Unencumbered Sample Clauses

Unencumbered. In the event that any credit or other agreement of the Borrower requires maintenance of unencumbered assets, an asset hereunder shall not be deemed to be unencumbered unless there are sufficient unencumbered assets of the Borrower to satisfy both the covenants with respect to Unencumbered Assets contained herein and the requirements of any such other agreement.
Sample 1
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Unencumbered. In determining the sale price of the Hillside and Xxxxx properties at the end of their respective initial terms, we discounted rental income attributable to the 94,280 square feet of space comprising such properties during the renewal terms of the existing leases to the end of the initial term using a discount rate of 12% and deducting 4% for selling costs. We assumed no residual value for the properties at the end of the renewal terms. In determining the sale price of the Batavia, San Antonio, Fort Worth, Cedar Rapids and Mexia properties, at the end of their respective initial terms, we: (i) first determined a base value of the property by capitalizing the current fair market rent at 12% for all of the properties (in the case of the Batavia property, we used a base value of $775,000 which represented the value determined in an April 1998 appraisal); (ii) we deducted $15 per square foot for tenant improvements (other than the Batavia property for which no deduction was made for tenant improvements as they are taken into account in the appraisal); (iii) deducted $1 per square foot for leasing commissions, (iv) deducted 9 months (12 months with respect to the Batavia property and 24 months with respect to the Mexia and Cedar Rapids properties) of vacancy for downtime vacancy loss; (v) deducted 3% for selling costs; and (vi) deducted $1 per square foot for reserves. The amounts so determined was increased for future value by 3% per annum through the end of the respective initial terms. The following chart sets forth all of the specific information on the properties where a sale is assumed to be on an unencumbered basis. Cedar Rapids, Batavia, Fort Worth, Mexia, San Antonio, Iowa New York Texas Texas Texas ------------- -------- ----------- ------ ------------ Square Feet 31,516 38,720 43,000 61,600 45,000 Tenant Improvements $472,740 -- $645,000 $924,000 $675,000 Leasing Commissions $ 31,516 $38,720 $ 43,000 $ 61,600 $ 45,000 Downtime Costs $189,096 $96,800 $177,375 $400,400 $168,750 Selling Costs $ 23,637 $62,000 $ 59,125 $ 50,050 $ 56,250 Reserves $ 31,516 $38,720 $ 43,000 $ 61,600 $ 45,000 WE BELIEVE THAT THE ABOVE METHODOLOGY IS AN APPROPRIATE METHOD FOR DETERMINING THE VALUE OF THE UNITS. THE UTILIZATION OF DIFFERENT VALUATION METHODS, DISCOUNT RATES OR ASSUMPTIONS ALSO COULD BE APPROPRIATE. IN THIS REGARD, YOU SHOULD BE AWARE THAT THE USE OF LOWER DISCOUNT RATES WOULD RESULT IN A HIGHER VALUE. FURTHERMORE, YOU SHOULD UNDERSTAND THAT OTHER APPROPRIATE V...
Sample 1
Unencumbered. With respect to all of the Subject Business and with the exception of encumbrances not exceeding $1,250,000 that have come about in the ordinary course of business after December 31, 2000, there are no encumbrances appertaining or relating thereto except those listed on the most recent financial statements provided by Principal to Manager.
Sample 1

Related to Unencumbered

  • Unencumbered Properties Each Property included in any calculation of Unencumbered Asset Value or Unencumbered NOI satisfied, at the time of such calculation, all of the requirements contained in the definition of “Unencumbered Property Criteria.”

  • Unencumbered Assets As of the Agreement Date, Schedule 6.1(y) is a correct and complete list of all Unencumbered Assets. Each of the Unencumbered Assets included by the Borrower in calculations of the Unencumbered Asset Value satisfies all of the requirements contained in this Agreement for the same to be included therein.

  • Borrowing Base Properties (a) Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of Parent and Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to:

  • Maintenance of Total Unencumbered Assets The Company and its Subsidiaries will maintain at all times Total Unencumbered Assets of not less than 200% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis.

