Secured Debt. Create or suffer to exist, or permit any of its Restricted Subsidiaries to create or suffer to exist, any Debt secured by a Lien on (i) any Principal Property, (ii) any shares of stock of a Restricted Subsidiary or (iii) any Debt of any Restricted Subsidiary unless the Company or such Restricted Subsidiary secures or causes such Restricted Subsidiary to secure the Advances and all other amounts payable under this Agreement and the Notes equally and ratably with such secured Debt, so long as such secured Debt shall be so secured, unless after giving effect thereto the aggregate amount of all such Debt so secured does not exceed 15% of Consolidated Net Tangible Assets at such time, provided that the foregoing restriction does not apply to Debt secured by:
(i) Liens existing prior to the date hereof;
(ii) Liens on property of, or on shares of stock of or Debt of, any corporation existing at the time such corporation becomes a Restricted Subsidiary;
(iii) Liens in favor of the Company or any Restricted Subsidiary;
(iv) Liens in favor of any governmental bodies to secure progress or advance payments;
(v) Liens on property, shares of stock or Debt existing at the time of acquisition thereof (including acquisition through merger or consolidation) or to secure the payment of all or any part of the purchase price thereof or construction thereon or to secure any Debt incurred prior to, at the time of, or within 120 days after the later of the acquisition, the completion of construction, or the commencement of full operation of such property or within 120 days after the acquisition of such shares or Debt for the purpose of financing all or any part of the purchase price thereof or construction thereon; and
(vi) any extension, renewal or refunding referred to in the foregoing clauses (i) to (v)
Secured Debt. The Company will not at any time permit the aggregate unpaid principal amount of all Indebtedness of the Company secured by Liens on any assets of the Company (“Secured Indebtedness”) to be outstanding for more than 60 days at a time without re-payment thereof and, in addition, will not permit Secured Indebtedness to exceed 5% of the Total Assets at the time of incurrence of any such Indebtedness, provided for purposes of this section, short sales, futures transactions and swap transactions effected in accordance with the 1940 Act and applicable interpretive guidance issued by the SEC will not be prohibited or restricted by this covenant.
Secured Debt. With respect to REIT, the Borrower or any of their respective Subsidiaries as of any given date, the aggregate principal amount of all Indebtedness (including any Non-Recourse Indebtedness) of such Persons on a Consolidated basis outstanding at such date and that is secured in any manner by any Lien.
Secured Debt. With respect to Parent Company or any of its Subsidiaries as of any given date, the aggregate principal amount of all Indebtedness of such Persons on a Consolidated basis outstanding at such date and that is secured in any manner by any Lien.
Secured Debt. The Company will not at any time permit the aggregate principal amount of all indebtedness of the Company secured by any Lien on assets of the Company to be outstanding for more than 60 days at a time without re‑payment thereof and shall not at any time permit the aggregate unpaid principal amount of all indebtedness of the Company secured by any Liens on assets of the Company to exceed an amount equal to 5% of the fair market value of all assets of the Company at the time of incurrence of any such indebtedness, provided, for the purposes of this Section 10.6, short sales, futures transactions and swap transactions effected in accordance with the 1940 Act and applicable interpretative guidance issued by the SEC will not be prohibited or restricted by this Section 10.6.
Secured Debt. The aggregate amount of all Debt of the REIT and the Consolidated Entities secured by Real Property shall not, at any time, exceed thirty-five percent (35%) of Gross Asset Value.
Secured Debt. (a) The Collateral Trustee will, as collateral trustee hereunder, perform its undertakings set forth in Section 3.1(a) with respect to each holder of First Lien Obligations of a Series of First Lien Debt that is issued or incurred after the date hereof (or that is incurred prior to the date of this Agreement and constitutes Secured Obligations under and as defined in the First Lien Security Agreement) that:
(1) holds First Lien Obligations that constitute First Lien Debt in accordance with clause (1) of the definition of “First Lien Debt” contained herein, or are identified as First Lien Debt in accordance with the procedures set forth in Section 3.9(b);
(2) signs, through its designated First Lien Representative identified pursuant to Section 3.9(b), a Joinder; and
(3) delivers a Lien Sharing and Priority Confirmation; provided that the actions required by preceding clauses (2) and (3), and following Section 3.9(b), shall not be required to be taken with respect to First Lien Debt as described in clause (1) of the definition of “First Lien Debt” contained herein.
(b) The Company will be permitted to designate as an additional holder of First Lien Debt hereunder each Person who is, or who becomes, the holder of First Lien Debt which is incurred in accordance with the terms hereof (including the definition of First Lien Debt) as additional First Lien Debt. The Company may effect such designation by delivering to the Collateral Trustee each of the following:
(1) an Officer’s Certificate describing in reasonable detail the respective First Lien Debt and stating that the Company or such other Grantor has incurred or intends to incur such obligations as additional First Lien Debt (“Additional Secured Debt”) which will permitted by each applicable First Lien Debt Document to be incurred and secured by a Lien Equally and ratably with all previously existing and future First Lien Debt; and
(2) a written notice specifying the name and address of the First Lien Representative for such series of Additional Secured Debt for purposes of Section 8.5. Notwithstanding the foregoing, nothing in this Agreement will be construed to allow the Company or any other Grantor to incur additional Indebtedness or grant additional Liens unless, in each case, otherwise permitted by the terms of all applicable First Lien Debt Documents.
(c) With respect to any Series of First Lien Debt incurred after the date of this Agreement, the Company and each of the Grantors agrees to take such a...
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Secured Debt. Create, incur, assume or suffer to exist, or permit any Subsidiary to create, incur, assume or suffer to exist, any Secured Debt, except for Secured Debt in an aggregate amount outstanding at any one time not exceeding $50,000,000.
