Unencumbered Pool definition

Unencumbered Pool means the Unencumbered Properties.

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Unencumbered Pool means, at any time, collectively, those Hotel Properties that constitute Borrowing Base Properties at such time.

Unencumbered Pool means as of any date, all then-current Unencumbered Pool Properties.

Examples of Unencumbered Pool in a sentence

The proceeds of the Loans will be used for the refinance of the Unencumbered Pool Properties, and other general working capital purposes.
To the Borrower’s actual knowledge, no improvement or portion thereof, or any other part of any Unencumbered Pool Property, is dependent for its access, operation or utility on any land, building or other improvement not included in such Unencumbered Pool Property, other than for access provided pursuant to a recorded easement or other right of way establishing the right of such access, which in the aggregate, are reasonably likely to have a Material Adverse Effect.
No Default shall exist under this Agreement or the other Loan Documents immediately after giving effect to the release of the Unencumbered Pool Property, except for any Default which is cured or remedied by the removal of such Real Property from being an Unencumbered Pool Property.
To the extent that a Real Property does not meet the requirements to qualify as an Unencumbered Pool Property, as defined, the Borrower may nevertheless request that such Real Property be included as an Unencumbered Pool Property and the Majority Lenders may, in their sole and absolute discretion, agree to the acceptance of such Real Property as an additional Unencumbered Pool Property.
No improvement or portion thereof, or any other part of the Unencumbered Pool Property, is dependent for its access, operation or utility on any land, building or other improvement not included in the Unencumbered Pool Property, other than for access provided pursuant to a recorded easement or other right of way establishing the right of such access subject to such exceptions which are not likely to have, in the aggregate, a Material Adverse Effect.

More Definitions of Unencumbered Pool

Unencumbered Pool means, as of any date of determination, (a) the Initial Unencumbered Pool Properties, plus (b) each other Eligible Unencumbered Pool Property which has been added to the Unencumbered Pool as of such date, plus (c) any Property approved by the Requisite Lenders in writing for inclusion in the Unencumbered Pool, minus (d) any Property which has been removed from the Unencumbered Pool by the Borrower or pursuant to this Agreement as of such date, minus (e) any Property which has been removed from the Unencumbered Pool pursuant to the next sentence hereof as of such date (and plus any Eligible Unencumbered Pool Property which has been added back into the Unencumbered Pool pursuant to the next sentence hereof), minus (f) any Unencumbered Pool Property which no longer satisfies the requirements of an Eligible Unencumbered Pool Property. In the event that all or any material portion of a Property then within the Unencumbered Pool shall be damaged or taken by condemnation, then, in the Agent’s reasonable discretion, such Property shall either be treated as a Renovation Property or no longer be a part of the Unencumbered Pool unless and until any damage to such Property is repaired or restored, such Property becomes fully operational and the Agent shall receive evidence satisfactory to the Agent of the projected Net Operating Income of such Property following such repair or restoration. In the event that all or any material portion of any Construction-in-Process Property then within the Unencumbered Pool shall be damaged or taken by condemnation, then the Agent may reduce the amount of the Unencumbered Pool Value in an amount which the Agent reasonably deems appropriate in light of such damage or condemnation; or may remove such Construction-In-Process Property from the Unencumbered Pool unless and until such Construction-In-Process Property is repaired or restored to the Agent’s reasonable satisfaction.

Unencumbered Pool means the pool of Unencumbered Assets.

Unencumbered Pool has the meaning set forth in Section 5.12.

Unencumbered Pool means the Initial Eligible Real Estate and any Eligible Real Estate thereafter added to the Unencumbered Pool.

Unencumbered Pool means, collectively, the Initial Unencumbered Properties plus any assets subsequently added as Unencumbered Properties pursuant to Section 2.28 of this Agreement and minus any Unencumbered Properties subsequently released pursuant to Section 2.29 of this Agreement.

Unencumbered Pool means all Pool Assets as of any applicable date of determination.

Unencumbered Pool means, as of any date of determination, the collective reference to all Unencumbered Assets as of such date.