Imputed Leverage definition
Imputed Leverage means, with respect to assets in an Investment Pool that are not financed with Actual Leverage, the deemed debt that approximates the characteristics of the Company Debt. The cost and amount of debt associated with Imputed Leverage will be determined and calculated quarterly based on: (i) the cost (expressed as a percentage) of the Company Debt equal to the quarterly cost of financing (based on quarterly interest that is the sum of (A) GAAP-based interest, plus (B) interest that has been capitalized into specific assets) divided by the Average Indebtedness for such quarter; and (ii) an amount of debt based on a quarter-end debt-to-equity ratio for the Company equal to the net book value of the Company Debt divided by the Company's total equity (book equity plus accumulated depreciation and general reserves).