Common use of Property Pool Clause in Contracts

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 Company Borrower will and, subject to Section 9.8(b5.15(b), the Company’s 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 Company’s Borrower's Indebtedness other than Secured Debt outstanding from time to time, shall never be greater than sixty percent (60% %) of such Value. The 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 Company 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 the Parent, the Operating Partnership a Borrower 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 such Borrower's or the Subsidiary’s 's ability to sell, transfer or convey such Property, and (iv) the Occupancy Level of the Pool in the aggregate must be at least eighty percent (80%), provided that, in order to meet such eighty percent (80%) requirement, the Borrower may designate one (1) or more Properties to be excluded from the Pool for a period of time to be determined by the Borrower, so long as any such Property so designated will also be excluded in the calculation of Value during such period of time. Borrower will provide written notice to the Agent of each Property so designated and will also provide written notice to the Agent when such Property shall once again be included in such calculations, with each such written notice to be effective upon Agent's receipt thereof. If requested by a holderthe Agent, the Company Borrower will provide to such holder the Agent written assessments from third party independent environmental consultants for all Pool Properties properties acquired after the Execution Datedate of this Agreement. If the Required Holders determine Agent determines that there are material environmental conditions existing on or risks to such Propertiesproperties, the Properties properties will be excluded from the Pool.

Property Pool. (a) The Company Borrower will and, subject to Section 9.8(b5.15(b), the Company’s 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 (calculated based on the immediately preceding six (6) calendar months and annualized) such that the total amount of the Company’s Borrower's Indebtedness other than Secured Debt outstanding from time to time, shall never be greater than sixty percent (60% %) of such Value. The 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 Company 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 the Property is not subject to or affected by any Limiting Agreement, and (iv) the Occupancy Level of the Pool in the Pool shall aggregate must 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 Propertyat least eighty percent (80%). If requested by a holderthe Agent, the Company Borrower will provide to such holder the Agent written assessments from third party independent environmental consultants for all Pool Properties properties acquired after the Execution Datedate of this Agreement. If the Required Holders determine Agent determines that there are material environmental conditions existing on or risks to such Propertiesproperties, the Properties properties will be excluded from the Pool.

Property Pool. (a) The Company Borrower will and, subject to Section 9.8(b5.15(b), the Company’s 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 Company’s Borrower's Indebtedness other than Secured Debt outstanding from time to time, shall never be greater than sixty percent (60% %) of such Value. The 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 Company 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 the Property is not subject to or affected by any Limiting Agreement, and (iv) the Occupancy Level of the Pool in the aggregate must be at least eighty percent (80%), provided that, in order to meet such eighty percent (80%) requirement, the Borrower may designate one (1) or more Properties to be excluded from the Pool shall for a period of time to be owned determined by the ParentBorrower, so long as any such Property so designated will also be excluded in the Operating Partnership or a Subsidiary which has a provision calculation of Value during such period of time. Borrower will provide written notice to the Agent of each Property so designated and will also provide written notice to the Agent when such Property shall once again be included in its Organizational Documents which has or may have the effect of prohibiting or limiting the Parent’ssuch calculations, the Operating Partnership’s or the Subsidiary’s ability with each such written notice to sell, transfer or convey such Propertybe effective upon Agent's receipt thereof. If requested by a holderthe Agent, the Company Borrower will provide to such holder the Agent written assessments from third party independent environmental consultants for all Pool Properties properties acquired after the Execution Datedate of this Agreement. If the Required Holders determine Agent determines that there are material environmental conditions existing on or risks to such Propertiesproperties, the Properties properties will be excluded from the Pool.

Property Pool. (af) 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, and (iv) the Occupancy Level of the Pool in the aggregate must be at least 80%, provided that, in order to meet such 80% requirement, the Company may designate one or more Properties to be excluded from the Pool for a period of time to be determined by the Company, so long as any such Property so designated will also be excluded in the calculation of Value during such period of time. The Company will provide written notice to each holder of each Property so designated and will also provide written notice to each holder when such Property shall once again be included in such calculations, with each such written notice to be effective upon each holder’s receipt thereof. 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 Datedate of this Agreement. 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.