Common use of Unsecured Indebtedness Clause in Contracts

Unsecured Indebtedness. As at the end of any fiscal quarter or other date of measurement, the Borrowers shall not permit Consolidated Unsecured Indebtedness to exceed 55% of aggregate Capitalized Unencumbered Property Value for all Unencumbered Properties. For purposes of this calculation, to the extent that the annualized aggregate Capitalized Unencumbered Property Value for all Unencumbered Properties attributable to Unencumbered Properties subject to Ground Leases would exceed 10% of the Capitalized Unencumbered Property Value, such excess shall be excluded.

Unsecured Indebtedness. As at the end of any fiscal quarter or other date of measurement, the Borrowers shall not permit Consolidated Unsecured Indebtedness to exceed 5560% of aggregate Capitalized Unencumbered Property Value for all Unencumbered Properties. For purposes of this calculation, to the extent that the annualized aggregate Capitalized Unencumbered Property Value for all Unencumbered Properties attributable to Unencumbered Properties subject to Ground Leases would exceed exceeds 10% of the Capitalized Unencumbered Property ValueValue for all Unencumbered Properties, such excess shall be excluded.

Unsecured Indebtedness. As at the end of any fiscal quarter or and at all other date of measurementtimes, the Borrowers shall not permit Consolidated Unsecured Indebtedness to exceed 5560% of aggregate Capitalized Unencumbered Property Value for all Unencumbered Properties. For purposes of this calculation, to the extent that the annualized aggregate Capitalized Unencumbered Property Value for all Unencumbered Properties attributable to Unencumbered Properties subject to Ground Leases would exceed exceeds 10% of the Capitalized Unencumbered Property ValueValue for all Unencumbered Properties, such excess shall be excluded.