Unleveraged Assets definition

Unleveraged Assets means Real Property Assets which are not subject, in any part, to a Lien securing Indebtedness and which are not Unimproved Assets.
Sample 1
Unleveraged Assets means, as of any date, the Real Property Assets listed in Exhibit C attached hereto and made a part hereof, each of which is 100% owned in fee (or leasehold in the case of such assets listed in Exhibit C) by Borrower or a Consolidated Subsidiary and each of which is not subject to any Lien, subject to adjustment as set forth herein, together with all New Acquisitions or Real Property Assets which have become part of the Unleveraged Assets as of such date in accordance with Section 3.4 and which are not subject to any Lien, subject to adjustment as set forth herein, but excluding (i) any Unleveraged Assets which have been released from this Agreement as of such date in accordance with Sections 5.16, 5.17 and all other terms of this Agreement, (ii) Unimproved Assets, or (iii) owned directly or indirectly by a Minority Holding.
Sample 1
Unleveraged Assets means, as of any date, the Real Property Assets ------------------- listed in Exhibit C attached hereto and made a part hereof, each of which is --------- 100% owned in fee (or leasehold in the case of such assets listed in Exhibit C) --------- by Borrower or a Consolidated Subsidiary, together with Xxxxxxxx's pro rata interest in Real Property Assets owned by Minority Holdings in which the Borrower or a Consolidated Subsidiary has the power to sell or finance such Real Property Asset, which may be included as an Unleveraged Asset, provided that the Borrower's pro rata interest in such Minority Holdings and Consolidated Subsidiaries that are not wholly-owned by the Borrower shall not exceed in the aggregate 10% of the Unleveraged Assets Value, and in all cases, each of which is not subject to any Lien or to the provisions of any negative pledge, subject to adjustment as set forth herein, together with all New Acquisitions or Real Property Assets which have become part of the Unleveraged Assets as of such date in accordance with Section 3.3 and which are not subject to any Lien, subject to adjustment as set forth herein, but excluding (i) any Unleveraged Assets which have been released from this Agreement as of such date in accordance with Sections 5.14, 5.15 and all other terms of this Agreement, or (ii) Unimproved Assets. In no event shall Real Property Assets leased less than 85% account for more than 20% of the Unleveraged Assets Value at any time. In addition, notwithstanding anything contained herein to the contrary, Unleveraged Assets located outside of the United State shall not exceed 10% of the Unleveraged Assets Value.
Sample 1

Examples of Unleveraged Assets in a sentence

  • Neither the Borrower nor any Consolidated Subsidiary will agree to limits on Liens on Unleveraged Assets except in connection with the public offering of unsecured Debt of the Borrower.

  • The Borrower shall use the proceeds of the Loans for general corporate purposes, including, without limitation, for the repayment of any Debt of the Borrower or of any of its Consolidated Subsidiaries, as well as for the acquisition, financing and improvement of Real Property Assets intended to be used in the Borrower's existing business and the Unleveraged Assets and for general working capital needs of the Borrower.

  • The Borrower shall use the proceeds --------------- of the Loans for general corporate purposes, including, without limitation, for the repayment of any Debt of the Borrower or of any of its Consolidated Subsidiaries, as well as for the acquisition, financing and improvement of Real Property Assets intended to be used in the Borrower's existing business and the Unleveraged Assets and for general working capital needs of the Borrower.

  • As of the last day of each calendar quarter, the Borrower shall be in compliance with the Unleveraged Assets Minimum Debt Service Coverage, subject, however, to the Borrower's rights to cure pursuant to Section 2.11(c).

  • In the event Borrower shall acquire one or more New Acquisitions, each such New Acquisition may be added to the Unleveraged Assets upon written notice from Borrower to the Lead Agent specifying that such New Acquisition has been acquired and setting forth with respect to such New Acquisition, the same information currently set forth in Exhibit C with respect to each Unleveraged Asset listed thereon and provided that the same shall comply in all respects with the provisions hereof (including Section 5.16).

