Unencumbered Pool. Borrower shall not permit the ratio of the outstanding Unsecured Debt to Unencumbered Asset Value to exceed 0.55:1 at any time.
Unencumbered Pool. (a) Cause each of the Income-Producing Projects in the Unencumbered Pool to satisfy all of the following conditions (or notify the Administrative Agent when an Income-Producing Project no longer satisfies such conditions promptly upon obtaining knowledge thereof and within five (5) Banking Days thereafter remove such Income-Producing Project from the Unencumbered Pool in accordance with Section 2.11):
(i) each of the Income-Producing Projects shall be wholly owned in fee simple by Borrower or a Wholly-Owned Subsidiary of Borrower (other than as specified in the definition of Qualified Unencumbered Project with respect to the Exception Projects);
(ii) the Income-Producing Projects in the Unencumbered Pool shall at all times have an aggregate leasing level (on a portfolio basis) of at least eighty percent (80%) of the Net Rentable Area within such Projects, based on bona fide arm’s length tenant leases which are in full force and effect requiring current rental payments, which are in good standing and not in default in any material respect and whose tenants are not subject to any bankruptcy or other insolvency proceeding;
(iii) no individual Income-Producing Project in the Unencumbered Pool may contribute to the Borrowing Base more than 33% of the total amount of the Borrowing Base;
(iv) if any single tenant contributes in excess of 20% (or 25% solely in the case of Human Genome Sciences, Inc. under its current lease of the HGS Borrowing Base Project) of the annual minimum rent generated by all tenants in the Income-Producing Projects in the Unencumbered Pool, such excess shall be excluded from the calculation of Adjusted Unencumbered NOI and Aggregate Adjusted Current Value; and
(v) Borrower shall not, and shall not permit any Wholly-Owned Subsidiary of Borrower to, add any Income-Producing Project to the Unencumbered Pool, or enter into any lease of space at any Income-Producing Project in the Unencumbered Pool, that would cause any group of tenants in the Income-Producing Projects then included in the Unencumbered Pool which are Affiliates to generate more than 20% of the annual minimum rent generated by all tenants in such Income-Producing Projects then included in the Unencumbered Pool.
(b) Cause all of the Unstabilized Projects in the Unencumbered Pool to be wholly owned in fee simple by Borrower or a Wholly-Owned Subsidiary of Borrower (or notify the Administrative Agent when an Unstabilized Project no longer satisfies such condition promptly upon obt...
Unencumbered Pool. The ratio of the Value of the Unencumbered Assets to Unsecured Debt, as of the last day of each Fiscal Quarter, shall not be less than 1.20 to 1.00.
Unencumbered Pool. 67 9.05 Minimum Net Worth....................................................................................... 67 9.06
Unencumbered Pool. Borrower shall not permit the ratio of the outstanding Unsecured Debt to Unencumbered Asset Value to exceed 0.60:1 at any time; provided, however, that with respect to any Fiscal Quarter in which Borrower acquired any Real Property Assets, the ratio of Unsecured Debt to Unencumbered Asset Value of Borrower for such Fiscal Quarter and for the next succeeding Fiscal Quarter may exceed 0.60:1, provided that such ratio in no event shall exceed 0.65:1, and provided, further, that thereafter such ratio shall not exceed 0.60:1.
Unencumbered Pool. As of the Effective Date, the Unencumbered Pool consists solely of those Acceptable Unencumbered Properties listed on Schedule 5.12, with those Acceptable Unencumbered Properties which are either an Eligible Off Campus Ground Lease or an Eligible Property Lease being so designated thereon (the “Unencumbered Pool”).
Unencumbered Pool. If any Guarantor owns an Eligible Qualified Property in the Unencumbered Pool, then such Guarantor agrees:
(a) that it will not grant or allow to exist any Lien on such property other than Permitted Encumbrances; and
(b) that it is bound by, and will not enter into any restrictive agreements prohibited by, Section 6.08 of the Credit Agreement.
Unencumbered Pool. Each Owner owns the applicable Pool Asset, free and clear of any and all Liens in favor of third parties (other than Liens otherwise permitted hereunder).
Unencumbered Pool. AMB LP shall not permit the ratio of the outstanding Unsecured Debt to Unencumbered Asset Value of AMB LP to exceed 0.55:1 at any time.
Unencumbered Pool. Borrower shall not permit the ratio of (a) the sum of (i) the Unencumbered Asset Value and (ii) the fair market value of cash and Cash Equivalents owned collectively by Borrower and any Wholly-Owned Subsidiary and subject to no Lien to (b) outstanding Unsecured Debt to be less than 1.80:1.
