Common use of Limitation on Total Outstanding Debt Clause in Contracts

Limitation on Total Outstanding Debt. The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees of Debt incurred by the Issuer or its Subsidiaries in compliance with this Indenture, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Issuer’s and its Subsidiaries’ outstanding Debt on a consolidated basis determined in accordance with generally accepted accounting principles is greater than 60% of the sum of (without duplication) (1) Total Assets as of the end of the Issuer’s most recently completed fiscal quarter prior to the incurrence of such additional Debt and (2) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by Issuer or any of its Subsidiaries since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Debt.

Limitation on Total Outstanding Debt. The Issuer will not, and will not cause or permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt, other than Intercompany Debt and guarantees of Debt incurred by the Issuer or its Subsidiaries in compliance with this Indenture, ) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds thereoftherefrom on a pro forma basis, the aggregate principal amount of all outstanding Debt of the Issuer’s Issuer and its Subsidiaries’ outstanding Debt Subsidiaries (determined on a consolidated basis determined in accordance with U.S. generally accepted accounting principles principles) is greater than 60% sixty five percent (65%) of the sum of (without duplication) (1i) Total Assets as of the end last day of the Issuer’s then most recently completed ended fiscal quarter prior to the incurrence of such additional Debt and (2ii) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Subsidiaries since the end of such calendar fiscal quarter, including those the proceeds obtained in connection with from the incurrence of such additional Debt, determined on a consolidated basis in accordance with U.S. generally accepted accounting principles.

Limitation on Total Outstanding Debt. The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt, other than Intercompany Debt and guarantees of Debt incurred by the Issuer or its Subsidiaries in compliance with this Indenture, ) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds thereoffrom such Debt on a pro forma basis, the aggregate principal amount of all of the Issuer’s and its Subsidiaries’ outstanding Debt (determined on a consolidated basis determined in accordance with United States generally accepted accounting principles principles) is greater than 60% of the sum of the following (without duplication) ): (1) the Issuer’s and its Subsidiaries’ Total Assets as of the end last day of the Issuer’s then most recently completed ended fiscal quarter prior to the incurrence of such additional Debt and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any Subsidiary of its Subsidiaries the Issuer since the end of such calendar fiscal quarter, including those the proceeds obtained in connection with from the incurrence of such additional Debt.

Limitation on Total Outstanding Debt. The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt, Debt other than Intercompany Debt and guarantees of Debt incurred by the Issuer or its Subsidiaries in compliance with this Indenture, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Issuer’s and its Subsidiaries’ outstanding Debt on a consolidated basis determined in accordance with generally accepted accounting principles is greater than 60% of the sum of (without duplication) (1) Total Assets as of the end of the Issuer’s most recently completed fiscal quarter prior to the incurrence of such additional Debt and (2) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by Issuer or any of its Subsidiaries since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Debt.

Limitation on Total Outstanding Debt. The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt, other than Intercompany Debt and guarantees of Debt incurred by the Issuer or its Subsidiaries in compliance with this Indenture, ) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds thereoffrom such Debt on a pro forma basis, the aggregate principal amount of all of the Issuer’s 's and its Subsidiaries’ ' outstanding Debt (determined on a consolidated basis determined in accordance with United States generally accepted accounting principles principles) is greater than 60% of the sum of the following (without duplication) ): (1) the Issuer's and its Subsidiaries' Total Assets as of the end last day of the Issuer’s then most recently completed ended fiscal quarter prior to the incurrence of such additional Debt and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any Subsidiary of its Subsidiaries the Issuer since the end of such calendar fiscal quarter, including those the proceeds obtained in connection with from the incurrence of such additional Debt.

Limitation on Total Outstanding Debt. The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt, other than Intercompany Debt and guarantees of Debt incurred by the Issuer or its Subsidiaries in compliance with this Indenture, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Issuer’s and its Subsidiaries’ outstanding Debt on a consolidated basis determined in accordance with generally accepted accounting principles is greater than 60% of the sum of (without duplication) (1) Total Assets as of the end of the Issuer’s most recently completed fiscal quarter prior to the incurrence of such additional Debt and (2) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by Issuer or any of its Subsidiaries since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Debt.. (b)

Limitation on Total Outstanding Debt. The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt, other than Intercompany Debt and guarantees of Debt incurred by the Issuer or its Subsidiaries in compliance with this Indenture, ) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds thereoffrom such Debt on a pro forma basis, the aggregate principal amount of all of the Issuer’s and its Subsidiaries’ outstanding Debt (determined on a consolidated basis determined in accordance with generally accepted accounting principles GAAP) is greater than 60% of the sum of the following (without duplication) ): (1) the Issuer’s and its Subsidiaries’ Total Assets as of the end last day of the Issuer’s then most recently completed ended fiscal quarter prior to the incurrence of such additional Debt for which financial statements are available; and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Subsidiaries Subsidiary since the end of such calendar fiscal quarter, including those the proceeds obtained in connection with from the incurrence of such additional Debt.