  • In the event Borrower shall acquire one or more New Acquisitions, each such New Acquisition may be added to the Unleveraged Assets upon written notice from Borrower to the Lead Agent specifying that such New Acquisition has been acquired and setting forth with respect to such New Acquisition, the same information currently set forth in Exhibit C with respect to each Unleveraged Asset listed thereon and provided that the same shall comply in all respects with the provisions hereof (including Section 5.19).

  • The Borrower shall not permit Unleveraged Assets at any time prior to the date (if any) on which the Security Acceptance shall occur to be less than 175% of the aggregate amount of Consolidated Debt that is not attributable to Consolidated Secured Debt or Debt evidenced by Subordinated Securities.

  • As of the date hereof, each of the Banks has approved the Unleveraged Assets owned by Smithtown Ventures LLC for inclusion in the calculation of this covenant.

  • Neither the Company nor any Subsidiary shall agree to limits on Liens on Unleveraged Assets.

  • As of the last ------------------------------------------------ day of each calendar quarter, the Borrower shall be in compliance with the Unleveraged Assets Minimum Debt Service Coverage, subject, however, to the Borrower's rights to cure pursuant to Section 2.11(c).


More Definitions of Unleveraged Assets

Unleveraged Assets means at any time the sum of (i) (x) the Appraised Value at such time of all Real Property owned by the Borrower that is not subject to a Lien securing Debt for Borrowed Money plus (y) the value at such time, determined in accordance with generally accepted accounting principles, of all assets of the Borrower (other than Real Property and intangible assets (determined in accordance with generally accepted accounting principles)) that are not subject to any Lien securing Debt for Borrowed Money and (ii) for each Consolidated Subsidiary that does not have Debt for Borrowed Money (other than Debt for Borrowed Money owing to the Borrower or any Wholly-Owned Consolidated Subsidiary and other than Non-Recourse Debt) the sum of: (s) the Appraised Value at such time of Real Property owned by such Consolidated Subsidiary that is not subject to a Lien securing Debt for Borrowed Money and (t) the value at such time, determined in accordance with generally accepted accounting principles, of all assets of such Consolidated Subsidiary (other than Real Property and intangible assets (determined in accordance with generally accepted accounting principles)) that are not subject to any Lien securing Debt for Borrowed Money. For purposes of the preceding sentence only, the term "Non-Recourse Debt" of any Person (the "Obligor") will be deemed to include any lease of office equipment by the Obligor, as lessee, to the extent that, in accordance with generally accepted accounting principles, it is required to be capitalized on a balance sheet of the lessee, regardless of whether such obligation may be enforced out of assets other than such office equipment.
Sample 1

Related to Unleveraged Assets

  • Managed Assets means the Fund’s net assets, including assets attributable to any principal amount of any borrowings (including the issuance of commercial paper or notes) or preferred shares outstanding. For the avoidance of doubt, assets attributable to borrowings includes the portion of the Fund’s assets in a tender option bond trust of which the Fund owns the residual interest (without regard to the value of the residual interest to avoid double counting).

  • Average Daily Managed Assets of the Fund shall mean the average daily value of the total assets of the Fund, less all accrued liabilities of the Fund (other than the aggregate amount of any outstanding borrowings constituting financial leverage). The Adviser may waive a portion of its fees. If this Agreement becomes effective subsequent to the first day of a month or shall terminate before the last day of a month, compensation for such month shall be computed in a manner consistent with the calculation of the fees payable on a monthly basis. Subject to the provisions of Section 5 below, the accrued fees will be payable monthly as promptly as possible after the end of each month during which this Agreement is in effect.

  • Portfolio Assets means the portion of the net assets of the Fund managed by the Sub-Adviser pursuant to the following investment strategy as agreed to by the Adviser and the Sub-Adviser in a separately negotiated investment mandate: Emerging Markets (each a “Strategy”).

  • Portfolio Loss means the loss realized on either (i) a portfolio sale of Single Family Shared-Loss Loans in accordance with the terms of Article IV or (ii) the sale of a loan with the consent of the Receiver as provided in Section 2.7.

  • Liquid Assets mean Borrower's cash on hand plus Borrower's readily marketable securities.

