Unencumbered Operating Properties. (a) The Borrowers shall at all times own Unencumbered Operating Properties which satisfy all of the following conditions:
Unencumbered Operating Properties. The Borrower shall at all times own Unencumbered Operating Properties with an aggregate Asset Value of at least one hundred fifty percent (150%) of the Borrower's unsecured Indebtedness (including without limitation the Obligations) outstanding from time to time.
Unencumbered Operating Properties. (a) The Borrower and the Guarantor shall at all times own Unencumbered Operating Properties which satisfy all of the following conditions:
Unencumbered Operating Properties. The undersigned Authorized Officer of the Borrower certifies that the Borrower is and will be in compliance with Section 9.4 of the Credit Agreement after giving effect to the making of the Loan requested hereby. Attached hereto as SCHEDULE A is a list of each of the Unencumbered Operating Properties, their location, the year in which each property was built, the Gross Rentable Area in each such property, the Asset Value of each such property, the average occupancy for each of the Unencumbered Operating Properties for the last two (2) fiscal quarters and the average occupancy for such period for all of the Unencumbered Operating Properties, the Net Operating Income and Operating Cash Flow for each of the Unencumbered Operating Properties, and calculations evidencing the Borrower's compliance with Section 9.4.
Unencumbered Operating Properties. A. Asset Value of Unencumbered Operating Properties (Attached Schedule of Unencumbered Operating Properties and Asset Value of each) $ -------
Unencumbered Operating Properties. The undersigned Authorized Officer of the Borrower certifies that the Borrower is and will be in compliance with Section 7.15 of the Credit Agreement after giving effect to the issuance of the Letter of Credit requested hereby.
Unencumbered Operating Properties. 46- Section 7.16. LIMITING AGREEMENTS.............................-47- Section 7.17.
Unencumbered Operating Properties. 48 Section 7.16. Limiting Agreements. . . . . . . . . . . . . . . . . .49 Section 7.17. Environmental and Engineering Inspections. . . . . . .49
Unencumbered Operating Properties. The Borrower shall at all times own Unencumbered Operating Properties which satisfy all of the following conditions: (i) the aggregate Asset Value of the Unencumbered Operating Properties shall not be less than one hundred fifty percent (150%) of the Borrower's unsecured Indebtedness (including without limitation the Obligations) outstanding from time to time; (ii) the Consolidated Cash Flow of the Borrower and its Subsidiaries with respect to the Unencumbered Operating Properties for the Test Period shall not be less than twelve percent (12%) of the Borrower's unsecured Indebtedness (including without limitation the Obligations) outstanding from time to time; (iii) no more than twenty-five percent (25%) of the aggregate Asset Value of the Unencumbered Operating Properties shall be owned by Investment Partnerships; and (iv) at least fifty percent (50%) of the aggregate Asset Value of the Unencumbered Operating Properties shall be Class A institutional quality office buildings, retail, industrial and warehouse properties. In the event that an Unencumbered Operating Property has only been owned by the Borrower or a Subsidiary for a portion of the period for which data is needed to test compliance with this covenant, the Borrower shall annualize the data which is available in such manner as the Agent determines in its sole discretion so as to allow the test to be performed with respect to the full period. In order for the Behavioral Healthcare Facilities to remain Unencumbered Operating Properties (i) the Consolidated Cash Flow of CBHS for the Test Period must not be less than 1.5 times the Rent Payments payable to Crescent Real Estate Funding VII, L.P. ("Funding VII") for the Test Period, and (ii) CBHS shall be in full compliance with its obligations under the Master Lease Agreement in all material respects. In the event that data needed to perform this test is not available for a portion of the Test Period, the Borrower shall annualize the data which is available in such manner as the Agent determines in its sole discretion so as to allow the test to be performed with
Unencumbered Operating Properties. 48 Section 7.16. Limiting Agreements. . . . . . . . . . . . . . . . 49 Section 7.17. Environmental and Engineering Inspections. . . . . 50 Section 7.18. Distribution of Income to the Borrower.. . . . . . 50
