Unencumbered Operating Properties. (a) The Borrower and the Guarantor shall at all times own Unencumbered Operating Properties which satisfy all of the following conditions:
(i) at least seventy-five percent (75%) of the Asset Value of the Unencumbered Operating Properties constitutes industrial properties;
(ii) as of the end of each fiscal quarter, at least eighty-five percent (85%) of the total Gross Rentable Area of the Unencumbered Operating Properties is subject to arms-length Leases which are in full force and effect and pursuant to which the tenants are paying rent, and at least seventy-seven percent (77%) of the total Gross Rentable Area in the Unencumbered Operating Properties is physically occupied by tenants under arms-length Leases which are in full force and effect;
(iii) no more than thirty-five (35%) of the Asset Value of the Unencumbered Operating Properties is located in any one city or metropolitan area; and
(iv) no one tenant shall comprise more than seven percent (7%) [ten percent (10%) if the tenant has an Implied Rating of BBB- or better from Standard & Poor's Corporation and twenty percent (20%) if the tenant is Sears and it has an Implied Rating of A3 or better from Xxxxx'x Investors Service, Inc. or BBB+ from Standard & Poor's Corporation] of the Gross Cash Receipts generated by the Unencumbered Operating Properties.
(b) The Borrower shall provide to the Agent as of the Closing Date and concurrently with the delivery of the financial statements described in Section 7.4(a) (i) a list of the Unencumbered Operating Properties, (ii) the certification of an Authorized Officer of the Borrower or the Guarantor, as applicable, of the Asset Values and that such Unencumbered Operating Properties are in compliance with Section 7.15(a), and (iii) operating statements setting forth the Net Operating Income and Operating Cash Flow for each of the Unencumbered Operating Properties for the previous four (4) fiscal quarters certified as true and correct by an Authorized Officer of the Borrower or the Guarantor, as applicable. In the event that all or any material portion of a property within the Unencumbered Operating Properties shall be damaged or taken by condemnation, then such property shall no longer be a part of the Unencumbered Operating Properties unless and until any damage to such Real Estate is repaired or restored, such Real Estate becomes fully operational and the Agent shall receive evidence satisfactory to the Agent of the value, Net Operating Income and Operating Cas...
Unencumbered Operating Properties. The Borrower shall at all times own Unencumbered Operating Properties with an aggregate Asset Value of at least one hundred fifty percent (150%) of the Borrower's unsecured Indebtedness (including without limitation the Obligations) outstanding from time to time.
Unencumbered Operating Properties. The undersigned Authorized Officer of the Borrower certifies that the Borrower is and will be in compliance with Section 9.4 of the Credit Agreement after giving effect to the making of the Loan requested hereby. Attached hereto as SCHEDULE A is a list of each of the Unencumbered Operating Properties, their location, the year in which each property was built, the Gross Rentable Area in each such property, the Asset Value of each such property, the average occupancy for each of the Unencumbered Operating Properties for the last two (2) fiscal quarters and the average occupancy for such period for all of the Unencumbered Operating Properties, the Net Operating Income and Operating Cash Flow for each of the Unencumbered Operating Properties, and calculations evidencing the Borrower's compliance with Section 9.4.
Unencumbered Operating Properties. The undersigned Authorized Officer of the Borrower certifies that the Borrower is and will be in compliance with Section 7.15 of the Credit Agreement after giving effect to the issuance of the Letter of Credit requested hereby.
Unencumbered Operating Properties. A. Asset Value of Unencumbered Operating Properties (Attached Schedule of Unencumbered Operating Properties and Asset Value of each) $_____________
B. Unsecured Indebtedness of Borrower $_____________
C. A is ___% of B (A may not be less than 150% of B) 108
Unencumbered Operating Properties. 48 Section 7.16. Limiting Agreements. . . . . . . . . . . . . . . . 49 Section 7.17. Environmental and Engineering Inspections. . .
Unencumbered Operating Properties. Asset Value of Unencumbered Operating Properties (Attached Schedule of Unencumbered Operating Properties and Asset Value of each) $ -------
Unencumbered Operating Properties. (a) The Borrower shall (subject to the caveat set forth in the definition of Unencumbered Operating Properties) at all times own Unencumbered Operating Properties which satisfy all of the following conditions:
(i) the Unencumbered Operating Properties shall consist solely of Real Estate which has an aggregate occupancy level of tenants in possession and operating and which are no more that thirty (30) days in default (on a portfolio basis) of at least eighty-five percent (85%) for the previous fiscal quarter of the Borrower based on bona fide arms-length tenant leases requiring current rental payments; and
(ii) no more than twenty-five percent (25%) of the Asset Value of the Unencumbered Operating Properties may be located in any one metropolitan statistical area.
(b) In the event that all or any material portion of a property within the Unencumbered Operating Properties shall be damaged or taken by condemnation, then such
Unencumbered Operating Properties. 46- Section 7.16. LIMITING AGREEMENTS.............................-47- Section 7.17.
Unencumbered Operating Properties. The Borrower shall (subject to the caveat set forth in the definition of Unencumbered Operating Properties) at all times own Unencumbered Operating Properties which satisfy all of the following conditions:
