Common use of Recourse Secured Debt Clause in Contracts

Recourse Secured Debt. As at the end of each fiscal quarter of the Borrower, the aggregate outstanding amount of Recourse Secured Indebtedness to exceed 20% of Capitalization Value; provided that the aggregate outstanding amount of Recourse Secured Indebtedness that was incurred for purposes other than property construction does not exceed 10% of Capitalization Value.

Recourse Secured Debt. As at the end of each the preceding fiscal quarter of the Borrower, the aggregate outstanding amount of Recourse Secured Indebtedness to does not exceed 20% of Capitalization Value; provided that the aggregate outstanding amount of Recourse Secured Indebtedness that was incurred for purposes other than property construction does not exceed 10% of Capitalization Value.