Consolidated Unencumbered Assets means, for the Consolidated Group, net real estate investments, plus, without duplication, loans receivable and marketable securities of the Consolidated Group, in each case, that are free of any liens, encumbrances, pledges or negative pledges used to secure, or otherwise provide credit support for, Indebtedness. For purposes hereof, the term “negative pledge” shall exclude (i) a covenant that establishes a maximum ratio of unsecured debt to unencumbered assets, or of secured debt to total assets, or that otherwise conditions the ability of a member of the Consolidated Group to encumber its assets upon the maintenance of one or more specified ratios that limit such member’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, (ii) a requirement that an obligation be secured on an “equal and ratable basis” to the extent that Indebtedness under the Facilities is secured and (iii) a covenant relating to the sale of an asset that limits the creation of any lien pending the closing of the sale thereof.
Consolidated Unencumbered Assets the assets of the Borrower and its Subsidiaries on a consolidated basis, consisting of (a) Cash and Cash Equivalents and Marketable Securities, in each case to the extent not subject to a Lien (other than customary bankers’ liens and rights of setoff and offset) and (b) non-pledged Aircraft Assets, valued at the net book value thereof.
Consolidated Unencumbered Assets as of any date means all of the assets (excluding intangibles) of the Parent and its Subsidiaries that are not subject to a Lien (other than a Permitted Lien) securing Indebtedness, all on a consolidated basis for the Parent and its Subsidiaries in accordance with GAAP.
Examples of Consolidated Unencumbered Assets in a sentence
Permit the Consolidated Unencumbered Assets as at the last day of any fiscal quarter of the Borrower to be less than 125% of the Consolidated Unsecured Indebtedness as at the last day of such fiscal quarter.
The Company shall as of a fiscal quarter end maintain Consolidated Unencumbered Assets at a minimum of 125% of Consolidated Unsecured Indebtedness.
The ratio of (i) the Parent’s Consolidated Unencumbered Assets as of the close of business on the last day of each of its fiscal quarters to (ii) the aggregate principal amount of the Notes that are Outstanding as of each such date must be equal to or greater than 1.12 to 1.0.
Maintenance of Parent’s Consolidated Unencumbered Assets 41 Section 4.06.
Maintain at the end of each Fiscal Quarter a ratio of Consolidated Unencumbered Assets Cash Flow of the Borrower to Consolidated Interest Expense on Unsecured Total Funded Debt of the Borrower of not less than 2.0:1.0 (provided, however, that Consolidated Interest Expense shall be calculated for the four Fiscal Quarter period then ending).
More Definitions of Consolidated Unencumbered Assets
Consolidated Unencumbered Assets means, for the Consolidated Group, all real properties that are not encumbered by a mortgage, deed of trust, lien, pledge, encumbrance or other security interest to secure Funded Debt, but including, in any event, a pro rata share of the foregoing items and components attributable to interests in Joint Ventures.
Consolidated Unencumbered Assets as of any date means all of the assets (excluding intangibles) of the Company and its Subsidiaries that are not subject to a Lien (other than a Permitted Lien) securing Debt, all on a consolidated basis for the Company and its Subsidiaries in accordance with GAAP, plus equity in the Company and its Subsidiaries’ CLO securitizations that is not subject to a Lien (other than a Permitted Lien).
Consolidated Unencumbered Assets means (a) total consolidated assets of the Company and its consolidated Subsidiaries less (b) the sum of the aggregate amount of borrowed funds of Medallion Bank, the aggregate amount of borrowed funds of Company SBICs, and, without duplication, the aggregate amount of Excluded Obligations.
Consolidated Unencumbered Assets means the assets of the Company and its Subsidiaries on a consolidated basis, consisting of (1) Cash and Cash Equivalents and Marketable Securities, in each case to the extent not subject to a Lien (other than customary bankers’ liens and rights of setoff and offset) and (2) non-pledged Aircraft Assets, valued at the net book value thereof.
Consolidated Unencumbered Assets as of any date means all of the assets (excluding intangibles) of the Parent and its Subsidiaries that are not subject to a Lien (other than a Permitted Lien) securing Debt of the Parent and its Subsidiaries, all on a consolidated basis for the Parent and its Subsidiaries in accordance with GAAP, plus equity in the Parent and its Subsidiaries’ CLO securitizations that is not subject to a Lien (other than a Permitted Lien).
Consolidated Unencumbered Assets means the Consolidated Total Tangible Assets other than those (a) that are subject to any security interest at that time or(b) that are owned by an entity (other than the Issuer) whose equity interests are subject to any security interest at that time;
Consolidated Unencumbered Assets means, at any particular time, the portion of Consolidated Total Assets not subject to any security interest created to secure any Consolidated Total Borrowings;