Maximum Secured Indebtedness. Permit Consolidated Secured Indebtedness at any time to exceed 30% of Total Asset Value.

Maximum Secured Indebtedness. The Loan Parties shall not permit at any time the Secured Indebtedness of the Consolidated Group that is Funded Indebtedness # from the Closing Date through and including March 31, 2023, to exceed 45% of Total Asset Value and # thereafter, to exceed 40% of Total Asset Value.

Aggregate amount of Secured Recourse Indebtedness of the Parent Guarantor, the Parent Borrower, and IR OpCo​

Maximum Secured Recourse Debt Leverage Ratio. Maintain at all times a Secured Recourse Debt Leverage Ratio of not greater than 15%[intentionally omitted].

Maximum Secured Leverage Ratio. Permit Total Secured Indebtedness to exceed 40% of the Total Asset Value as of the last day of each fiscal quarter of the REIT; provided that # such maximum ratio may be increased at the election of the Borrower to forty-five percent (45%) for any fiscal quarter in which a Material Acquisition is completed and for up to the next two subsequent consecutive fiscal quarters and # such maximum ratio may not be increased to forty-five percent (45%) for more than four fiscal quarters (whether or not consecutive) during the term of this Agreement.

Maximum Secured Leverage Ratio. The Company will not permit the Secured Leverage Ratio as of the last day of each fiscal quarter of the Company to exceed 30%.

“Consolidated Secured Recourse Indebtedness” means, at any time, the portion of Consolidated Secured Indebtedness that is not Non-Recourse Indebtedness.

“Unsecured Recourse Indebtedness”: As of any date of determination, Recourse Indebtedness that is not Secured Recourse Indebtedness.

“Recourse Indebtedness”: As of any date of determination, any Indebtedness (whether secured or unsecured) of Guarantors, Parent Borrower, their Subsidiaries or their Non-Wholly Owned Subsidiaries with respect to which the liability of the obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness, subject to Non-Recourse Exclusions. Recourse Indebtedness shall not include Non-Recourse Indebtedness.

Non-Recourse Indebtedness entered into in the ordinary course of business of the Loan Parties (other than a Subsidiary Borrower) (including, without limitation, any Indebtedness referred to in the proviso to the definition of Secured Recourse Indebtedness);