Common use of Secured Debt Test Clause in Contracts

Secured Debt Test. The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt (including without limitation Acquired Debt) secured by any Lien on any property or assets of the Issuer or any of its Subsidiaries, whether owned on the date of this Indenture or subsequently acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with United States generally accepted accounting principles) of all outstanding Debt of the Issuer and its Subsidiaries which is secured by a Lien on any property or assets of the Issuer or any of its Subsidiaries is greater than 40% of the sum of (without duplication): (a) the Total Assets of the Issuer and its Subsidiaries as of the last day of the then most recently ended fiscal quarter; and (b) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt. For purposes of this Section 4.13, Debt will be deemed to be incurred by the Issuer or any of its Subsidiaries whenever the Issuer or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof.

Secured Debt Test. The Issuer Company will not, and will not permit any of its Subsidiaries to, incur any Debt (including without limitation Acquired Debt) secured by any Lien on any property or assets of the Issuer its or any of its Subsidiaries’ property or assets, whether owned on the date of this Indenture hereof or subsequently acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with United States generally accepted accounting principlesGAAP) of all of its and its Subsidiaries’ outstanding Debt of the Issuer and its Subsidiaries which that is secured by a Lien on any of its and its Subsidiaries’ property or assets of the Issuer or any of its Subsidiaries is greater than 4050% of the sum of (without duplication): (a1) the The Company’s and its Subsidiaries’ Total Assets of the Issuer and its Subsidiaries as of the last day of the then most recently ended fiscal quarterquarter for which financial information is available prior to the incurrence of such additional Debt; and (b2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer Company or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional DebtDebt and any substantially concurrent offering of other securities. For purposes of this Section 4.136.2, Debt will shall be deemed to be incurred “incurred” by the Issuer Company or any of its Subsidiaries whenever the Issuer Company or such Subsidiary shall create, assume, guarantee (on a non-contingent basis) or otherwise become liable in respect thereof.

Secured Debt Test. The Issuer Operating Partnership will not, and will not permit any of its Subsidiaries to, incur any Debt (including including, without limitation limitation, Acquired Debt) secured by any Lien on any property or assets of the Issuer Operating Partnership or any of its Subsidiaries, whether owned on the date of this Indenture or subsequently thereafter acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt therefrom on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with United States generally accepted accounting principlesGAAP) of all outstanding Debt of the Issuer Operating Partnership and its Subsidiaries which is secured by a any Lien on any property or assets of the Issuer Operating Partnership or any of its Subsidiaries is greater than 40% of the sum of (without duplication): ) (ai) the Total Assets of the Issuer Operating Partnership and its Subsidiaries as of the last day of the then most recently ended fiscal quarter; and quarter and (bii) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer Operating Partnership or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt, determined on a consolidated basis in accordance with GAAP. For purposes of this Section 4.13, the foregoing Debt will shall be deemed to be incurred “incurred” by the Issuer Operating Partnership or any of its Subsidiaries a Subsidiary whenever the Issuer or such Operating Partnership and its Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof.

Secured Debt Test. The Issuer Operating Partnership will not, and will not permit any of its Subsidiaries to, incur any Debt (including including, without limitation limitation, Acquired Debt) secured by any Lien on any property or assets of the Issuer Operating Partnership or any of its Subsidiaries, whether owned on the date of this Indenture or subsequently thereafter acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt therefrom on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with United States generally accepted accounting principlesGAAP) of all outstanding Debt of the Issuer Operating Partnership and its Subsidiaries which is secured by a any Lien on any property or assets of the Issuer Operating Partnership or any of its Subsidiaries is greater than 40% of the sum of (without duplication): ) (ai) the Total Assets of the Issuer Operating Partnership and its Subsidiaries as of the last day of the then most recently ended fiscal quarter; and quarter and (bii) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer Operating Partnership or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt, determined on a consolidated basis in accordance with GAAP. For purposes of this Section 4.13, the foregoing Debt will shall be deemed to be incurred "incurred" by the Issuer Operating Partnership or any of its Subsidiaries a Subsidiary whenever the Issuer or such Operating Partnership and its Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof.

Secured Debt Test. The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt (including without limitation Acquired Debt) secured by any Lien on any property or assets of the Issuer or any of its Subsidiaries, whether owned on the date of this Indenture or subsequently acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with United States generally accepted accounting principles) of all outstanding Debt of the Issuer and its Subsidiaries which is secured by a Lien on any property or assets of the Issuer or any of its Subsidiaries is greater than 40% of the sum of (without duplication): (a) the Total Assets of the Issuer and its Subsidiaries as of the last day of the then most recently ended fiscal quarter; and (b) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt. For purposes of this Section 4.134.15, Debt will be deemed to be incurred by the Issuer or any of its Subsidiaries whenever the Issuer or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof.

Secured Debt Test. The Issuer Parent will not, and will not permit any of its Subsidiaries to, incur any Debt (including without limitation Acquired Debt) secured by any Lien on any property or assets of the Issuer Parent or any of its Subsidiaries, whether owned on the date of this the Indenture or subsequently acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with United States generally accepted accounting principlesGAAP) of all outstanding Debt of the Issuer Parent and its Subsidiaries which is secured by a Lien on any property or assets of the Issuer Parent or any of its Subsidiaries is greater than 40% of the sum of (without duplication): (a) the Total Assets of the Issuer Parent and its Subsidiaries as of the last day of the then most recently ended fiscal quarter; and (b) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer Parent or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt. For purposes of this Section 4.135.13, Debt will be deemed to be incurred by the Issuer Parent or any of its Subsidiaries whenever the Issuer Parent or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof.