Unencumbered Borrowing Base Properties Sample Clauses

Unencumbered Borrowing Base Properties. (a) The Unencumbered Borrowing Base Properties shall at all times satisfy all of the following conditions: (i) each of the Unencumbered Borrowing Base Properties shall be owned 100% in fee simple or leased under a Ground Lease by the Borrower or, subject to the terms of this Agreement, a Subsidiary Guarantor, free and clear of all Liens other than the Liens permitted in §8.2(ii) and (v), and such Unencumbered Borrowing Base Property does not have applicable to it any restriction on the pledge, transfer, mortgage or assignment of such property (including any restrictions contained in any applicable organizational documents). If such Unencumbered Borrowing Base Property is owned or leased by a Subsidiary Guarantor, such Subsidiary Guarantor shall not be a borrower or guarantor with respect to any other Secured Indebtedness; (ii) none of the Unencumbered Borrowing Base Properties shall have any material title, survey, environmental, structural or other defects that would give rise to a materially adverse effect as to the value, use of or ability to sell or refinance such property; (iii) such Unencumbered Borrowing Base Property is managed by the Borrower or a Wholly Owned Subsidiary of the Borrower, or a third party manager approved by the Agent, such approval not to be unreasonably withheld; (iv) prior to inclusion of Real Estate within the Unencumbered Borrowing Base Properties, Borrower shall have delivered to Agent a physical description of the Real Estate and current rent rolls, operating statements and an operating and capital expenditure budget for such Real Estate reasonably satisfactory to the Agent, and such information as Agent may reasonably require to determine the value attributable to such Real Estate for the purposes of §9.5 and compliance with this §7.19; (v) each of the Unencumbered Borrowing Base Properties shall consist solely of Real Estate (A) which is located within the contiguous 48 states of the continental United States, (B) which is utilized principally for a shopping center or a retail facility or a use ancillary thereto (including, with respect to Borrower’s Aquia development only, an office component) and is consistent with Borrower’s business strategy on the date of this Agreement, (C) which contains improvements that are in operating condition and available for occupancy, and (D) except with respect to properties temporarily removed from the occupancy calculation pursuant to §7.19(a)(ix), with respect to which valid certificate...

Unencumbered Borrowing Base Properties. Schedule 1.2 is a correct and complete list of all Unencumbered Borrowing Base Properties as of the Closing Date. Each of the Unencumbered Borrowing Base Properties included by the Borrower in calculation of the compliance of the covenants set forth in §9 satisfies all of the requirements contained in this Agreement for the same to be included therein.

Unencumbered Borrowing Base Properties. Unencumbered Borrowing Base Properties shall mean Eligible Real Estate which satisfies all of the conditions set forth in §7.19. The initial properties designated by Borrower to be Unencumbered Borrowing Base Properties are described on Schedule 6.31 hereto.

Unencumbered Borrowing Base Properties. Each of the Properties included in calculations of the Unencumbered Borrowing Base Value satisfies all of the requirements contained in the definition of “Eligible Unencumbered Borrowing Base Property” (except to the extent such requirements were waived by the Requisite Lenders pursuant to Section 4.1.(c) at the time such Property was approved as an Unencumbered Borrowing Base Property).

Unencumbered Borrowing Base Properties. Schedule 5.23(a) (as adjusted from time to time in accordance with the terms hereof) sets forth each of the Unencumbered Borrowing Base Properties as of the date of the last adjustment thereof pursuant to the terms of Section 1.07. Each Real Property listed on Schedule 5.23(a) fully qualifies as an Unencumbered Borrowing Base Property.

Unencumbered Borrowing Base Properties. Eligible Real Estate which satisfy all conditions set forth in §7.17(a), or which have been included in the calculation of Unencumbered Adjusted NOI and Unencumbered Asset Value pursuant to §7.17(b). The initial properties designated by the Borrower to be Unencumbered Borrowing Base Properties are described on Schedule 1.2 hereto.

Unencumbered Borrowing Base Properties. Each Property identified by Borrower as an Unencumbered Borrowing Base Property in the most-recent Unencumbered Borrowing Base Report delivered to Administrative Agent hereunder fully qualifies as an Unencumbered Borrowing Base Property as of the date of such Unencumbered Borrowing Base Report.