Common use of Minimum Unencumbered Assets Clause in Contracts

Minimum Unencumbered Assets. Subject to this Section 8.5, the Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, (i) sell, transfer, encumber with a Lien or otherwise dispose of any Unencumbered Asset included in the calculation of the Unencumbered Asset Value; or (ii) remove any Unencumbered Asset from the calculation of the Unencumbered Asset Value (whether as a result of such Property failing to satisfy the requirements set forth in the definition thereof or otherwise); or (iii) substitute any Potential Unencumbered Asset(s) for any existing Unencumbered Asset or Assets; unless, immediately following such sale, transfer, disposition, removal or substitution (x) there shall be at least eight (8) Unencumbered Assets included in the calculation of the Unencumbered Asset Value and (y) the Unencumbered Asset Value would be at least $500,000,000 (the “Minimum Unencumbered Asset Requirements”). Simultaneously with any such proposed sale, transfer, disposition removal or substitution, the Borrower shall deliver to the Agent a certificate (a “Minimum Unencumbered Asset Certificate”) of a Responsible Officer of the REIT Guarantor certifying compliance with the Minimum Unencumbered Asset Requirements.

Minimum Unencumbered Assets. Subject to this Section 8.5, the Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, (i) sell, transfer, encumber with a Lien transfer or otherwise dispose of any Unencumbered Asset included in the calculation of the Unencumbered Asset Value; or (ii) remove any Unencumbered Asset from the calculation of the Unencumbered Asset Value (whether as a result of such Property failing to satisfy the requirements set forth in the definition thereof or otherwise); or (iii) substitute any Potential Unencumbered Asset(s) for any existing Unencumbered Asset or Assets; unless, immediately following such sale, transfer, disposition, removal or substitution (x) there shall be at least eight (8) Unencumbered Assets included in the calculation of the Unencumbered Asset Value and (y) the Unencumbered Asset Value would be at least $500,000,000 450,000,000 (the “Minimum Unencumbered Asset Requirements”). Simultaneously with any such proposed sale, transfer, disposition removal or substitution, the Borrower shall deliver to the Agent a certificate (a “Minimum Unencumbered Asset Certificate”) of a Responsible Officer of the REIT Guarantor certifying demonstrating compliance with the Minimum Unencumbered Asset Requirements.

Minimum Unencumbered Assets. Subject to this Section 8.5, the Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, (i) sell, transfer, encumber with a Lien transfer or otherwise dispose of any Unencumbered Asset included in the calculation of the Unencumbered Asset Value; or (ii) remove any Unencumbered Asset from the calculation of the Unencumbered Asset Value (whether as a result of such Property failing to satisfy the requirements set forth in the definition thereof or otherwise); or (iii) substitute any Potential Unencumbered Asset(s) for any existing Unencumbered Asset or Assets; unless, immediately following such sale, transfer, disposition, removal or substitution (x) there shall be at least eight (8) Unencumbered Assets included in the calculation of the Unencumbered Asset Value and (y) the Unencumbered Asset Value would be at least $500,000,000 200,000,000 (the “Minimum Unencumbered Asset Requirements”). Simultaneously with any such proposed sale, transfer, disposition removal or substitution, the Borrower shall deliver to the Agent a certificate (a “Minimum Unencumbered Asset Certificate”) of a Responsible Officer of the REIT Guarantor certifying demonstrating compliance with the Minimum Unencumbered Asset Requirements.

Minimum Unencumbered Assets. Subject to this Section 8.5, the Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, (i) sell, transfer, encumber with a Lien transfer or otherwise dispose of any Unencumbered Asset included in the calculation of the Unencumbered Asset Value; or (ii) remove any Unencumbered Asset from the calculation of the Unencumbered Asset Value (whether as a result of such Property failing to satisfy the requirements set forth in the definition thereof or otherwise); or (iii) substitute any Potential Unencumbered Asset(s) for any existing Unencumbered Asset or Assets; unless, immediately following such sale, transfer, disposition, removal or substitution (x) there shall be at least eight (8) Unencumbered Assets included in the calculation of the Unencumbered Asset Value and (y) the Unencumbered Asset Value would be at least $500,000,000 450,000,000 (the “Minimum Unencumbered Asset Requirements”). Simultaneously with any such proposed sale, transfer, disposition disposition, removal or substitution, the Borrower shall deliver to the Agent a certificate (a “Minimum Unencumbered Asset Certificate”) of a Responsible Officer of the REIT Guarantor certifying demonstrating compliance with the Minimum Unencumbered Asset Requirements.