Common use of Ratio of Liabilities to Assets Clause in Contracts

Ratio of Liabilities to Assets. As of the end of the fiscal quarter immediately preceding the Initial Advance (and as of the end of each fiscal quarter thereafter), at no time that the Loan is outstanding shall the ratio (stated as a percent) of (i) Total Liabilities to (ii) Total Assets, be greater than 67%. “Total Liabilities” shall mean, for Guarantor and all of its Subsidiaries, at any time, the sum (without duplication) of the following (A) all liabilities, consolidated and determined in accordance with GAAP, (B) all Indebtedness, whether or not so classified, and (C) the balance available for drawing under letters of credit issued for the account of Guarantor and all of its Subsidiaries but excluding all Indebtedness related to the Project, including, without limitation, the Debt and the Mezzanine Financing (collectively, the “Project Liabilities”). “Total Assets” shall mean, for Guarantor and all of its Subsidiaries, at any time, the aggregate book value of all assets, consolidated and determined in accordance with GAAP, plus accumulated depreciation and amortization related to those fixed and tangible properties (the “Real Estate Assets”) consisting of land, buildings and/or other improvements, and/or interests therein, and/or interest in mortgage loans, owned by Guarantor or any of its Subsidiaries (but excluding (a) all leaseholds other than leaseholds under ground leases having unexpired terms of at least 30 years and (b) any assets that constitute investments in the Project that are paid for by Advances or advances made under the Mezzanine Financing (the assets described in this clause (b), collectively, the “Project Assets”)).

Ratio of Liabilities to Assets. As of the end of the fiscal quarter immediately preceding the Initial Advance (and as of the end of each fiscal quarter thereafter), at no time that the Loan is outstanding shall the ratio (stated as a percent) of (i) Total Liabilities to (ii) Total Assets, be greater than 67%. “Total Liabilities” shall mean, for Guarantor and all of its Subsidiaries, at any time, the sum (without duplication) of the following (A) all liabilities, consolidated and determined in accordance with GAAP, (B) all Indebtedness, whether or not so classified, and (C) the balance available for drawing under letters of credit issued for the account of Guarantor and all of its Subsidiaries but excluding all Indebtedness related to the Project, including, without limitation, the Debt and the Mezzanine Financing Senior Loan (collectively, the “Project Liabilities”). “Total Assets” shall mean, for Guarantor and all of its Subsidiaries, at any time, the aggregate book value of all assets, consolidated and determined in accordance with GAAP, plus accumulated depreciation and amortization related to those fixed and tangible properties (the “Real Estate Assets”) consisting of land, buildings and/or other improvements, and/or interests therein, therein and/or interest interests in mortgage loans, owned by Guarantor or any of its Subsidiaries (but excluding (a) all leaseholds other than leaseholds under ground leases having unexpired terms of at least 30 years and (b) any assets that constitute investments in the Project that are paid for by Advances or advances made under the Mezzanine Financing Senior Loan (the assets described in this clause (b), collectively, the “Project Assets”)).

Ratio of Liabilities to Assets. As of the end of the fiscal quarter immediately preceding the Initial Advance (and as of the end of each fiscal quarter thereafter), at no time that the Loan is outstanding shall the ratio (stated as a percent) of (i) Total Liabilities to (ii) Total Assets, be greater than 67%. “"Total Liabilities” " shall mean, for Guarantor and all of its Subsidiaries, at any time, the sum (without duplication) of the following (A) all liabilities, consolidated and determined in accordance with GAAP, (B) all Indebtedness, whether or not so classified, and (C) the balance available for drawing under letters of credit issued for the account of Guarantor and all of its Subsidiaries but excluding all Indebtedness related to the Project, including, without limitation, the Debt and the Mezzanine Financing Senior Loan (collectively, the “"Project Liabilities”"). “"Total Assets” " shall mean, for Guarantor and all of its Subsidiaries, at any time, the aggregate book value of all assets, consolidated and determined in accordance with GAAP, plus accumulated depreciation and amortization related to those fixed and tangible properties (the “"Real Estate Assets”") consisting of land, buildings and/or other improvements, and/or interests therein, therein and/or interest interests in mortgage loans, owned by Guarantor or any of its Subsidiaries (but excluding (a) all leaseholds other than leaseholds under ground leases having unexpired terms of at least 30 years and (b) any assets that constitute investments in the Project that are paid for by Advances the Advance or advances made under the Mezzanine Financing Senior Loan (the assets described in this clause (b), collectively, the “"Project Assets”")).

