Common use of Recourse Debt Clause in Contracts

Recourse Debt. (i) As of any date, the Companies, individually or on a consolidated basis, to incur, guaranty, or otherwise be or become, directly or indirectly, liable in respect of any Recourse Debt (other than Permitted Recourse Debt). (ii) As of any date, the ratio of (a) all Recourse Debt (other than construction loans in which the commitment amount does not exceed seventy-five percent (75%) of the aggregate budgeted project costs agreed to by Borrower and the lender providing such construction loans) of the Companies, on a consolidated basis, to (b) Unencumbered Property Value to exceed 0.75 to 1.0. (iii) As of any date, the ratio of (a) all Recourse Debt of the Companies, on a consolidated basis, to (b) Unencumbered Property Value to exceed 1.0 to 1.0.

Recourse Debt. (ia) As of any date, the Companies, individually or on a consolidated basis, to incur, guaranty, or otherwise be or become, directly or indirectly, liable in respect of any Recourse Debt (other than Permitted Recourse Debt). (iib) As of any date, the ratio of (ai) all Recourse Debt (other than construction loans in which the commitment amount does not exceed seventy-five percent (75%) of the aggregate budgeted project costs agreed to by Borrower and the lender providing such construction loans) of the Companies, on a consolidated basis, to (bii) Unencumbered Property Value to exceed 0.75 to 1.0. (iiic) As of any date, the ratio of (ai) all Recourse Debt of the Companies, on a consolidated basis, to (bii) Unencumbered Property Value to exceed 1.0 to 1.0.