Common use of Unsecured Debt Yield Clause in Contracts

Unsecured Debt Yield. As of the last day of each Fiscal Quarter for the immediately preceding consecutive four quarters, the ratio (expressed as a percentage) (the “Unsecured Debt Yield”) of (i) Unencumbered Net Operating Cash Flow to (ii) Unsecured Debt (less the sum of (x) the value of any Unrestricted Cash or Cash Equivalent owned by AMB LP, not to exceed $250,000,000 in the aggregate, and (y) $35,000,000) shall not be less than, (x) with respect to the period commencing on November 10, 2010 and ending on the day immediately prior to the 18 month anniversary of such date, 11%; provided, however, that, in connection with a Material Acquisition, for the four (4) consecutive quarters following such Material Acquisition, the Unsecured Debt Yield may be less than 11%, but in no event less than 10%, and (y) with respect to the period commencing on the 18 month anniversary of November 10, 2010, 11.5%; provided, however, that, in connection with a Material Acquisition, for the four (4) consecutive quarters following such Material Acquisition, the Unsecured Debt Yield may be less than 11.5%, but in no event less than 10.5%. For purposes of determining the Unsecured Debt Yield only, Unencumbered Net Operating Income shall be adjusted to include as to any Unencumbered Property with respect to which a tenant received any free rent during such period, the amount of such free rent as if the same had been paid in cash by such tenant.

Unsecured Debt Yield. As of the last day of each Fiscal Quarter fiscal quarter for the immediately preceding consecutive four quarters, the ratio (expressed as a percentage) (the “Unsecured Debt Yield”) of (i) Unencumbered Net Operating Cash Flow to (ii) Unsecured Debt (less the sum of (x) the value of any Unrestricted Cash or Cash Equivalent owned by AMB LPBorrower, not to exceed $250,000,000 in the aggregate, and (y) $35,000,000) shall not be less than, (xi) with respect to the period commencing on November 10, 2010 the Effective Date and ending on the day immediately prior to the 18 month anniversary of such datethe Effective Date, 11%; provided, however, that, in connection with a Material Acquisition, for the four (4) consecutive quarters following such Material Acquisitionacquisition, the Unsecured Debt Yield may be less than 11%, but in no event less than 10%, and (yii) with respect to the period commencing on the 18 month anniversary of November 10, 2010the Effective Date, 11.5%; provided, however, that, in connection with a Material Acquisition, for the four (4) consecutive quarters following such Material Acquisition, the Unsecured Debt Yield may be less than 11.5%, but in no event less than 10.5%. For purposes of determining the Unsecured Debt Yield only, Unencumbered Net Operating Income shall be adjusted to include as to any Unencumbered Property with respect to which a tenant received any free rent during such period, the amount of such free rent as if the same had been paid in cash by such tenant.

Unsecured Debt Yield. As of the last day of each Fiscal Quarter fiscal quarter for the immediately preceding consecutive four quarters, the ratio (expressed as a percentage) (the “Unsecured Debt Yield”) of (i) Unencumbered Net Operating Cash Flow to (ii) Unsecured Debt (less the sum of (x) the value of any Unrestricted Cash or Cash Equivalent owned by AMB LPBorrower, not to exceed $250,000,000 in the aggregate, and (y) $35,000,000) shall not be less than, (xi) with respect to the period commencing on November 10, 2010 and ending on the day immediately prior to the 18 month anniversary of such dateNovember 10, 2010, 11%; provided, however, that, in connection with a Material Acquisition, for the four (4) consecutive quarters following such Material Acquisitionacquisition, the Unsecured Debt Yield may be less than 11%, but in no event less than 10%, and (yii) with respect to the period commencing on the 18 month anniversary of November 10, 2010, 11.5%; provided, however, that, in connection with a Material Acquisition, for the four (4) consecutive quarters following such Material Acquisition, the Unsecured Debt Yield may be less than 11.5%, but in no event less than 10.5%. For purposes of determining the Unsecured Debt Yield only, Unencumbered Net Operating Income shall be adjusted to include as to any Unencumbered Property with respect to which a tenant received any free rent during such period, the amount of such free rent as if the same had been paid in cash by such tenant.