Property Pool. (a) Each Mortgaged Property (the “Pool”) proposed by the Lead Borrower as Collateral shall meet the requirements of a Mortgaged Property, shall not be subject to a Lien in any manner, other than Permitted Encumbrances, and shall meet the following requirements:
Property Pool. (a) The Company will and, subject to Section 9.8(b), the Company’s Subsidiaries will, at all times own (in fee simple title or through an Eligible Ground Lease) a pool (the “Pool”) of assets that are not mortgaged, pledged, hypothecated, or encumbered in any manner, other than Permitted Encumbrances, with an aggregate Value such that the total amount of the Company’s Indebtedness other than Secured Debt outstanding from time to time, shall never be greater than 60% of such Value. The Pool shall have the following characteristics: (i) assets in the Pool shall be completed income producing Industrial Buildings (including properties containing multiple buildings in one industrial park), with parking sufficient to meet all Legal Requirements and consistent with market conditions that will accommodate full occupancy of the building, provided, however, that Los Angeles Xxxxxxxxx Xxxxxx Xxxxxx Xxxxxxxx xx Xxx Xxxxxxx, Xxxxxxxxxx, will not be excluded from the Pool because it is not an Industrial Building, (ii) the Company must have received from third party independent consultants, written assessments (including, without limitation, Phase I environmental reports) for each Property in, or to be added to, the Pool that do not disclose any material environmental conditions, structural defects or title defects, or other material risks related to such Property, and (iii) no Property in the Pool shall be owned by the Parent, the Operating Partnership or a Subsidiary which has a provision in its Organizational Documents which has or may have the effect of prohibiting or limiting the Parent’s, the Operating Partnership’s or the Subsidiary’s ability to sell, transfer or convey such Property. If requested by a holder, the Company will provide to such holder written assessments from third party independent environmental consultants for all Pool Properties acquired after the Execution Date. If the Required Holders determine that there are material environmental conditions existing on or risks to such Properties, the Properties will be excluded from the Pool.
Property Pool. (a) The Borrower will and, subject to Section 5.15(b), the Borrower’s Subsidiaries will, at all times own (in fee simple title or through an Eligible Ground Lease) a pool (the “Pool”) of assets that are not mortgaged, pledged, hypothecated, or encumbered in any manner, other than Permitted Encumbrances, with an aggregate Value such that the total amount of the Borrower’s Indebtedness other than Secured Debt outstanding from time to time, shall never be greater than sixty percent (60%) of such Value; provided, however, that if the Borrower’s Indebtedness other than Secured Debt outstanding from time to time, exceeds sixty percent (60%) of such Value but is no greater than sixty-five percent (65%) of such Value, then the Borrower shall be deemed to be in compliance with this Section 5.15 so long as (w) the Borrower or any Subsidiary completed a Material Acquisition during the quarter in which such percentage first exceeded sixty percent (60%), (x) such percentage does not exceed sixty percent (60%) for a period longer than the fiscal quarter during which the Borrower or such Subsidiary completed such Material Acquisition and the three fiscal quarters immediately following the fiscal quarter, (y) the Borrower shall not maintain compliance with this Section 5.15 in reliance on this proviso more than two times during the term of this Agreement and (z) such percentage is not greater than sixty-five percent (65%) at any time. Such Pool shall have the following characteristics: (i) assets in the Pool shall be completed income producing Industrial Buildings (including properties containing multiple buildings in one industrial park), with parking sufficient to meet all Legal Requirements and consistent with market conditions that will accommodate full occupancy of the building, provided, however, that Los Angeles Xxxxxxxxx Xxxxxx Xxxxxx Xxxxxxxx xx Xxx Xxxxxxx, Xxxxxxxxxx, will not be excluded from the Pool because it is not an Industrial Building; (ii) the Borrower must have received from third party independent consultants, written assessments (including, without limitation, Phase I environmental reports) for each Property in, or to be added to, the Pool that do not disclose any material environmental conditions, structural defects or title defects, or other material risks related to such Property, and (iii) no Property in the Pool shall be owned by a Borrower or Subsidiary which has a provision in its Organizational Documents which has or may have the effect of p...
