Unencumbered Asset Pool definition

Unencumbered Asset Pool means all of the Unencumbered Assets.

Unencumbered Asset Pool means, at any time, all of the Unencumbered Asset Pool Properties at such time.

Unencumbered Asset Pool a pool of Unencumbered Assets having the following characteristics: (i) such pool must be comprised of all (and in no event less than 10) Unencumbered Assets; (ii) the gross leasaeble area of all such Unencumbered Assets (excluding gross leaseable area undergoing redevelopment) is at least 80% leased by tenants who have accepted the property and are paying rent in accordance with the terms of their leases; (iii) the stabilized Eligible Real Estate Asset Value of any single Unencumbered Asset in such pool may equal up to (but will not be given value in excess of) 17.5% of the total stabilized Eligible Real Estate Asset Value of all Unencumbered Assets in such pool; (iv) the total stabilized Eligible Real Estate Asset Value of any three Unencumbered Assets in such pool may equal up to (but will not be given value in excess of) 50.0% of the total stabilized Eligible Real Estate Asset Value of all Unencumbered Assets in such pool; (v) the total stabilized Eligible Real Estate Asset Value of any Unencumbered Assets in such pool that are subject to an Eligible Ground Lease may equal up to (but will not be given value in excess of) 15.0% of the total stabilized Eligible Real Estate Asset Value of all Unencumbered Assets in such pool; and (vi) the rent payable by any one tenant of an Unencumbered Asset is such pool may equal up to (but will not be given value in excess of) 10% of the Net Operating Income of all Unencumbered Assets in such pool. The Unencumbered Asset Pool shall initially be as set forth on Schedule II. The Borrower may designate that one or more Unencumbered Assets be added to or removed from the Unencumbered Asset Pool (provided that no Default then exists) in a notice to the Administrative Agent and the Lenders, provided that after giving effect to such designation, no Default would exist, and provided further that such designations may not be made more often than once in each calendar month. Any such designation notice shall clearly identify the Unencumbered Assets being added or removed and the effective date of such addition or removal, and shall re-state all the Unencumbered Assets then included in such pool. Upon any change to the assets comprising the schedule of Unencumbered Assets the Administrative Agent shall distribute to each Lender and the Borrower a revised Schedule II.

Examples of Unencumbered Asset Pool in a sentence

• An accurate and complete Rent Roll in all material respects as of the date of inclusion of each Eligible Real Estate Asset in the Unencumbered Asset Pool with respect to all Leases of any portion of the Eligible Real Estate Asset has been provided to the Agent.

• Net income before income taxes, extraordinary items, and other adjustments (Item 8 above) on a fully taxable equivalent basis .............................................................................3.

• In addition, at all times, the Unencumbered Asset Pool Availability shall be determined from at least three (3) Eligible Real Estate Assets having a Gross Asset Value of not less than $150,000,000; provided however, this minimum $150,000,000 Gross Asset Value amount shall be reduced on a pro rata basis with the termination of any portion of the aggregate Commitment.

• The Agent has not made nor does it now make any representations or warranties, express or implied, nor does it assume any liability to the Lenders, with respect to the creditworthiness or financial condition of Loan Parties or any of their respective Subsidiaries, or the value of the Unencumbered Asset Pool or any other assets of Loan Parties or any of their respective Subsidiaries.

• Borrower shall, and shall cause each other Loan Party to, upon request provide the Agent copies of (i) any future Management Agreements entered into with respect to any additional 55 Eligible Real Estate Asset added to the Unencumbered Asset Pool and (ii) any replacements of or material amendments to the Management Agreements provided to the Agent on or prior to the date hereof.

More Definitions of Unencumbered Asset Pool

Unencumbered Asset Pool as defined in the Existing Credit Agreement.

Unencumbered Asset Pool means all of the Eligible Real Estate Assets owned by the Issuer or a Subsidiary Guarantor for which:

Unencumbered Asset Pool means all of the Eligible Real Estate Assets owned by the Issuer, a Subsidiary Guarantor or a Pool Owner for which:

Unencumbered Asset Pool shall be comprised of Properties that meet the following criteria:

Unencumbered Asset Pool. All of the Eligible Real Estate Assets.

Unencumbered Asset Pool means the Qualified Assets listed on Schedule V attached hereto, as the same may be modified in accordance with Article X hereto, each of which is owned by the Borrower or the Guarantor indicated thereon.

Unencumbered Asset Pool means, a pool of unencumbered Properties consisting of properties (each a “UAP Property” and collectively, the “UAP Properties”) owned by the Company or a Guarantor, and (i) listed on Schedule 5.24 on the date hereof or (ii) deemed to be listed on Schedule 5.24 after such properties’ designation by the Company as a UAP Property in writing to the holders of Notes in accordance with Section 9.9 hereof; that meet the following criteria: