Common use of Value of Unencumbered Properties Clause in Contracts

Value of Unencumbered Properties. At any date of determination, an amount equal to the sum of (i) (x) the Net Operating Income for the most recent fiscal quarter of the Eligible Unencumbered Properties owned by the Borrower for at least two complete fiscal quarters, less the Management Fee Adjustment relating to such Eligible Unencumbered Properties, with the sum thereof multiplied by (y) 4; with the product thereof being divided by (z) the Capitalization Rate, plus (ii) an amount equal to the Cost Basis Value of any Eligible Unencumbered Property not owned for two complete fiscal quarters, plus (iii) an amount equal to the Cost Basis Value of the Eligible Unencumbered Properties that are Real Estate Assets under Development, plus (iv) an amount equal to the Cost Basis Value of the Unencumbered Land, provided that (a) the Net Operating Income attributable to any Eligible Unencumbered Property sold or otherwise transferred during the applicable period shall be excluded from the calculation of the Value of Unencumbered Properties, (b) the Net Operating Income of Eligible Unencumbered Properties included at their Cost Basis Value shall be excluded and (c) the value included as a result of clause (iii) above shall not exceed ten percent (10%) of the aggregate Value of Unencumbered Properties at any time. Wholly-owned Subsidiary. Any single purpose entity which is a Subsidiary of FPLP and of which FPLP at all times owns directly or indirectly (through a Subsidiary or Subsidiaries) 100% of the outstanding voting or controlling interests and of the economic interests, as a result of which FPLP, directly or indirectly (through a Subsidiary or Subsidiaries) has total control over all decisions regarding such Subsidiary.

Value of Unencumbered Properties. At any date of determination, with respect to the Eligible Unencumbered Properties that are a part of the Unencumbered Pool, an amount equal to to, without double-counting, the sum of (i) for all Stabilized Real Estate Assets, the aggregate of the following amount determined for each such asset, (x) the Net Operating Income for the most recent recently ended fiscal quarter of the each Eligible Unencumbered Properties owned by the Borrower for at least two complete fiscal quartersProperty that is a Stabilized Real Estate Asset, less the Management Fee Adjustment relating to such Eligible Unencumbered Properties, with the sum thereof multiplied by (y) 4; , with the product thereof being divided by (z) the applicable Capitalization Rate, plus plus, (ii) an amount equal to the aggregate Cost Basis Value of any all Eligible Unencumbered Property not owned for two complete fiscal quartersProperties that are Value-Add Real Estate Assets, plus (iii) an amount equal to the aggregate Cost Basis Value of the all Eligible Unencumbered Properties that are Real Estate Assets under Under Development, plus (iv) an amount equal to the aggregate Cost Basis Value of all Eligible Unencumbered Properties acquired during the most recently ended fiscal quarter and the immediately preceding fiscal quarter, plus (v) the Cost Basis Value of the Unencumbered Land, provided that (a) the Net Operating Income attributable to any Eligible Unencumbered Property sold or otherwise transferred during the applicable period shall be excluded from the calculation of the Value of Unencumbered Properties, (b) the Net Operating Income of Eligible Unencumbered Properties included at their Cost Basis Value shall be excluded excluded, and (c) the value included as a result of clause clauses (ii) and (iii) above in the aggregate shall not exceed ten twenty percent (1020%) of the aggregate Value of Unencumbered Properties at any time. Wholly-owned Subsidiary. Any single purpose entity which Notwithstanding anything to the contrary contained in this Agreement, if the Net Operating Income for any Stabilized Real Estate Asset is a Subsidiary less than zero for any fiscal quarter, the Net Operating Income included in the calculation of FPLP and Value of which FPLP at all times owns directly or indirectly (through a Subsidiary or Subsidiaries) 100% Unencumbered Properties for such fiscal quarter in respect of the outstanding voting or controlling interests and of the economic interests, as a result of which FPLP, directly or indirectly (through a Subsidiary or Subsidiaries) has total control over all decisions regarding such SubsidiaryStabilized Real Estate Asset shall be deemed to be zero.”

