Common use of Value of All Unencumbered Properties Clause in Contracts

Value of All Unencumbered Properties. When determined as of the end of a fiscal quarter, an amount computed as follows: (a) Unencumbered Net Operating Income for such quarter; (b) then multiplying by four (4); (c) then subtracting from such annualized Net Operating Income the Reserve Amount for all Unencumbered Properties; (d) dividing such difference by 0.095 and (e) then adding the aggregate Unencumbered Development Property Value of all of the Unencumbered Development Properties as of the date of determination. When determined as of a date which is during a fiscal quarter based on an updated list of Unencumbered Properties and Unencumbered Development Properties attached to the applicable Compliance Certificate as provided in the last sentence of ss.5.1 or in ss.7.13, the Value of All Unencumbered Properties most recently computed as provided in the preceding sentence of this definition will be adjusted by subtracting the Unencumbered Property Value of the previous Unencumbered Properties and Unencumbered Development Properties which have been deleted from such list and by adding the Unencumbered Property Value of the Unencumbered Properties and Unencumbered Development Properties which have been added to such list. To the extent the aggregate Unencumbered Property Values of the Unencumbered Properties and Unencumbered Development Properties located in Europe exceed four percent (4%) of the Value of All Unencumbered Properties, the amount in excess of said 4% level will be excluded when computing the Value of All Unencumbered Properties and to the extent the aggregate Unencumbered Development Property Value of all of the Unencumbered Development Properties exceeds the lesser of $150,000,000 or ten percent (10%) of the Value of All Unencumbered Properties, the amount in excess of said level will be excluded when computing the Value of all Unencumbered Properties.

Value of All Unencumbered Properties. When determined as of the end of a fiscal quarter, an amount computed as followsthe sum, without duplication of the following items: (a) the aggregate Unencumbered Net Operating Income for such quarter; (b) then multiplying by four (4); (c) then subtracting from such annualized Net Operating Income the Reserve Amount for Property Value of all Unencumbered Properties; plus (db) dividing such difference by 0.095 and (e) then adding the aggregate Unencumbered Development Property Value of all of the Unencumbered Development Properties as Properties; plus (c) one hundred percent (100%) of the date of determinationpurchase price for any Unencumbered Property acquired within the immediately preceding fiscal quarter. When determined as of a date which is during a fiscal quarter based on an updated list of Unencumbered Properties and Unencumbered Development Properties attached to the applicable Compliance Certificate as provided in the last sentence of ss.5.1 Section 5.1 or in ss.7.13Section 7.13, the Value of All Unencumbered Properties most recently computed as provided in the preceding sentence of this definition will be adjusted by subtracting the Unencumbered Property contribution to Value of the previous All Unencumbered Properties made by Unencumbered Properties and Unencumbered Development Properties which have been deleted from such list and by adding the Unencumbered Property contribution to Value of All Unencumbered Properties made by the Unencumbered Properties and Unencumbered Development Properties which have been added to such list. To the extent (i) the aggregate contribution to Value of All Unencumbered Property Values of Properties made by the Unencumbered Properties and Unencumbered Development Properties located in Europe exceed four exceeds five percent (45%) of the Value of All Unencumbered Properties, the amount in excess of said 45% level will be excluded when computing the Value of All Unencumbered Properties and to the extent Properties, (ii) the aggregate Unencumbered Development Property Value of all of the Unencumbered Development Properties exceeds the lesser of $150,000,000 or ten fifteen percent (1015%) of the Value of All Unencumbered Properties, the amount in excess of said level will be excluded when computing the Value of All Unencumbered Properties, (iii) contribution to Value of All Unencumbered Properties made by any single Unencumbered Property or Unencumbered Development Property exceeds fifteen percent (15%) of the Value of All Unencumbered Properties, the amount in excess of said level will be excluded when computing the Value of All Unencumbered Properties and (iv) the aggregate contribution to Value of all Unencumbered Properties made by Unencumbered Properties and Unencumbered Development Properties that are not wholly-owned by the Borrower or one of its wholly-owned Subsidiaries exceeds 10% of the Value of All Unencumbered Properties, the amount in excess of said level will be excluded when computing the Value of All Unencumbered Properties.

