Unencumbered Pool. Borrower shall not permit the ratio of the outstanding Unsecured Debt to Unencumbered Asset Value to exceed 0.55:1 at any time.
Unencumbered Pool. The ratio of the Value of the Unencumbered Assets to Unsecured Debt, as of the last day of each Fiscal Quarter, shall not be less than 1.20 to 1.00.
Unencumbered Pool. Borrower shall not permit the ratio of (a) the sum of (i) the Unencumbered Asset Value and (ii) the fair market value of cash and Cash Equivalents owned by Borrower and subject to no Lien in excess of $10,000,000 to (b) outstanding Unsecured Debt to be less than 1.80:1.
Unencumbered Pool. 64 9.07 Minimum Net Worth.........................................................................................64
Unencumbered Pool. Borrower shall not permit the ratio of the outstanding Unsecured Debt to Unencumbered Asset Value to exceed 0.60:1 at any time; provided, however, that with respect to any Fiscal Quarter in which Borrower acquired any Real Property Assets, the ratio of Unsecured Debt to Unencumbered Asset Value of Borrower for such Fiscal Quarter and for the next succeeding Fiscal Quarter may exceed 0.60:1, provided that such ratio in no event shall exceed 0.65:1, and provided, further, that thereafter such ratio shall not exceed 0.60:1.
Unencumbered Pool. If any Guarantor owns an Eligible Qualified Property in the Unencumbered Pool, then such Guarantor agrees:
Unencumbered Pool. As of the Effective Date, the Unencumbered Pool consists solely of those Acceptable Unencumbered Properties listed on Schedule 5.12, with those Acceptable Unencumbered Properties which are either an Eligible Off Campus Ground Lease or an Eligible Property Lease being so designated thereon (the “Unencumbered Pool”).
Unencumbered Pool. Each Owner owns the applicable Pool Asset, free and clear of any and all Liens in favor of third parties (other than Liens otherwise permitted hereunder).
Unencumbered Pool. (a) Cause each of the Income-Producing Projects in the Unencumbered Pool to satisfy all of the following conditions (or notify the Administrative Agent when an Income-Producing Project no longer satisfies such conditions promptly upon obtaining knowledge thereof and within five (5) Banking Days thereafter remove such Income-Producing Project from the Unencumbered Pool in accordance with Section 2.11):
Unencumbered Pool. Borrower may at any time add a Qualified Unencumbered Project to the Unencumbered Pool pursuant to this Section 2.11, which process shall be initiated by delivery by Borrower to the Administrative Agent (which the Administrative Agent shall promptly distribute to the Lenders) of a description, in reasonable detail, of the Qualified Unencumbered Project, the most recent year operating income statement related thereto (to the extent available), cash flow projections for such property for the next twelve (12) months, a rent roll for such Project, and a certification of a Senior Officer of Borrower that Borrower has obtained a reasonably current (but in no event older than twelve months) Phase I environmental site assessment prepared by a qualified independent expert with respect to such Qualified Unencumbered Project which provides that there are no recognized environmental conditions thereon that require further action. If any such Project to be added to the Unencumbered Pool hereafter is not wholly-owned in fee simple by Borrower or a Wholly-Owned Subsidiary of Borrower and Borrower is seeking approval for the inclusion of such Project in the Unencumbered Pool as an Exception Project, Borrower must also deliver either the agreement creating the leasehold interest in such Project or the organizational documents for the direct or indirect owners of such Project, together with any related resolutions and consents, as the case may be. The Administrative Agent shall determine, in its reasonable discretion, whether or not such agreement is a Mortgageable Ground Lease or whether or not such organizational documents, resolutions and consents properly authorize the owner of such Project to execute the Joinder Agreement, as the case may be. Upon the satisfaction of all criteria specified in this Agreement, such Qualified Unencumbered Project presented by Borrower for inclusion in the Unencumbered Pool shall be deemed added to and to constitute part of the Unencumbered Pool and the Administrative Agent shall so notify Borrower and the Lenders in writing. Borrower may remove a property from the Unencumbered Pool by delivery to the Administrative Agent (for distribution to the Lenders) of a written notice to that effect, accompanied by a Certificate of a Senior Officer of Borrower setting forth the revised Borrowing Base resulting from such removal, which removal shall be effective on the third (3rd) day after the date of such notice. The Administrative Agent may, upon ...
