Unsecured Debt. As at the end of any fiscal quarter or other date of measurement, the Obligors shall not permit Consolidated Unsecured Debt to exceed 60% of aggregate Capitalized Unencumbered Property Value for all Unencumbered Properties. For purposes of this calculation, to the extent that the aggregate Capitalized Unencumbered Property Value attributable to Unencumbered Properties subject to a Ground Lease exceeds 10% of the Capitalized Unencumbered Property Value for all Unencumbered Properties, such excess shall be excluded.
Appears in 4 contracts
Samples: Note Purchase Agreement (Sovran Self Storage Inc), Note Purchase Agreement (Sovran Acquisition LTD Partnership), Note Purchase Agreement (Sovran Self Storage Inc)