Common use of Coverage Tests Clause in Contracts

Coverage Tests. (a) The Borrower shall not at any time permit the aggregate principal amount of the Borrower’s Debt to exceed the lesser of (i) 10% of the Borrower’s Adjusted Net Asset Value; (ii) 50% of the Borrower’s Liquid Assets and (iii) 50% of Borrower’s Eligible Assets, provided that in no event shall any interest of the Borrower in any collective undertaking or fund that is sponsored or advised by the Bank or any of its affiliates, including, without limitation, by SSgA Funds Management, Inc., be included in the Borrower’s Adjusted Net Asset Value, the Borrower’s Liquid Assets or the Borrower’s Eligible Assets for purposes of determining compliance with the covenant set forth in this Section 5.14. (b) The Borrower will not permit, at any time, the aggregate amount of its Total Leverage to exceed 33- 1/3% of the sum of (i) its Net Asset Value plus (ii) its Total Leverage.

Coverage Tests. (a) The Borrower shall not at any time permit the aggregate principal amount of the Borrower’s Debt to exceed the lesser of (i) 1015% of the Borrower’s Adjusted Net Asset Value; (ii) 50% of the Borrower’s Liquid Assets and (iii) 50% of Borrower’s Eligible Assets, provided that in no event shall any interest of the Borrower in any collective undertaking or fund that is sponsored or advised by the Bank or any of its affiliates, including, without limitation, by SSgA Funds Management, Inc., be included in the Borrower’s Adjusted Net Asset Value, the Borrower’s Liquid Assets or the Borrower’s Eligible Assets for purposes of determining compliance with the covenant set forth in this Section 5.14. (b) The Borrower will not permit, at any time, the aggregate amount of its Total Leverage to exceed 33- 33-1/3% of the sum of (i) its Net Asset Value plus (ii) its Total Leverage.