Value of Unencumbered Properties. At any date of determination, an amount equal to to, without double-counting, the sum of (i) for all Stabilized Real Estate Assets, the aggregate of the following amount determined for each such asset, (x) the Net Operating Income for the most recent recently ended fiscal quarter of the each Eligible Unencumbered Properties owned by the Borrower for at least two complete fiscal quartersProperty that is a Stabilized Real Estate Asset, less the Management Fee Adjustment relating to such Eligible Unencumbered Properties, with the sum thereof multiplied by (y) 4; , with the product thereof being divided by (z) the applicable Capitalization Rate, plus plus, (ii) an amount equal to the aggregate Cost Basis Value of any all Eligible Unencumbered Property not owned for two complete fiscal quartersProperties that are Value-Add Real Estate Assets, plus (iii) an amount equal to the aggregate Cost Basis Value of the all Eligible Unencumbered Properties that are Real Estate Assets under Under Development, plus (iv) an amount equal to the aggregate Cost Basis Value of all Eligible Unencumbered Properties acquired during the most recently ended fiscal quarter and the immediately preceding fiscal quarter, plus (v) the Cost Basis Value of the Unencumbered Land, provided that (a) the Net Operating Income attributable to any Eligible Unencumbered Property sold or otherwise transferred during the applicable period shall be excluded from the calculation of the Value of Unencumbered Properties, (b) the Net Operating Income of Eligible Unencumbered Properties included at their Cost Basis Value shall be excluded and excluded, (c) the value included as a result of clause clauses (ii) and (iii) above in the aggregate shall not exceed ten twenty percent (1020%) of the aggregate Value of Unencumbered Properties at any time. , and (d) with respect to the Redland Property, the Net Operating Income or Cost Basis Value, as applicable, included in the calculation of the Value of Unencumbered Properties shall be FPLP’s or its Wholly-owned Owned Subsidiary. Any single purpose entity which is a Subsidiary ’s (i) pro rata share of FPLP Net Operating Income (and of the items comprising Net Operating Income) for the period in question, based on FPLP’s or its Wholly-Owned Subsidiary’s percentage ownership interest in FP Redland Tech (or such other amount to which FPLP or its Wholly-Owned Subsidiary is entitled based on an arm’s length agreement) or (ii) Cost Basis Value (valued at all times owns directly or indirectly (through a Subsidiary or Subsidiaries) 100% of the outstanding voting or controlling interests and of the economic interestscontract price paid by FPLP to acquire its interest in FP Redland Tech), as a result of which FPLP, directly or indirectly (through a Subsidiary or Subsidiaries) has total control over all decisions regarding such Subsidiaryapplicable.

Value of Unencumbered Properties. At any date of determination, an amount equal to the sum of (i) (x) the Net Operating Income for the most recent fiscal quarter of the Eligible Unencumbered Properties owned by the Borrower for at least two complete fiscal quarters, less the Management Fee Adjustment relating to such Eligible Unencumbered Properties, with the sum thereof multiplied by (y) 4; with the product thereof being divided by (z) the Capitalization Rate, plus (ii) an amount equal to the Cost Basis Value of any Eligible Unencumbered Property not owned for two complete fiscal quarters, plus (iii) an amount equal to the Cost Basis Value of the Eligible Unencumbered Properties that are Real Estate Assets under Development, plus (iv) an amount equal to the Cost Basis Value of the Unencumbered Land, provided that (a) the Net Operating Income attributable to any Eligible Unencumbered Property sold or otherwise transferred during the applicable period shall be excluded from the calculation of the Value of Unencumbered Properties, (b) the Net Operating Income of Eligible Unencumbered Properties included at their Cost Basis Value shall be excluded and (c) the value included as a result of clause (iii) above shall not exceed ten percent (10%) of the aggregate Value of Unencumbered Properties at any time, and provided, further, that the Real Estate Asset commonly known as 0000 Xxxxxxx Xxxxxxxxx shall be included in the Value of Unencumbered Properties at its Cost Basis Value through the fiscal quarter ending December 31, 2006. Wholly-owned Subsidiary. Any single purpose entity which is a Subsidiary of FPLP and of which FPLP at all times owns directly or indirectly (through a Subsidiary or Subsidiaries) 100% of the outstanding voting or controlling interests and of the economic interests, as a result of which FPLP, directly or indirectly (through a Subsidiary or Subsidiaries) has total control over all decisions regarding such Subsidiary.