Ratio of Liabilities to Assets. As of the end of the fiscal quarter immediately preceding the Initial Advance (and as of the end of each fiscal quarter thereafter), at no time that the Loan is outstanding shall the ratio (stated as a percent) of (i) Total Liabilities to (ii) Total Assets, be greater than 67%. “"Total Liabilities” " shall mean, for Guarantor and all of its Subsidiaries, at any time, the sum (without duplication) of the following (A) all liabilities, consolidated and determined in accordance with GAAP, (B) all Indebtedness, whether or not so classified, and (C) the balance available for drawing under letters of credit issued for the account of Guarantor and all of its Subsidiaries but excluding all Indebtedness related to the Project, including, without limitation, the Debt and the Mezzanine Financing Senior Loan (collectively, the “"Project Liabilities”"). “"Total Assets” " shall mean, for Guarantor and all of its Subsidiaries, at any time, the aggregate book value of all assets, consolidated and determined in accordance with GAAP, plus accumulated depreciation and amortization related to those fixed and tangible properties (the “"Real Estate Assets”") consisting of land, buildings and/or other improvements, and/or interests therein, therein and/or interest interests in mortgage loans, owned by Guarantor or any of its Subsidiaries (but excluding (a) all leaseholds other than leaseholds under ground leases having unexpired terms of at least 30 years and (b) any assets that constitute investments in the Project that are paid for by Advances or advances made under the Mezzanine Financing Senior Loan (the assets described in this clause (b), collectively, the “"Project Assets”")).

Ratio of Liabilities to Assets. As of the end of the any fiscal quarter immediately preceding the Initial Advance (and as of the end of each fiscal quarter thereafter), at no time that the Loan is outstanding shall the ratio (stated as a percent) of (ia) Total Liabilities to (iib) Total Assets, be greater than 6770%. “"Total Liabilities” " shall mean, for Guarantor the Company and all of its Subsidiaries, at any time, the sum (without duplication) of the following (AI) all liabilities, consolidated and determined in accordance with GAAP, (BII) all Indebtedness, whether or not so classified, and (CIII) the balance available for drawing under letters of credit issued for the account of Guarantor the Company and all of its Subsidiaries Subsidiaries, but excluding all Indebtedness related to the ProjectDearborn Center project, including, without limitation, limitation the Debt mezzanine and the Mezzanine Financing (collectively, the “Project Liabilities”)mortgage construction loans. “"Total Assets” " shall mean, for Guarantor the Company and all of its Subsidiaries, at any time, the aggregate book value of all assets, consolidated and determined in accordance with GAAP, plus accumulated depreciation and amortization related to those fixed and tangible properties (the “"Real Estate Assets”") consisting of land, buildings and/or other improvements, and/or interests therein, therein and/or interest interests in mortgage loans, owned by Guarantor the Company or any of its Subsidiaries (but excluding (a) all leaseholds other than leaseholds under ground leases having unexpired terms of at least 30 years years) and (b) any assets that constitute investments in the Project Dearborn Center project that are paid for by Advances draws or advances made under the Mezzanine Financing (the assets described in this clause (b), collectively, the “Project Assets”))mezzanine and/or mortgage construction loans relating thereto.

Ratio of Liabilities to Assets. As of the end of the fiscal quarter immediately preceding the Initial Advance (and as of the end of each fiscal quarter thereafter), at no time that the Loan is outstanding shall the ratio (stated as a percent) of (i) Total Liabilities to (ii) Total Assets, be greater than 67%. “Total Liabilities” shall mean, for Guarantor and all of its Subsidiaries, at any time, the sum (without duplication) of the following (A) all liabilities, consolidated and determined in accordance with GAAP, (B) all Indebtedness, whether or not so classified, and (C) the balance available for drawing under letters of credit issued for the account of Guarantor and all of its Subsidiaries but excluding all Indebtedness related to the Project, including, without limitation, the Debt and the Mezzanine Financing (collectively, the “Project Liabilities”). “Total Assets” shall mean, for Guarantor and all of its Subsidiaries, at any time, the aggregate book value of all assets, consolidated and determined in accordance with GAAP, plus accumulated depreciation and amortization related to those fixed and tangible properties (the “Real Estate Assets”) consisting of land, buildings and/or other improvements, and/or interests therein, and/or interest in mortgage loans, owned by Guarantor or any of its Subsidiaries (but excluding (a) all leaseholds other than leaseholds under ground leases having unexpired terms of at least 30 years and (b) any assets that constitute investments in the Project that are paid for by Advances or advances made under the Mezzanine Financing (the assets described in this clause (b), collectively, the “Project Assets”)).