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(ii) ninety-five percent (95%) of the sum of \"Mortgage Loans held for sale\", \"Mortgage-backed securities held for trading\" (but excluding \"interest only securities\" included therein), and \"Securities available for sale\"; (iii) ninety percent (90%) of \"Accrued interest receivable\"; (iv) ninety percent (90%) of \"Securities held to maturity\" provided that such securities are tax-exempt investments for the Borrowers, including GNMA, FNMA and FHLMC mortgage-backed securities, collateralized mortgage obligations that are backed by GNMA, FNMA or FHLMC mortgage-backed securities and are rated AAA by Standard & Poor's Corporation and by Mood\u2587'\u2587 \u2587\u2587\u2587estors Service, and securities issued by the United States Treasury or an agency of the United States Government; (v) eighty percent (80%) of \"prepaid and other assets\" (excluding investment in any Subsidiary of either Borrower) and mortgage-backed securities that are not tax-exempt and rated AAA by Standard & Poor's Corporation and by Mood\u2587'\u2587 \u2587\u2587\u2587estors Service (including collateralized mortgage obligations); (vi) fifty percent (50%) of the sum of (A) \"Property, leasehold improvements and equipment\" and (B) \"Real estate held for sale\"; (vii) sixty-five percent (65%) of \"interest only securities\"; (viii) one percent (1.0%) of the principal amount of Mortgage Loans owned by Persons not affiliated with DFC or DMC or any of their Affiliates (unless covered by a Permitted Affiliate Servicing Agreement) for which DFC or DMC owns the direct servicing rights (excluding subservicing); and (ix) eighty percent (80%) of \"loans receivable\". All quoted terms used in the preceding sentence shall have the same meanings, and shall continue to be calculated and classified in the same manner, as the terms used in the statement of financial condition of DFC and its consolidated Subsidiaries referred to in Section 4.4(a).", "hash": "535cf603dd9c6aace45a66f06be86ef2", "id": 6}, {"size": 4, "samples": [{"hash": "lDjfTRbt104", "uri": "/contracts/lDjfTRbt104#total-liabilities", "label": "Revolving Credit Agreement (Crescent Real Estate Equities Co)", "score": 18.0, "published": true}, {"hash": "kI9Rh8e5Sq3", "uri": "/contracts/kI9Rh8e5Sq3#total-liabilities", "label": "Revolving Credit Agreement (Crescent Real Estate Equities Inc)", "score": 18.0, "published": true}, {"hash": "fk83tzc4MoP", "uri": "/contracts/fk83tzc4MoP#total-liabilities", "label": "Revolving Credit Agreement (Crescent Real Estate Equities Co)", "score": 18.0, "published": true}], "snippet_links": [{"key": "the-borrower-shall", "type": "clause", "offset": [0, 18]}, {"key": "consolidated-total-liabilities", "type": "definition", "offset": [34, 64]}, {"key": "borrower-and-its-subsidiaries", "type": "definition", "offset": [72, 101]}, {"key": "flow-of", "type": "definition", "offset": [151, 158]}, {"key": "in-the-event", "type": "clause", "offset": [194, 206]}, {"key": "real-estate", "type": "clause", "offset": [224, 235]}, {"key": "by-the-borrower", "type": "clause", "offset": [256, 271]}, {"key": "a-portion", "type": "definition", "offset": [292, 301]}, {"key": "the-period", "type": "clause", "offset": [305, 315]}, {"key": "compliance-with", "type": "clause", "offset": [349, 364]}, {"key": "the-data", "type": "clause", "offset": [409, 417]}, {"key": "the-agent", "type": "clause", "offset": [455, 464]}, {"key": "sole-discretion", "type": "definition", "offset": [483, 498]}, {"key": "to-allow-the", "type": "clause", "offset": [505, 517]}, {"key": "with-respect-to", "type": "clause", "offset": [539, 554]}], "snippet": "The Borrower shall not permit the Consolidated Total Liabilities of the Borrower and its Subsidiaries to be greater than 5 times the Consolidated Cash Flow of the Borrower and its Subsidiaries. In the event that a parcel of Real Estate