Value of All Unencumbered Properties. When determined as of the end of a fiscal quarter, an amount computed as followsthe sum, without duplication of the following items: (a) the aggregate Unencumbered Net Operating Income for such quarter; (b) then multiplying by four (4); (c) then subtracting from such annualized Net Operating Income the Reserve Amount for Property Value of all Unencumbered Properties; plus (db) dividing such difference by 0.095 and one hundred percent (e100%) then adding the aggregate Unencumbered Development Property Value of all of the purchase price for any Unencumbered Development Properties as of Property acquired within such fiscal quarter or the date of determinationimmediately preceding three (3) fiscal quarters (unless the Borrower has made an irrevocable election to value such Unencumbered Property in accordance with the preceding clause (a)). When determined as of a date which is during a fiscal quarter based on an updated list of Unencumbered Properties and Unencumbered Development Properties attached to the applicable Compliance Certificate as provided in the last sentence of ss.5.1 §5.1 or in ss.7.13§7.13, the Value of All Unencumbered Properties most recently computed as provided in the preceding sentence of this definition will be adjusted by subtracting the Unencumbered Property contribution to Value of the previous All Unencumbered Properties and made by Unencumbered Development Properties which have been deleted from such list and by adding the Unencumbered Property contribution to Value of All Unencumbered Properties made by the Unencumbered Properties and Unencumbered Development Properties which have been added to such list. To the extent (i) the aggregate contribution to Value of All Unencumbered Property Values of Properties made by the Unencumbered Properties and Unencumbered Development Properties located in Canada and Europe exceed four exceeds five percent (45%) of the Value of All Unencumbered Properties, the amount in excess of said 45% level will be excluded when computing the Value of All Unencumbered Properties and Properties, (ii) the contribution to the extent the aggregate Unencumbered Development Property Value of all of the All Unencumbered Development Properties made by any single Unencumbered Property exceeds the lesser of $150,000,000 or ten percent (10%) of the Value of All Unencumbered Properties, the amount in excess of said level will be excluded when computing the Value of All Unencumbered Properties and (iii) the aggregate contribution to Value of all Unencumbered Properties made by Unencumbered Properties that are subject to an Eligible Ground Lease exceeds ten percent (10%) of the Value of All Unencumbered Properties, the amount in excess of said 10% level will be excluded when computing the Value of All Unencumbered Properties.

Value of All Unencumbered Properties. When determined as of the end of a fiscal quarter, an amount computed as followsthe sum, without duplication of the following items: (a) the aggregate Unencumbered Net Operating Income for such quarter; (b) then multiplying by four (4); (c) then subtracting from such annualized Net Operating Income the Reserve Amount for Property Value of all Unencumbered Properties; plus (db) dividing such difference by 0.095 and one hundred percent (e100%) then adding the aggregate Unencumbered Development Property Value of all of the purchase price for any Unencumbered Development Properties as of Property acquired within the date of determinationimmediately preceding fiscal quarter. When determined as of a date which is during a fiscal quarter based on an updated list of Unencumbered Properties and Unencumbered Development Properties attached to the applicable Compliance Certificate as provided in the last sentence of ss.5.1 §5.1 or in ss.7.13§7.13, the Value of All Unencumbered Properties most recently computed as provided in the preceding sentence of this definition will be adjusted by subtracting the Unencumbered Property contribution to Value of the previous All Unencumbered Properties and made by Unencumbered Development Properties which have been deleted from such list and by adding the Unencumbered Property contribution to Value of All Unencumbered Properties made by the Unencumbered Properties and Unencumbered Development Properties which have been added to such list. To the extent (i) the aggregate contribution to Value of All Unencumbered Property Values of Properties made by the Unencumbered Properties and Unencumbered Development Properties located in Canada and Europe exceed four exceeds five percent (45%) of the Value of All Unencumbered Properties, the amount in excess of said 45% level will be excluded when computing the Value of All Unencumbered Properties and Properties, (ii) the contribution to the extent the aggregate Unencumbered Development Property Value of all of the All Unencumbered Development Properties made by any single Unencumbered Property exceeds the lesser of $150,000,000 or ten percent (10%) of the Value of All Unencumbered Properties, the amount in excess of said level will be excluded when computing the Value of All Unencumbered Properties and (iii) the aggregate contribution to Value of all Unencumbered Properties made by Unencumbered Properties that are subject to an Eligible Ground Lease exceeds ten percent (10%) of the Value of All Unencumbered Properties, the amount in excess of said 10% level will be excluded when computing the Value of All Unencumbered Properties.

Value of All Unencumbered Properties. When determined as of the end of a fiscal quarter, an amount computed as follows: (a) Unencumbered Net Operating Income for such quarter; (b) then multiplying by four (4); (c) then subtracting from such annualized Net Operating Income the Reserve Amount for all Unencumbered Properties; (d) dividing such difference by 0.095 and (e) then adding the aggregate Unencumbered Development Property Value of all of the Unencumbered Development Properties as of the date of determination. When determined as of a date which is during a fiscal quarter based on an updated list of Unencumbered Properties and Unencumbered Development Properties attached to the applicable Compliance Certificate as provided in the last sentence of ss.5.1 Section 5.1 or in ss.7.13Section 7.13, the Value of All Unencumbered Properties most recently computed as provided in the preceding sentence of this definition will be adjusted by subtracting the Unencumbered Property Value of the previous Unencumbered Properties and Unencumbered Development Properties which have been deleted from such list and by adding the Unencumbered Property Value of the Unencumbered Properties and Unencumbered Development Properties which have been added to such list. To the extent the aggregate Unencumbered Property Values of the Unencumbered Properties and Unencumbered Development Properties located in Europe exceed four percent (4%) of the Value of All Unencumbered Properties, the amount in excess of said 4% level will be excluded when computing the Value of All Unencumbered Properties and to the extent the aggregate Unencumbered Development Property Value of all of the Unencumbered Development Properties exceeds the lesser of $150,000,000 or ten percent (10%) of the Value of All Unencumbered Properties, the amount in excess of said level will be excluded when computing the Value of all Unencumbered Properties.