  • Portfolio Asset means an asset of an investment fund;

  • Qualified Assets means any of the following assets: (i) interests, rights, options, warrants or convertible or exchangeable securities of the Partnership; (ii) Debt issued by the Partnership or any Subsidiary thereof in connection with the incurrence of Funding Debt; (iii) equity interests in Qualified REIT Subsidiaries and limited liability companies (or other entities disregarded from their sole owner for U.S. federal income tax purposes, including wholly owned grantor trusts) whose assets consist solely of Qualified Assets; (iv) up to a one percent (1%) equity interest in any partnership or limited liability company at least ninety-nine percent (99%) of the equity of which is owned, directly or indirectly, by the Partnership; (v) cash held for payment of administrative expenses or pending distribution to security holders of the General Partner or any wholly owned Subsidiary thereof or pending contribution to the Partnership; and (vi) other tangible and intangible assets that, taken as a whole, are de minimis in relation to the net assets of the Partnership and its Subsidiaries.

  • Operating Income means the Company’s or a business unit’s income from operations but excluding any unusual items, determined in accordance with generally accepted accounting principles.

  • Investment Assets means all debentures, notes and other evidences of Indebtedness, stocks, securities (including rights to purchase and securities convertible into or exchangeable for other securities), interests in joint ventures and general and limited partnerships, mortgage loans and other investment or portfolio assets owned of record or beneficially by the Company.

  • Operating Assets means all merchandise inventories, furniture, fixtures and equipment (including all transportation and warehousing equipment but excluding office equipment and data processing equipment) owned or leased pursuant to Capital Leases by the Company or a Restricted Subsidiary.

  • Fund Assets means the net assets of the Fund managed by the Subadviser for which the fee is being calculated;

  • Specified Asset Sale has the meaning specified in Section 2.05(b)(vi).

  • Specified Assets the following property and assets of such Grantor:

  • Working Capital Target means $0.

  • Undepreciated Real Estate Assets as of any date means the cost (original cost plus capital improvements) of real estate assets of the Company and its Subsidiaries on such date, before depreciation and amortization, determined on a consolidated basis in accordance with GAAP.

  • Specified Asset as defined in subsection 4.2.2 hereof.

  • Managed Amortization Period means the period from the Closing Date to the Rapid Amortization Commencement Date.

  • Real Estate-Related Assets means any investments by the Company or the Operating Partnership in Mortgages and Real Estate-Related Securities.

  • Unfinanced Capital Expenditures means, for any period, Capital Expenditures made during such period which are not financed from the proceeds of any Indebtedness (other than the Revolving Loans; it being understood and agreed that, to the extent any Capital Expenditures are financed with Revolving Loans, such Capital Expenditures shall be deemed Unfinanced Capital Expenditures).

  • Property Loss Event means any loss of or damage to property of Group or any Subsidiary thereof that results in the receipt by such Person of proceeds of insurance in excess of $2,000,000 or any taking of property of Group or any Subsidiary thereof that results in the receipt by such Person of a compensation payment in respect thereof in excess of $2,000,000.

  • Permitted Business Investment means any Investment made in the ordinary course of, and of a nature that is or shall have become customary in, the Oil and Gas Business including investments or expenditures for actively exploiting, exploring for, acquiring, developing, producing, processing, gathering, marketing or transporting oil, natural gas or other Hydrocarbons and minerals through agreements, transactions, interests or arrangements which permit one to share risks or costs, comply with regulatory requirements regarding local ownership or satisfy other objectives customarily achieved through the conduct of the Oil and Gas Business jointly with third parties including:

  • Investment Capital Expenditures means capital expenditures other than Maintenance Capital Expenditures and Expansion Capital Expenditures.

  • Permitted Capital Expenditures has the meaning given that term in Section 9.12(b).

  • Portfolio Company means the issuer or obligor under any Portfolio Investment held by any Obligor.

  • Replacement Assets means (1) substantially all the assets of a Person primarily engaged in a Similar Business or (2) a majority of the Voting Stock of any Person primarily engaged in a Similar Business that will become, on the date of acquisition thereof, a Restricted Subsidiary.