  • Appraised Value If an Objecting Party objects in writing to the Initial Valuation within ten (10) days after its receipt of the Valuation Notice, the Objecting Party, within fourteen (14) days from the date of such written objection, shall engage an Independent Appraiser (the “First Appraiser”) to determine within thirty (30) days of such engagement the Fair Market Value of the Partnership Interests (the “First Appraised Value”). The cost of the First Appraiser shall be borne by the Objecting Party. If the First Appraised Value is at least eighty percent (80%) of the Initial Value and less than or equal to one hundred twenty percent (120%) of the Initial Value, then the Purchase Price shall be the average of the Initial Value and the First Appraised Value. If the First Appraised Value is less than eighty percent (80%) of the Initial Value or more than one hundred twenty percent (120%) of the Initial Value, then the Partnership and the Objecting Party shall, within fourteen (14) days from the date of the First Appraised Value, mutually agree on and engage a second Independent Appraiser (the “Final Appraiser”). The cost of the Final Appraiser shall be borne equally by the Partnership and the Objecting Party. The Final Appraiser shall determine within thirty (30) days after its engagement the Fair Market Value of the Partnership Interests, but if such determination is less than the lesser of the Initial Value and the First Appraised Value then the lesser of the Initial Value and the First Appraised value shall be the value or if such determination is greater than the greater of the Initial Value and the First Appraised Value then the greater of the Initial Value and the First Appraised Value shall be the value (the “Final Valuation”). The Purchase Price shall be equal to the Final Valuation and shall be final and binding upon the parties to this Agreement for purposes of the subject transaction.

  • Real Estate Assets In order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and, subject to any filing and/or recording referred to herein, perfected First Priority security interest in certain Real Estate Assets, Collateral Agent shall have received from Borrower and each applicable Guarantor:

  • Qualified Property Applicant’s Qualified Property is described in Schedule 2.3, which is incorporated herein by reference. The Parties expressly agree that the location of the Qualified Property shall be within the Reinvestment Zone as set out in Schedule 2.1.

  • SIGNIFICANT LANDS INVENTORY FINDING Find that this activity is consistent with the use classification designated by the Commission for the land pursuant to Public Resources Code section 6370 et seq.

  • Consolidated Tangible Net Worth (i) The net worth of Seller and its consolidated subsidiaries, on a combined basis, determined in accordance with GAAP, minus (ii) all intangibles determined in accordance with GAAP (including goodwill, capitalized financing costs and capitalized administration costs but excluding originated and purchased mortgage servicing rights or retained residual securities) and any and all advances to, investments in and receivables held from affiliates; provided, however, that the non-cash effect (gain or loss) of any xxxx-to-market adjustments made directly to stockholders’ equity for fluctuation of the value of financial instruments as mandated under the Statement of Financial Accounting Standards No. 133 (or any successor statement) shall be excluded from the calculation of Consolidated Tangible Net Worth.

  • After Acquired Real Property Upon the acquisition by it or any of its Domestic Subsidiaries that is a Loan Party after the date hereof of any Material Real Estate Asset (each such interest being an “After Acquired Property”), as soon as reasonably practicable so notify the Collateral Agent, setting forth with specificity a description of the interest acquired, the location of the real property, and either an appraisal or such Loan Party’s good-faith estimate of the current value of such real property after taking into account any liabilities with respect thereto that impact such fair market value. The Collateral Agent shall notify such Loan Party within ten (10) Business Days of receipt of notice from the Administrative Borrower whether it intends to require any of the Real Property Deliverables referred to below. Upon receipt of such notice, the Loan Party that has acquired such After Acquired Property shall furnish to the Collateral Agent as promptly as reasonably practicable the following, each in form and substance reasonably satisfactory to the Collateral Agent: (i) a Mortgage with respect to such real property and related assets located at the After Acquired Property, duly executed by such Loan Party and in recordable form; (ii) evidence of the recording of the Mortgage referred to in clause (i) above in such office or offices as may be necessary or, in the opinion of the Collateral Agent, desirable to create and perfect a valid and enforceable first priority lien on the After Acquired Property purported to be covered thereby (subject to Permitted Liens) or to otherwise protect the rights of the Agents and the Lenders thereunder, (iii) a Title Insurance Policy, (iv) a survey of such real property, certified to the Collateral Agent and to the issuer of the Title Insurance Policy by a licensed professional surveyor reasonably satisfactory to the Collateral Agent, provided that an existing survey shall be acceptable if sufficient for the applicable title insurance company to remove the standard survey exception and issue survey-related endorsements, (v) if requested, Phase I Environmental Site Assessments with respect to such real property, certified to the Collateral Agent by a company reasonably satisfactory to the Collateral Agent, and (vi) such other documents reasonable and customary or instruments (including guarantees and enforceability opinions of counsel) as the Collateral Agent may reasonably require (clauses (i)-(vi), collectively, the “Real Property Deliverables”). The Borrowers shall pay all reasonable and documented out-of-pocket fees and expenses, including reasonable and documented out-of-pocket fees and expenses of one outside counsel and one local counsel in each relevant jurisdiction, and all title insurance charges and premiums, in connection with each Loan Party’s obligations under this Section 7.01(o).

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