has only been owned by the Borrower or a Subsidiary for a portion of the period for which data is needed to test compliance with this covenant, the Borrower shall annualize the data which is available in such manner as the Agent determines in its sole discretion so as to allow the test to be performed with respect to the full period.", "hash": "2f57dd7e409d9a482d2b417a4c2da982", "id": 7}, {"size": 4, "samples": [{"hash": "hnfwEr4onG", "uri": "/contracts/hnfwEr4onG#total-liabilities", "label": "Loan Agreement (Franklin Street Partners Lp)", "score": 18.0, "published": true}, {"hash": "bHi90v6jjf1", "uri": "/contracts/bHi90v6jjf1#total-liabilities", "label": "Revolving Credit Agreement (Wellsford Real Properties Inc)", "score": 18.0, "published": true}, {"hash": "4AeID4R2Shl", "uri": "/contracts/4AeID4R2Shl#total-liabilities", "label": "Revolving Credit and Term Loan Agreement (Arrow Automotive Industries Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "in-accordance-with", "type": "clause", "offset": [43, 61]}, {"key": "generally-accepted-accounting-principles", "type": "clause", "offset": [62, 102]}, {"key": "indebtedness-of-the-borrower", "type": "clause", "offset": [111, 139]}], "snippet": "All liabilities of the Borrower determined in accordance with generally accepted accounting principles and all Indebtedness of the Borrower, whether or not so classified.", "hash": "b5dd372ce06e7f221648a02149f01f90", "id": 10}], "next_curs": "CloSVGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjYLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ihp0b3RhbC1saWFiaWxpdGllcyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"size": 263, "children": [["", ""], ["advances", "Advances"], ["computation", "COMPUTATION"], ["payments", "PAYMENTS"], ["foreign-exchange-contract-foreign-exchange-settlements", "FOREIGN EXCHANGE CONTRACT; FOREIGN EXCHANGE SETTLEMENTS"]], "title": "Total Liabilities", "parents": [["definitions", "DEFINITIONS"], ["financial-covenants", "Financial Covenants"], ["covenants", "Covenants"], ["additional-negative-covenants", "ADDITIONAL NEGATIVE COVENANTS"], ["negative-covenants", "NEGATIVE COVENANTS"]], "id": "total-liabilities", "related": [["consolidated-total-liabilities", "Consolidated Total Liabilities", "Consolidated <strong>Total Liabilities</strong>"], ["total-liability", "Total Liability", "Total Liability"], ["material-liabilities", "Material Liabilities", "Material Liabilities"], ["current-liabilities", "Current Liabilities", "Current Liabilities"], ["contingent-liabilities", "Contingent Liabilities", "Contingent Liabilities"]], "related_snippets": [], "updated": "2025-08-09T06:27:37+00:00", "also_ask": ["How should 'Total Liabilities' be defined to prevent ambiguity or manipulation?", "What liabilities, if any, should be expressly excluded or capped in this clause?", "How does this definition compare to standard accounting or legal definitions in similar agreements?", "What are the potential risks if contingent or off-balance-sheet liabilities are not addressed?", "How have courts interpreted 'Total Liabilities' in disputes\u2014what drafting lessons emerge?"], "drafting_tip": "Define 'Total Liabilities' precisely to avoid ambiguity; specify included and excluded items to ensure clarity; reference relevant accounting standards to promote consistency.", "explanation": "The 'Total Liabilities' clause defines the aggregate amount of financial obligations that one party may be responsible for under the agreement. It typically outlines which types of liabilities are included, such as direct damages, indemnification claims, or third-party losses, and may specify whether certain categories like consequential damages are excluded. This clause serves to cap or clarify the extent of a party's financial exposure, providing predictability and managing risk for both parties involved in the contract."}, "json": true, "cursor": ""}}