Consolidated Unencumbered Realty means, for the Consolidated Group, the book value of all realty (prior to deduction for accumulated depreciation) minus the book value of real property (prior to deduction for accumulated depreciation) which is subject to mortgage Liens described in clause (c) of Section 6.07 or mortgage Liens arising out of the refinancing, extension, renewal or refunding of any Indebtedness permitted hereunder secured by a mortgage Lien initially permitted under clause (c) of Section 6.07. To the extent that the aggregate amount of Consolidated Unencumbered Realty attributable to the following would exceed 15.0% of Consolidated Unencumbered Realty, such excess shall be excluded: (a) construction projects; (b) unimproved real estate; (c) realty owned or leased by a Subsidiary that is not a Wholly Owned Subsidiary (other than realty owned or leased by a Subsidiary that is not a Wholly Owned Subsidiary but for which the Borrower exclusively controls, directly or indirectly, the sale and financing of such realty); and (d) realty not located in the United States of America.
Consolidated Unencumbered Realty means, for the Consolidated Group, the book value of all realty (prior to deduction for accumulated depreciation) minus the book value of real property (prior to deduction for accumulated depreciation) which is subject of mortgage Liens as described in clauses (c) and (k) of Section 6.07.
Consolidated Unencumbered Realty means for the Consolidated Group on a consolidated basis, all Realty which is not encumbered by a Lien securing Debt. For purposes of the covenant, Consolidated Unencumbered Realty as of any date, for the Consolidated Group, shall be valued at the sum (without duplication) of (a) with respect to any consolidated Unencumbered Realty purchased or developed prior to January 1 of the year preceding such date, (i) Consolidated Net Operating Income from Unencumbered Realty for the fiscal quarter most recently ended prior to such date multiplied by four, divided by (ii) 9.25%; plus (b) with respect to any Consolidated Unencumbered Realty purchased or developed on or after January 1 of the year preceding such date, the actual costs of such Realty; plus (c) with respect to any Consolidated Unencumbered Realty that also constitutes consolidated Unimproved Realty, the sum of (i) fifty percent (50%) of the GAAP value of the land associated with such Realty plus (ii) an amount equal to fifty percent (50%) of the actual expenditures for improvements on such Realty; plus (d) fifty percent (50%) of the Consolidated Group’s pro rata share of the GAAP value of any Realty contributed to or otherwise invested in joint ventures which is not encumbered by a Lien securing Debt.
Examples of Consolidated Unencumbered Realty in a sentence
The ratio of Consolidated Unencumbered Realty to Consolidated Unsecured Debt shall not at any time be less than 2.1 to 1.0.
The ratio of Consolidated Unencumbered Realty to Consolidated Unsecured Debt shall not at any time be less than 1.8:1.0.
As of the last day of each fiscal quarter, the ratio of Consolidated ----- Unsecured Debt of UDRT to Consolidated Unencumbered Realty of UDRT shall not exceed 60%.
Such certificate shall include the calculations required to indicate (A) compliance with Section 7.9, (B) compliance with Section 7.11(a) and (C) the portion of Consolidated Unencumbered Realty represented by Non-Guarantor Subsidiaries.
As of the last day of each fiscal quarter, the ratio of Consolidated Unsecured Debt of UDRT to Consolidated Unencumbered Realty of UDRT shall not exceed 60%.
More Definitions of Consolidated Unencumbered Realty
Consolidated Unencumbered Realty means, for the Consolidated Group on a consolidated basis, all Realty which is not encumbered by Lien securing Funded Debt.
Consolidated Unencumbered Realty means, for the Consolidated Group, the book value of all realty (prior to deduction for accumulated depreciation) minus the book value of real property (prior to deduction for accumulated depreciation) which is subject to mortgage Liens described in clause (c) of Section 6.07 or mortgage Liens arising out of the refinancing, extension, renewal or refunding of any Indebtedness permitted hereunder secured by a mortgage Lien initially permitted under clause (c) of Section 6.07 . To the extent that the aggregate amount of Consolidated Unencumbered Realty attributable to the following would exceed 15.0% of Consolidated Unencumbered Realty, such excess shall be excluded: (a) construction projects; (b) unimproved real estate; (c) realty owned or leased by a Subsidiary that is not a Wholly Owned Subsidiary (other than realty owned or leased by a Subsidiary that is not a Wholly Owned Subsidiary but for which the Borrower exclusively controls, directly or indirectly, the sale and financing of such realty); and (d) realty not located in the United States of America.
Consolidated Unencumbered Realty means, for the Consolidated Group, the book value of all realty (prior to deduction for accumulated depreciation) minus the book value of real property (prior to deduction for accumulated depreciation) which is subject of mortgage Liens as described in clauses (c) and
Consolidated Unencumbered Realty means, for the Consolidated Group on a consolidated basis, all Realty which is not encumbered by a Lien securing Debt. For purposes of the covenant contained in Section 7.9(f), Consolidated Unencumbered Realty, as of any date for the Consolidated Group, shall be valued at the sum (without duplication) of (a) with respect to any Consolidated Unencumbered Realty purchased or developed prior to January 1 of the year preceding such date, (i) Consolidated Net Operating Income from Unencumbered Realty for the fiscal quarter most recently ended prior to such date multiplied by four, divided by (ii) 9.25%; plus (b) with respect to any Consolidated Unencumbered Realty purchased or developed on or after January 1 of the year preceding such date, the actual costs of such Realty; plus (c) with respect to any Consolidated Unencumbered Realty that also constitutes Consolidated Unimproved Realty, the sum of (i) fifty percent (50%) of the GAAP value of the land associated with such Realty plus (ii) an amount equal to fifty percent (50%) of the actual expenditures for improvements on such Realty; plus (d) fifty percent (50%) of the Consolidated Group's pro rata share of the GAAP value of any Realty contributed to or otherwise invested in joint ventures which is not encumbered by a Lien securing Debt. Notwithstanding the foregoing, the value of Consolidated Unencumbered Realty shall be determined without including (or otherwise giving credit to) any Realty owned by a Non- Guarantor Subsidiary if (A) the inclusion of such Realty would cause the portion of Consolidated Unencumbered Realty represented by Non-Guarantor Subsidiaries, as of the relevant date of determination, to exceed five percent (5%) of Consolidated Unencumbered Realty or (B) such Non-Guarantor Subsidiary is an obligor, as of the relevant date of determination, with respect to any unsecured Debt (other than those items of Debt set forth in clauses (iii) and (iv) of the definition of Debt).
Consolidated Unencumbered Realty means for the Borrower and its Subsidiaries, the book value of all realty (prior to deduction of accumulated depreciation) minus outstanding Consolidated Senior Secured Debt minus the book value of all properties (prior to deduction of accumulated depreciation) as to which associated leases or mortgage indebtedness relating thereto is past due or otherwise in default more than 30 days.
Consolidated Unencumbered Realty means, for the Borrower and its Subsidiaries, the book value of all realty (prior to deduction of accumulated depreciation) minus the book value of all properties (prior to deduction of accumulated depreciation) which are subject to any Liens (other than those permitted under clauses (b) - (g) and clauses
Consolidated Unencumbered Realty means for HRT and its Subsidiaries, the book value of all realty (prior to deduction of accumulated depreciation) minus outstanding Consolidated Senior Secured Debt minus the book value of all properties (prior to deduction of accumulated depreciation) as to which associated leases or mortgage indebtedness relating thereto is past due or otherwise in default more than 30 days.