Unencumbered Property Subsidiary definition

Unencumbered Property Subsidiary means each direct and indirect Wholly Owned Subsidiary of the Borrower that is the Direct Owner or an Indirect Owner of all or a portion of an Unencumbered Eligible Property.
Unencumbered Property Subsidiary means each direct and indirect Wholly-Owned Subsidiary of the Borrower, including CIM Urban Partners, L.P. and each Joint Venture Partner, that is a Direct Owner or Indirect Owner of all or a portion of an Unencumbered Property.

Examples of Unencumbered Property Subsidiary in a sentence

The Company shall not, nor shall it permit any Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Lien on (i) any Unencumbered Eligible Property other than Permitted Property Encumbrances, (ii) any Equity Interest of any Unencumbered Property Subsidiary other than Permitted Equity Encumbrances or (iii) any income from or proceeds of any of the foregoing.

No equity interest in any Guarantor or Eligible Unencumbered Property Subsidiary may be conveyed, sold, transferred or otherwise disposed of unless, after giving effect thereto, no Default or Event of Default exists.

Prior to the Investment Grade Release, each Unencumbered Property Subsidiary is a Guarantor.

Each Unencumbered Property Subsidiary (if any) that is a borrower or guarantor of, or otherwise obligated in respect of, any Recourse Indebtedness is a Guarantor.

No Unencumbered Property Subsidiary, Controlled Joint Venture or Controlled Joint Venture Subsidiary with respect to such Property shall be subject to any proceedings under any Debtor Relief Law.