Maximum Secured Recourse Debt Clause Samples
The Maximum Secured Recourse Debt clause sets a cap on the total amount of debt that can be secured by collateral and for which the borrower is personally liable. In practice, this clause limits the borrower's exposure by specifying a maximum dollar amount or formula, ensuring that any additional debt above this threshold is either unsecured or non-recourse. Its core function is to protect the borrower from excessive personal liability while providing lenders with clarity on the extent of their secured claims.
Maximum Secured Recourse Debt. As of the last day of any fiscal quarter, the Secured Recourse Debt Ratio to exceed seven-and-one-half percent (7.5%);
Maximum Secured Recourse Debt. The Borrower will not at any time permit the ratio of Consolidated Total Secured Debt that is Recourse Indebtedness to Gross Asset Value (expressed as a percentage) to exceed ten percent (10.0%).
Maximum Secured Recourse Debt. Secured Indebtedness which is Recourse Indebtedness with respect to the Borrower, as of the Statement Date: $
Maximum Secured Recourse Debt. Permit Total Secured Recourse Debt, as of the last day of any fiscal quarter of Parent, to be greater than fifteen percent (15%) of Total Asset Value.
Maximum Secured Recourse Debt. Permit the Secured Recourse Debt of the Consolidated Group to be greater than twenty percent (20%) of Total Asset Value.
Maximum Secured Recourse Debt. The Constituent Companies will not permit Total Secured Recourse Debt, as of the last day of any fiscal quarter of the Parent Guarantor, to be greater than 15% of Total Asset Value.
Maximum Secured Recourse Debt. Maintain, as of the last day of each fiscal quarter of the Parent Guarantor, a ratio of Secured Recourse Debt to Consolidated Total Asset Value of not greater than 20%.
Maximum Secured Recourse Debt. Permit Total Secured Debt that is Recourse Debt to exceed 5% of Total Asset Value as of any date.
Maximum Secured Recourse Debt. Section 6.4.
Maximum Secured Recourse Debt. Permit the Secured Recourse Debt of the Consolidated Group (excluding the Notes if they become Secured Indebtedness and any other Material Credit Facility that also becomes Secured Indebtedness pari passu with the Notes pursuant to the last paragraph of Section 10.5), as of the last day of any fiscal quarter of the Parent Guarantor, to be greater than twenty percent (20%) of Total Asset Value.