Property Pool. (a) The Borrower (or a Subsidiary of the Borrower if the conditions in clause (c) below are satisfied) will at all times own fee simple title to a pool (the “Pool”) of Real Property that is not subject to any Lien other than Permitted Encumbrances (the “Pool Real Estate”) and except as permitted by Section 6.5 with an aggregate Pool Value of at Table of Contents least one hundred sixty-seven percent (167%) of the Borrower’s Indebtedness other than Secured Debt outstanding from time to time, with the following characteristics:
Property Pool. A. Borrower will at all times own (in fee simple title, through an Eligible Ground Lease, or in a wholly-owned Subsidiary of Borrower, and including the leasehold interest in the Mxxxxx Xxxxxx Tower in Memphis, Tennessee) a pool (the "Pool") of assets that are not mortgaged, pledged, hypothecated, or encumbered in any manner, other than Permitted Encumbrances, with an aggregate Value equal to at least (1) one hundred eighty-two percent (182%) from the date hereof through March 31, 2003, and (2) two hundred percent (200%) after March 31, 2003, of the Borrower's Indebtedness other than Secured Debt outstanding from time to time, with the following characteristics: (a) assets in the Pool shall be completed income producing office buildings with net rentable area of not less than 50,000 square feet and not more than 1,000,000 square feet (except that the Pavilion Center in Atlanta, Georgia and the Healthsource Building in Greenville, South Carolina need not meet the minimum square footage requirement), with parking sufficient to meet all Legal Requirements and consistent with market conditions that will accommodate full occupancy of the building; (b) each individual Property must have an Occupancy Level of at least seventy percent (70%); (c) assets in the Pool must be located in Approved Markets, except that no more than twenty-five percent (25%) of the Value of the Pool can be located in any one Approved Market, provided, that until March 31, 2003 up to twenty-seven and one-half percent (27-1/2%) of the Value of the Pool can be located in Houston, Texas, (d) the Borrower must have received from third party independent consultants, written assessments (including, without limitation, Phase I environmental reports) for each Property in, or to be added to, the Pool that do not disclose any material environmental conditions, structural defects or title defects, or other material risks related to such Property, (e) the Property is not subject to or affected by any Limiting Agreement, and (f) the Occupancy Level of the Pool in the aggregate must be at least eighty percent (80%). If requested by the Agent, the Borrower will provide to the Agent written assessments from third party independent environmental consultants for all Pool properties acquired after the date of this Agreement. If the Agent determines that there are material environmental conditions existing on or risks to such properties, the properties will be excluded from the Pool. B. Notwithstanding the fo...
Property Pool. (a) The Borrower will at all times own in fee simple title a pool (the “Pool”) of properties that each meet the requirements of a Mortgaged Property that are subject to a Deed of Trust and Environmental Indemnity and are Collateral and that are not subject to a Lien in any manner, other than Permitted Encumbrances, with the following characteristics and meeting the following requirements:
Property Pool. (a) Borrower and its Pool Consolidated Affiliates shall, as of any date during the term hereof, own, free and clear of any Liens (other than Permitted Liens), (i) fee simple title to Domestic Properties, and (ii) the equivalent of fee simple title to International Properties (the Properties and other assets described in (i) and (ii) being the "Pool"), with an aggregate Historical Value less the outstanding balance of any assessment bonds on such Properties of at least one hundred seventy-five percent (175%) of the Companies' Unsecured Debt (less any unrestricted cash and Cash Equivalents to the extent that such cash and Cash Equivalents are used to pay such Unsecured Debt within seven (7) days after the date of determination) outstanding on such date (including Unsecured Debt of Unconsolidated Affiliates to the extent that the holder of such Indebtedness has recourse against any Company for the payment of such Indebtedness, except to the extent of any security therefor or pursuant to any Customary Recourse Exceptions).
Property Pool. As of any date during the term hereof:
Property Pool. The Borrower will at all times own fee simple title ------------- to real estate properties that are not mortgaged, pledged, hypothecated, or encumbered in any manner other than Permitted Encumbrances (the "Pool") with an ---- aggregate Historical Value (plus all cash balances held by the Borrower if and whenever the unpaid balance of the Loans is zero) of at least one hundred seventy-five percent (175%) of the Borrower's unsecured Indebtedness outstanding from time to time, with the following characteristics: (a) the Pool must include income producing operating properties (the "Operating Sub-Pool") with an ------------------ aggregate Operating Sub-Pool Value of at least one hundred fifty percent (150%) of the Borrower's unsecured Indebtedness outstanding from time to time, (b) each individual property in the Operating Sub-Pool must have an occupancy level of at least eighty percent (80%), where such occupancy level is the average of the actual occupancy level for each of the immediately preceding three (3) months, (c) any properties added to the Operating Sub-Pool after the date of this Agreement must be multifamily properties, and (d) the Borrower must have received from third party independent environmental consultants, written assessments for each property in, or to be added to, the Operating Sub-Pool that do not disclose any material environmental conditions or risks related to such properties. If requested by the Agent and\or the Co-Agent, the Borrower will provide to the Agent and the Co-Agent written assessments from third party independent environmental consultants for all real estate properties acquired after the date of this Agreement. If the Agent determines that there are material environmental conditions existing on or risks to such properties, the properties will be excluded from the Pool.
Property Pool. (a) The Borrower (or a Subsidiary of EDR if the conditions in Subsection (c) below are satisfied) will at all times own (in fee simple title or through an Eligible Ground Lease) a pool (the “Pool”) of Real Property assets that are subject to a Deed of Trust and Environmental Indemnity and are Collateral and that are not subject to a Lien in any manner, other than Permitted Encumbrances, with an aggregate Pool Value equal to at least $50,000,000, with the following characteristics:
