Maximum Secured Debt Ratio. Maintain as of each Test Date, a Secured Debt Ratio of not greater than (x) on any Test Date occurring after the date hereof through and including February 17, 2013, 50% and (y) on any Test Date occurring after February 17, 2013, 45%.
Maximum Secured Debt Ratio. The Borrower Parties will not permit the Total Secured Debt Ratio to exceed 40% on the last day of any fiscal quarter during the term of this Agreement.
Maximum Secured Debt Ratio. The Secured Debt Ratio is % [and immediately following the Transaction will be %], which is not greater than the maximum Secured Debt Ratio of [50/45]% required by Section 5.04(a)(iii) of the Credit Agreement.
Maximum Secured Debt Ratio. The Credit Parties shall cause the ratio of Consolidated Secured Funded Debt to Consolidated Total Asset Value as of the end of each fiscal quarter to be equal to or less than 30%.
Maximum Secured Debt Ratio. The ratio of (i) Secured Debt of the Borrower and its Subsidiaries to (ii) Total Assets, to exceed 0.30 to 1.0 at any time.
Maximum Secured Debt Ratio. The Borrower will not permit the ratio of Consolidated Total Secured Debt to Consolidated Total Asset Value (expressed as a percentage) to exceed (a) at any time during the period commencing on the Amendment Effective Date and ending on June 30, 2021, forty-five percent (45%), and (b) at any time during the period commencing on July 1, 2021 and continuing thereafter, forty percent (40.0%). Notwithstanding the foregoing, from and after the date that Borrower and/or Parent first obtains an Investment Grade Rating, the Borrower will not at any time permit the ratio of Consolidated Total Secured Debt to Consolidated Total Asset Value (expressed as a percentage) to exceed forty percent (40%). (ccc) By inserting the following new §9.11 into the Credit Agreement:
Maximum Secured Debt Ratio. The Secured Debt Ratio shall not exceed forty percent (40%); provided that, if the Secured Debt Ratio is greater than the percentage set forth above during any applicable period, then the Borrower and REIT Guarantor shall be deemed to be in compliance with this §9.5 so long as (a) the Borrower completed a Material Acquisition during the quarter in which such ratio first exceeded the applicable forgoing percentage, (b) such ratio does not exceed the applicable percentage set forth above for a period of more than four consecutive fiscal quarters immediately following the fiscal quarter in which such Material Acquisition was completed, and (c) such ratio does not exceed 45% at any time.
Maximum Secured Debt Ratio. The Borrower's ratio of (a) Secured Funded Debt to (b) total stockholders' equity shall not exceed 0.10 to 1.00.
Maximum Secured Debt Ratio. The Secured Debt Ratio shall not exceed (i) at any time on or prior to December 31, 2021, forty five percent (45%) or (ii) at any time thereafter, forty percent (40%); provided that, if the Secured Debt Ratio is greater than the percentage set forth above during any applicable period, then the Borrower and REIT Guarantor shall be deemed to be in compliance with this §9.5 so long as (a) the Borrower completed a Material Acquisition during the quarter in which such ratio first exceeded the applicable forgoing percentage, (b) such ratio does not exceed the applicable percentage set forth above for a period of more than four consecutive fiscal quarters immediately following the fiscal quarter in which such Material Acquisition was completed, and (c) such ratio does not exceed the applicable percentage set forth above for any applicable period by more than 5% at any time.
Maximum Secured Debt Ratio. The Borrower will not permit the Secured Debt Ratio at any time to exceed 0.70 to 1.00.”
