Total Asset Value in an amount not less than 150% of the aggregate principal amount of all of outstanding Unsecured Debt of the Operating Partnership and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. “For clarity, it is understood and agreed that, for purposes of this Section 1016, Debt of a Person existing at the time such Person is merged or consolidated with or into the Operating Partnership or any of its Subsidiaries or becomes a Subsidiary of the Operating Partnership shall be deemed to have been incurred by the Operating Partnership or such Subsidiary, as the case may be, on the date of such merger or consolidation or the date such Person becomes a Subsidiary of the Operating Partnership, as the case may be.”
ARTICLE 4 AMENDMENTS TO THE INDENTURE FOR THE BENEFIT OF THE HOLDERS OF THE NOTES
Appears in 1 contract
Samples: Second Supplemental Indenture (Mid-America Apartments, L.P.)
Maintenance of Unencumbered Total Asset Value. “The Operating Partnership and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, will at all times maintain an Unencumbered Total Asset Value in an amount not less than 150% of the aggregate principal amount of all of outstanding Unsecured Debt of the Operating Partnership and its Subsidiaries, determined on a consolidated basis in accordance with GAAP. “For clarity, it is understood and agreed that, for purposes of this Section 1016, Debt of a Person existing at the time such Person is merged or consolidated with or into the Operating Partnership or any of its Subsidiaries or becomes a Subsidiary of the Operating Partnership shall be deemed to have been incurred by the Operating Partnership or such Subsidiary, as the case may be, on the date of such merger or consolidation or the date such Person becomes a Subsidiary of the Operating Partnership, as the case may be.”
ARTICLE 4 AMENDMENTS TO THE INDENTURE FOR THE BENEFIT OF THE HOLDERS OF THE NOTES
Appears in 1 contract
Samples: First Supplemental Indenture (Mid-America Apartments, L.P.)
