Common use of Maximum Leverage Clause in Contracts

Maximum Leverage. No Borrower shall, as the last day of each calendar month, permit the ratio of such Borrower’s Debt to its Total Eligible Asset Value to exceed 0.10 to 1.0. For purposes of this Section 7.20, (i) any obligation of such Borrower pursuant to any repurchase investment issued by the Borrower in connection with any tender offer shall be excluded from the calculation of Debt; (ii) the principal amount of Debt in respect of any Hedging Liability shall equal the amount that would be payable (giving effect to netting) at such time if the given hedge arrangement were terminated; and (iii) any Hedging Liability of such Borrower in respect of any yen share class hedging arrangement shall be excluded from the calculation of Debt.

Maximum Leverage. No The Borrower shallshall not, as of the last day of each calendar month, permit the ratio of such the Borrower’s Debt to its Total Eligible Asset Value to exceed 0.10 to 1.0. For purposes of this Section 7.20, (i) any obligation of such the Borrower pursuant to any repurchase investment issued by the Borrower it in connection with any tender offer shall be excluded from the calculation of Debt; (ii) the principal amount of Debt in respect of any Hedging Liability shall equal the amount that would be payable (giving effect to netting) at such time if the given hedge arrangement were terminated; and (iii) any Hedging Liability of such the Borrower in respect of any yen share class hedging arrangement shall be excluded from the calculation of Debt.