Total Debt to Total Assets Ratio. As of the last day of each Fiscal Quarter commencing with the Fiscal Quarter ending December 31, 2019, the Borrower shall not permit the Total Debt to Total Assets Ratio to be greater than 83.333% (the “Financial Covenant”).
Total Debt to Total Assets Ratio. Guarantor shall not, with respect to itself and its Subsidiaries, directly or indirectly, permit the ratio, expressed as a percentage, (i) the numerator of which shall equal the Indebtedness of Guarantor and its consolidated Subsidiaries associated with its Target Investments and (ii) the denominator of which shall equal the Total Assets of Guarantor and its consolidated Subsidiaries associated with its Target Investments, to at any time be greater than seventy-five percent (75.00%); provided, that notwithstanding the foregoing, Guarantor and its consolidated Subsidiaries may from time to time acquire Highly Rated CMBS and enter into secured Indebtedness in connection therewith pursuant to which the ratio, expressed as a percentage, (i) the numerator of which equals the Indebtedness of Guarantor and its consolidated Subsidiaries associated with its Highly Rated CMBS and (ii) the denominator of which equals the Total Assets of Guarantor and its consolidated Subsidiaries associated with its Highly Rated CMBS exceeds seventy five percent (75.00%) but is not greater than ninety percent (90.00%), subject to the condition that at any such time, Guarantor shall not, with respect to itself and its Subsidiaries, directly or indirectly, permit the ratio, expressed as a percentage, (i) the numerator of which shall equal the Indebtedness of Guarantor and its consolidated Subsidiaries and (ii) the denominator of which shall equal the Total Assets of Guarantor and its consolidated Subsidiaries to be greater than eighty percent (80.00%); and
Total Debt to Total Assets Ratio. Guarantor shall not at any time permit:
(i) Guarantor’s Debt-to-Asset Ratio determined only with respect to Indebtedness and Total Assets associated with Target Investments to be greater than seventy-five percent (75%);
(ii) Guarantor’s Debt-to-Asset Ratio determined only with respect to Indebtedness and Total Assets associated with Highly Rated CMBS to be greater than ninety percent (90%); and
(iii) Guarantor’s Debt-to-Asset Ratio with respect to all Indebtedness and Total Assets to be greater than eighty percent (80%).
Total Debt to Total Assets Ratio. Guarantor shall not, with respect to itself and its Subsidiaries, directly or indirectly, permit (i) its Leverage Ratio (Target Investments) to exceed seventy-five percent (75.00%), (ii) its Leverage Ratio (Highly Rated CMBS) to exceed ninety percent (90.00%), or (iii) its Leverage Ratio (Total) to exceed eighty percent (80.00%).
