Unencumbered Eligible Property definition

Unencumbered Eligible Property means, at any time, an Unencumbered Portfolio Property that meets each of the following criteria at such time:

Unencumbered Eligible Property has the meaning specified in the definition of “Unencumbered Property Criteria”.

Unencumbered Eligible Property has the meaning specified in the definition of Unencumbered Property Criteria. For the avoidance of doubt, Properties listed on Schedule 1 shall each be considered an Unencumbered Eligible Property on the Closing Date.

Examples of Unencumbered Eligible Property in a sentence

• The following sentence is hereby added to the end of the definition of “Unencumbered Eligible Property” as a separate paragraph thereto: Notwithstanding anything to the contrary contained herein, an Unencumbered Portfolio Property shall not be deemed an Unencumbered Eligible Property if any Direct Owner or Indirect Owner thereof that is not a Guarantor is obligated in respect of any outstanding Indebtedness for borrowed money that constitutes Recourse Indebtedness.

• The second amendment revised the terms of the Wells Term Loan Facility to (i) replace LIBOR with SOFR given the phase out of LIBOR and (ii) permit the addition of multifamily assets as Unencumbered Eligible Property (as defined therein) and add a capitalization rate for such assets.

• The FMC must not interfere in the day-to-day running of the school.

• Notwithstanding anything to the contrary contained herein, an Unencumbered Portfolio Property shall not be deemed an Unencumbered Eligible Property if any Direct Owner or Indirect Owner thereof that is not a Guarantor is obligated in respect of any outstanding Indebtedness for borrowed money that constitutes Recourse Indebtedness.

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More Definitions of Unencumbered Eligible Property

Unencumbered Eligible Property means any Real Estate identified by the Borrower as an “Unencumbered Eligible Property” in the Pro Forma Closing Date Compliance Certificate or thereafter pursuant to Section 6.12 and included as an “Unencumbered Eligible Property” in the most recent Compliance Certificate delivered to the Administrative Agent that meets and continues to satisfy each of the following criteria:

Unencumbered Eligible Property means any Real Estate that meets and continues to satisfy each of the following criteria:

Unencumbered Eligible Property means a Property which is and continues to be at all times:

Unencumbered Eligible Property has the meaning specified in the definition of “Unencumbered Property Criteria,” and on the Closing Date shall include the Properties listed on Schedule 1.01A. For the avoidance of doubt, each Unencumbered Eligible Property that is owned or ground leased directly or indirectly by an Unencumbered Property Subsidiary that is the subject of a release pursuant to Section 11.19(b) will immediately upon such release cease to be an Unencumbered Eligible Property unless (x) such Property satisfies all of the Unencumbered Property Criteria (other than the criterion requiring such Unencumbered Property Subsidiary to be a Guarantor) and (y) the Administrative Agent provides its prior written consent.

Unencumbered Eligible Property has the meaning specified in the definition of “Unencumbered Property Criteria,” and on the Closing Date shall include the Properties listed on Schedule 1.01A. For the avoidance of doubt, each Unencumbered Eligible Property that is owned or ground leased directly or indirectly by (i) an Unencumbered Property Subsidiary that is the subject of a release pursuant to Section 11.19(b) or (ii) a Specified Guarantor that is the subject of a release pursuant to Section 11.19(c) will immediately upon such release cease to be an Unencumbered Eligible Property.

Unencumbered Eligible Property has the meaning specified in the definition of “Unencumbered Property Criteria,” and on the Closing Date shall include the Properties listed on Schedule 1.01A. For the avoidance of doubt, each Unencumbered Eligible Property that is owned or ground leased directly or indirectly by (i) an Unencumbered Property Subsidiary that is the subject of a release pursuant to Section 11.19(b) or (ii) a Specified Guarantor that is the subject of a release pursuant to Section 11.19(c) will immediately upon such release cease to be an Unencumbered Eligible Property unless (x) such Property satisfies all of the Unencumbered Property Criteria (other than the criterion requiring such Unencumbered Property Subsidiary or Specified Guarantor to be a Guarantor) and (y) the Administrative Agent provides its prior written consent.

Unencumbered Eligible Property has the meaning set forth in Section 2.19.