Unencumbered Operating Properties. (a) The Borrower and Walden shall (subject xx xxe 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 (on a portfolio basis) of at least ninety percent (90%) for the previous four (4) fiscal quarters of the Borrower based on bona fide arms-length tenant leases requiring current rental payments; and
(ii) no more than thirty percent (30%) of the Asset Value of the Unencumbered Operating Properties may be located in any one city or metropolitan area (it being agreed that Dallas and Fort Worth and their respective suburbs shall be considered as separate cities for the purposes hereof).
(b) The Borrower shall provide to the Agent and each of the Banks 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 the chief financial or chief accounting officer of the sole general partner of the Borrower of the Asset Values and that such properties are in compliance with Section 7.14(a) and Section 9.1, (iii) operating statements setting forth the Operating Cash Flow and capital expenditures for each of the Unencumbered Operating Properties for the previous four (4) fiscal quarters certified as true and correct by the chief financial or chief accounting officer of the sole general partner of the Borrower, and (iv) that the Unencumbered Operating Properties comply with the terms of Section Section 6.17 and 6.20. 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 and Operating Cash Flow of such Real Estate following such repair or restoration.
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 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 7.15 of the Credit Agreement after giving effect to the issuance of the Letter of Credit requested hereby.
Unencumbered Operating Properties. 48 Section 7.16. Limiting Agreements. . . . . . . . . . . . . . . . . .49 Section 7.17. Environmental and Engineering Inspections. . . . .
Unencumbered Operating Properties. I. A. Asset Value of Unencumbered Operating Properties (Attached Schedule of Unencumbered Operating Properties and Asset Value of each) $________ B. Unsecured Indebtedness of Borrower $________
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. 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:
Unencumbered Operating Properties. Asset Value of Unencumbered Operating Properties (Attached Schedule of Unencumbered Operating Properties and Asset Value of each) $ -------
Unencumbered Operating Properties. 46- Section 7.16. LIMITING AGREEMENTS.............................-47- Section 7.17.