Unencumbered Pool Properties means those Eligible Properties that have been approved pursuant to Article IV.
Unencumbered Pool Properties means those Eligible Properties that, pursuant to the terms of this Agreement, are to be included when calculating the Borrowing Base.
Unencumbered Pool Properties means those Eligible Properties that, pursuant to the terms of this Agreement, are to be included when calculating the Maximum Loan Availability.
Examples of Unencumbered Pool Properties in a sentence
None of the Unencumbered Pool Properties is subject to any Lien other than Permitted Liens.
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”.
Each of the Unencumbered Pool Properties qualifies as an Eligible Property.
As of the Agreement Effective Date, Schedule 1 is, in all material respects, a correct and complete list of all Unencumbered Pool Properties.
The Parent, the Borrower, and each other Loan Party shall each take such actions as are necessary to preserve its right and ability to pledge its interest in the Unencumbered Pool Properties to the Agent without any such pledge after the date hereof causing or permitting the acceleration (after the giving of notice or the passage of time, or otherwise) of any other Indebtedness of the Loan Parties or any of their respective Subsidiaries.
More Definitions of Unencumbered Pool Properties
Unencumbered Pool Properties means those Eligible Properties that, pursuant to the terms of this Agreement, are to be included when calculating the Maximum Loan Availability. "Unencumbered Pool Value" means, at any time, the following amount as determined for an Unencumbered Pool Property: if such Unencumbered Pool Property is (a) a Stabilized Retail Operating Property, (i) the Net Operating Income of such Unencumbered Pool Property for the fiscal quarter most recently ended times (ii) 4 and divided by (iii) 9.25% if such Stabilized Retail Operating Property is anchored by a grocery store tenant or 9.75% if such Stabilized Retail Operating Property is anchored by a non-grocery store tenant; (b) a Pre-Stabilized Retail Operating Property, (i) from the date such Unencumbered Pool Property is first included as Unencumbered Pool Property pursuant to Section 4.1. (or in the case of any Unencumbered Pool Property included as an "Unencumbered Pool Property" under the Existing Credit Agreement, from the date such Unencumbered Pool Property was so included under the Existing Credit Agreement) through the last day of the twelfth full calendar month thereafter, the book value of such Unencumbered Pool Property, and (ii) from and after that time: (A) the Net Operating Income of such Unencumbered Pool Property for the fiscal quarter most recently ended times (B) 4 and divided by (C) 9.25% if such Pre-Stabilized Retail Operating Property is anchored by a grocery store tenant or 9.75% if such Pre-Stabilized Retail Operating Property is anchored by a non-grocery store tenant; and (c) a Qualified Development Property, the book value of Construction in Process for such Unencumbered Pool Property.
Unencumbered Pool Properties means, at any time, all Eligible Properties at such time designated by the Reporting Entity to be included as “Unencumbered Pool Properties.”
Unencumbered Pool Properties means the Unencumbered Properties listed on Schedule 1, as such Schedule 1 may be amended from time to time to reflect the addition and deletion of Unencumbered Pool Properties pursuant to Article III.
Unencumbered Pool Properties means those Eligible Properties that, pursuant to the terms of this Agreement, are to be included when calculating the Unencumbered Pool Value. A Property shall cease to be an Unencumbered Pool Property if such Property shall cease to be an Eligible Property.
Unencumbered Pool Properties means those Eligible Properties that have been approved pursuant to Article IV. for inclusion when calculating the Maximum Loan Availability. If at any time a Real Property Asset that has been deemed to be an Unencumbered Pool Property shall cease to be an Eligible Property, then such Real Property Asset shall also cease to be an Unencumbered Pool Property.
Unencumbered Pool Properties means those Eligible Properties that, in the aggregate have a minimum occupancy of 80%, and that are to be included when calculating Unencumbered Pool Value.
Unencumbered Pool Properties means, without duplication, Retail Properties owned as of the Third Amendment Effective Date, Properties that are subject to ground leases to a Person that is not an Affiliate of ProLogis, as lessee, as of the Third Amendment Effective Date, Stabilized Industrial Properties and Transition Properties, that, in each case (unless otherwise approved by Global Administrative Agent in its sole discretion in the case of clauses (a) and (b) below) are (a) owned by ProLogis or an Eligible Consolidated Subsidiary; (b) located in the United States, Canada, Japan, the United Kingdom, Germany, Belgium, France, the Netherlands, Poland, or Spain; and (c) not subject to any Lien (other than Customary Permitted Liens) or negative pledge and in which ProLogis has the ability (without violation of corporate benefit laws and, in the case of any Eligible Consolidated Subsidiary that is not a Wholly-owned Consolidated Subsidiary, without the necessity of consent or approval by the holder of any minority interest in such Eligible Consolidated Subsidiary) to cause there to be granted to Global Administrative Agent, for the benefit of the Lenders, first priority Liens (other than with respect to Customary Permitted Liens, provided that the holder of all Indebtedness secured by any Liens described in clause (i) or (r) of the definition of “Permitted Liens” shall have agreed in writing (at all times that such Property is an Unencumbered Pool Property) to, upon the request of the obligor of such Indebtedness, subordinate such Liens to the Liens in favor of Global Administrative Agent on terms reasonably satisfactory to Global Administrative Agent). The Unencumbered Pool Properties as of the Third Amendment Effective Date are listed on Schedule 1.1-2 (including a list of the Unencumbered Pool Properties that are owned by Eligible Consolidated Subsidiaries). ProLogis may, from time to time, add additional Unencumbered Pool Properties and remove existing Unencumbered Pool Properties so long as Global Senior Credit Agreement no Default exists or would result therefrom and the provisions of the requirement in Section 13.11 continue to be met; provided that ProLogis may not add additional Retail Properties or Properties subject to ground leases to a Person that is not an Affiliate of ProLogis as Unencumbered Pool Properties after the Third Amendment Effective Date.