Look-Through Leverage Ratio definition
Look-Through Leverage Ratio means, as of any date of determination, with respect to all Borrowing Base Assets in the aggregate, the ratio (expressed as a percentage) of (a) the sum of (i) the Principal Obligation plus (ii) the Borrowers’ Equity Percentage all other priority Indebtedness (including preferred and other securities) related to each Borrowing Base Asset (other than the ▇▇▇▇▇▇▇ Mac B-Piece), divided by (b) the Borrowers’ Equity Percentage of the Value of the Underlying Assets with respect to each such Borrowing Base Asset.