Unencumbered Pool Leverage Sample Clauses
The Unencumbered Pool Leverage clause defines the maximum amount of debt that can be secured by assets in a pool that are not otherwise pledged as collateral. In practice, this clause sets a leverage ratio or cap, ensuring that only a certain proportion of the value of unencumbered assets can be used to support additional borrowing. This helps lenders manage risk by preventing excessive leverage against assets that are not already tied to other obligations, thereby maintaining the financial stability of the borrower and protecting the interests of creditors.
Unencumbered Pool Leverage. At any time of determination, the ratio (expressed as a percentage) of (a) all Unsecured Indebtedness to (b) the Unencumbered Pool Value.
Unencumbered Pool Leverage. 10.5 is deleted in its entirety and the following is substituted in lieu thereof:
Unencumbered Pool Leverage. At all times, as tested at the end of each fiscal quarter and any other date of measurement, (i) for the fiscal quarter ending December 31, 2010 through the fiscal quarter ending September 30, 2011, the Borrower shall not permit Unsecured Consolidated Total Indebtedness as at the last day of each fiscal quarter to exceed sixty-two and one half of one percent (62.5%) of the aggregate Value of Unencumbered Properties on the last day of such fiscal quarter, and (ii) for each fiscal quarter ending on or after December 31, 2011, the Borrower shall not permit Unsecured Consolidated Total Indebtedness as at the last day of any fiscal quarter to exceed sixty percent (60%) of the aggregate Value of Unencumbered Properties on the last day of such fiscal quarter. For purposes of the covenant set forth in this §10.5, any New Debt incurred by the Borrower after the date hereof shall be deemed to be Unsecured Consolidated Total Indebtedness.
Unencumbered Pool Leverage. At all times, as tested at the end of each fiscal quarter and any other date of measurement, (i) for each fiscal quarter ending on or after March 31, 2012 through the fiscal quarter ending December 31, 2012, Unsecured Consolidated Total Indebtedness shall not exceed sixty-five percent (65%) of the aggregate Value of Unencumbered Properties on the last day of such fiscal quarter, (ii) for each fiscal quarter ending on or after March 31, 2013 through the fiscal quarter ending June 30, 2013, Unsecured Consolidated Total Indebtedness shall not exceed sixty-two and one half of one percent (62.5%) of the aggregate Value of Unencumbered Properties on the last day of such fiscal quarter, and (iii) for each fiscal quarter ending on or after September 30, 2013, Unsecured Consolidated Total Indebtedness shall not exceed sixty percent (60%) of the aggregate Value of Unencumbered Properties on the last day of such fiscal quarter. For purposes of the covenant set forth in this §10.5, any New Debt incurred by the Borrower after the date hereof shall be deemed to be Unsecured Consolidated Total Indebtedness.”
Unencumbered Pool Leverage. At all times, as tested at the end of each fiscal quarter and any other date of measurement, (i) for each fiscal quarter ending on or after December 31, 2012 through the fiscal quarter ending September 30, 2013, Unsecured Consolidated Total Indebtedness shall not exceed sixty-five percent (65%) of the aggregate Value of Unencumbered Properties on the last day of such fiscal quarter, and (ii) for each fiscal quarter ending on or after December 31, 2013, Unsecured Consolidated Total Indebtedness shall not exceed sixty percent (60%) of the aggregate Value of Unencumbered Properties on the last day of such fiscal quarter. For purposes of the covenant set forth in this §10.5, any New Debt incurred by the Borrower after the date hereof shall be deemed to be Unsecured Consolidated Total Indebtedness.”
Unencumbered Pool Leverage. As at the end of any fiscal quarter or any other date of measurement, the Borrower shall not permit Unsecured Consolidated Total Indebtedness to exceed 65% the aggregate Value of Unencumbered Properties.