Pool Property Sample Clauses
The Pool Property clause defines the specific assets, such as loans or receivables, that are grouped together to form a pool for the purposes of a financial transaction, like a securitization. It typically outlines the eligibility criteria for assets to be included in the pool, such as credit quality, geographic location, or type of collateral, and may specify procedures for adding or removing assets. This clause ensures clarity and transparency regarding what assets are included in the transaction, thereby allocating risk appropriately and providing certainty to all parties involved.
Pool Property. The Company shall have delivered a summary of the Pool Properties, in a form reasonably acceptable to Purchasers, broken out by Pool Properties in the Pool, detailing or including at a minimum, the property name and address, square footage, percentage of ownership, number of units, cost basis, occupancy, annualized prior quarter Net Operating Income, and operating statements, rent roll and accounts receivable aging for each Pool Property.
Pool Property. Subject to Schedule 4.21 and as otherwise disclosed to the Administrative Agent in writing, (i) all of the Pool Properties, and all major building systems located thereon, are structurally sound, in good condition and working order and free from material defects, subject to ordinary wear and tear, (ii) all of the other Real Estate of the Borrower, the Guarantors and their respective Subsidiaries is structurally sound, in good condition and working order, subject to ordinary wear and tear, except for such portion of such Real Estate which is not occupied by any tenant and where such defects have not had and could not reasonably be expected to have a Material Adverse Effect, (iii) the Real Estate, and the use and operation thereof, is in material compliance with all applicable federal and state law and governmental regulations and any local ordinances, orders or regulations, including without limitation, laws, regulations and ordinances relating to zoning, building codes, subdivision, fire protection, health, safety, handicapped access, historic preservation and protection, wetlands and tidelands (but excluding for purposes of this Section 4.21, Environmental Laws) except where a failure to so comply as to Real Estate other than the Pool Properties has not and could not reasonably be expected to have a Material Adverse Effect, (iv) all water, sewer, electric, gas, telephone and other utilities necessary for the use and operation of the Pool Properties are installed to the property lines of the Pool Properties through dedicated public rights of way or through perpetual private easements approved by the Administrative Agent and, except in the case of drainage facilities, are connected to the Building located thereon with valid permits and are adequate to service the Building in compliance with applicable law, (v) the streets abutting the Pool Properties are dedicated and accepted public roads, to which the Pool Properties have direct access (or indirect access via recorded easements that are insured without exception pursuant to the related title insurance policy) by trucks and other motor vehicles and by foot, or are perpetual private ways (with direct access by trucks and other motor vehicles and by foot to public roads) to which the Pool Properties have direct access approved by the Administrative Agent (or indirect access via recorded easements that are insured without exception pursuant to the related title insurance policy), (vi) sufficient private ways ...
Pool Property. CovenantsThe Pool Properties shall at all times satisfy the following:
(a) There shall be no less than fifteen (15) Pool Properties at any time;
(b) No greater than fifteen percent (15%) of aggregate Pool Value may be contributed by any single Pool Property;
(c) No greater than fifteen percent (15%) of aggregate Pool Value may be contributed by any single tenant;
(d) No greater than fifteen percent (15%) of aggregate Pool Value may be contributed by Pool Properties subject to ground leases;
(e) No greater than twenty percent (20%) of aggregate Pool Value may be contributed by Pool Properties which are Assets Under Development or Assets Under Renovation;
(f) Minimum aggregate leasing percentage (including (i) tenants in-place paying rent, (ii) tenants under an executed lease that are in a free rent period, (iii) tenants which will take occupancy within 12 months subject only to completion of tenant build-out work, (iv) replacement tenants which will take occupancy within 12 months of prior tenant vacating, pursuant to an executed lease, subject only to completion of tenant build-out work, or (v) for an Asset under Development, tenants that are scheduled to take occupancy within 30 months subject to an executed lease; provided, however, that with respect to an Asset Under Renovation, the leasing percentage of such asset shall not be taken into account in the calculation of the aggregate leasing percentage during the first six (6) months that such asset constitutes an Asset Under Renovation (such period as determined by Administrative Agent based on information provided by Borrower) and such asset may remain a Pool Property during such period so long as it satisfies all other criteria required to remain a Pool Property) of all Pool Properties shall be no less than ninety percent (90%); and
(g) Other customary limitations as may be reasonably determined by Administrative Agent from time to time upon further due diligence of the Pool Properties. The failure of the Borrower to comply with any of the limitations set forth in Sections 5.12(b), (c), (d) or (e) shall not result in an Event of Default hereunder, but rather the amount (in each instance) in excess of the subject limitation shall be excluded when calculating the Borrowing Base Availability. The failure of the Borrower to comply with Sections 5.12 (f), or (g) shall constitute an Event of Default unless the Borrower is able to remove or deliver additional Pool Properties as provided in Section 5.13 below,...