Unencumbered Pool Property definition

Unencumbered Pool Property means, as of any date, any Project which is a Qualifying Unencumbered Pool Property as of such date.
Unencumbered Pool Property means a Property then included in the Unencumbered Pool.
Unencumbered Pool Property means an Eligible Property included in the calculation of Unencumbered Asset Value, subject to the provisions of Section 10.1(j). A Property shall be excluded from determining Unencumbered Asset Value if at any time such Property shall cease to be an Eligible Property.

Examples of Unencumbered Pool Property in a sentence

  • Each of the Unencumbered Pool Properties (other any Unencumbered Pool Property approved pursuant to clause (c) of the definition of “Unencumbered Pool”) satisfies all of the requirements contained in the definition of “Eligible Unencumbered Pool Property”.

  • Notwithstanding the foregoing, no Property will be terminated as an Unencumbered Pool Property if (i) a Default or Event of Default exists or (ii) a Default or Event of Default would exist immediately after such Property is terminated as an Unencumbered Pool Property.

  • The Borrower shall not, nor shall it permit any Guarantor or Unencumbered Pool Property Subsidiary to, create, incur or permit to exist any Lien of any kind on any Property owned by any such Person, other than Permitted Liens.

  • The Borrower shall not, and shall not permit any Guarantor or Unencumbered Pool Property Subsidiary to, amend, modify or terminate any material contract or agreement to which it is a party if such amendment, modification or termination or waiver would reasonably be expected to cause a Material Adverse Effect.

  • Any Property previously included as an Unencumbered Pool Property but which is not included in an Unencumbered Pool Certificate subsequently submitted pursuant to this Agreement shall no longer be included as an Unencumbered Pool Property (effective as of the date of receipt by the Agent of such Unencumbered Pool Certificate) so long as no Default or Event of Default shall have occurred and be continuing or would exist immediately after such Property is no longer included as an Unencumbered Pool Property.


More Definitions of Unencumbered Pool Property

Unencumbered Pool Property means the Properties designated as such pursuant to Section 4.2.
Unencumbered Pool Property means a Real Estate Asset which, as of any date of determination, is included as an “Unencumbered Pool Property” on the most recent Borrowing Base Certificate and satisfies all of the following requirements:
Unencumbered Pool Property means the Properties designated as such pursuant to Section 4.2 .
Unencumbered Pool Property means the Properties designated as such pursuant to Section 4.2 and set forth on Schedule 4.2 (as updated from time to time in accordance with Section 4.2).
Unencumbered Pool Property means an Eligible Property that (i) either (a) is set forth on Schedule 4.18 as an initial Unencumbered Pool Property as of the Closing Date or (b) is added as an Unencumbered Pool Property after the Closing Date pursuant to and in accordance with Section 3.4 and (ii) has not been removed as an Unencumbered Pool Property pursuant to Section 3.5.
Unencumbered Pool Property means a Real Estate Asset which, as of any date of determination, is included as an “Unencumbered Pool Property” on the most recent Borrowing Base Certificate and satisfies all of the following requirements: (a) such Real Estate Asset (a) is 100% (i) owned in fee simple or (ii) leased pursuant to an Eligible Ground Lease by (x) the Issuer or (y) an Unencumbered Property Owner that is (1) a Domestic Subsidiary and (2) a Wholly-Owned Subsidiary or Joint Venture Entity of the Issuer and (b) is located in a state in the United States or the District of Columbia; (b) such Real Estate Asset is not subject to any Lien (other than a Permitted Lien (with the exception of a Permitted Lien described in Section 10.2(m))) or any Negative Pledge (other than pursuant to an Eligible Ground Lease); (c) such Real Estate Asset is free of all material mechanical and structural defects, or other adverse matters except for defects, conditions or matters individually or collectively which are not material to the profitable operation of such Real Estate Asset; (d) such Real Estate Asset is a Healthcare Facility that has been fully developed, is operational and is well located within a primary or secondary market and is maintaining a stable current income; (e) to the extent managed by a third-party property manager, the applicable property manager with respect to such Real Estate Asset is an Approved Manager, and such Real Estate Asset is being managed pursuant to a management agreement with such Approved Manager; (f) no principal or interest payment, payments of real property taxes (except taxes which are being contested in good faith and for which adequate reserves have been established in accordance with GAAP) or payments of premiums on insurance policies payable to the applicable Unencumbered Property Owner
Unencumbered Pool Property means, as of any date, any Project which (i) is a Qualifying Unencumbered Pool Property as of such date and (ii) if prior to the Investment Grade Rating Date, is owned by a Subsidiary Guarantor (so long as no material adverse effect on the validity or enforceability of the Subsidiary Guaranty with respect to such Subsidiary Guarantor has occurred).