Unencumbered definition

Unencumbered means, with respect to any Hotel Property, at any date of determination, the circumstance that such Hotel Property on such date:

Unencumbered with respect to any asset, as of any date of determination, the circumstance that such asset on such date (a) is not subject to any Liens or claims (including restrictions on transferability or assignability) of any kind (excluding Permitted Encumbrances), (b) is not subject to any agreement (including (i) any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset and (ii) if applicable, the organizational documents of any Entity) which prohibits or restricts in a material manner Kimco or any of the Entities from creating, incurring, assuming or suffering to exist any Lien upon, or conveying, selling, leasing, transferring or otherwise disposing of, any assets or Capital Stock of Kimco or any of the Entities (excluding any agreement which limits generally the amount of secured Indebtedness which may be incurred by Kimco and the Entities) and (c) is not subject to any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) which entitles any Person to the benefit of any Lien (other than Permitted Encumbrances) on any assets or Capital Stock of Kimco or any of the Entities, or would entitle any Person to the benefit of any Lien (other than Permitted Encumbrances) on such assets or Capital Stock upon the occurrence of any contingency (other than pursuant to an “equal and ratable” clause contained in any agreement governing Indebtedness).

Unencumbered means free of legal, regulatory, contractual or other restrictions on the ability of the Reporting Bank to liquidate, sell, transfer or assign the assets.

Examples of Unencumbered in a sentence

• The Borrower shall not permit the ratio of (i) Unsecured Indebtedness of the REIT and its Subsidiaries to (ii) Unencumbered Asset Value (the “Unsecured Leverage Ratio”) to exceed 60% as of the last day of any fiscal quarter (commencing with the first fiscal quarter ending after the Effective Date).

• The Company shall not permit the Subsidiary Unencumbered Leverage Ratio to be greater than 5% at any time.

• Each Compliance Certificate shall be accompanied by a reasonably detailed list of all assets included in calculations of Gross Asset Value of the Unencumbered Pool and shall disclose which assets have been added or removed from such calculation since the previous list delivered to the Administrative Agent.

• The Borrower shall not permit the ratio of (i) Unencumbered NOI for any fiscal quarter (commencing with the first fiscal quarter ending after the Effective Date) to (ii) Unsecured Interest Expense of the REIT and its Subsidiaries for such fiscal quarter to be less than 1.75:1.00 as of the last day of such fiscal quarter.

• Upon the addition of any new Property as an Unencumbered Pool Asset after the Effective Date, within the time period required by Section 5.11(c) below, the Borrower shall deliver to the Administrative Agent a certificate of a Responsible Officer of the Borrower certifying that such Property satisfies the eligibility criteria set forth in the definition of “Unencumbered Pool Asset” and “Eligible Asset” (if applicable).

More Definitions of Unencumbered

Unencumbered means that a state has no current disciplinary action against an advanced practice registered nurse’s license or authority to practice.

Unencumbered means that such asset is not subject to any Lien (except for Liens permitted under Sections 6.01(1), (2) or (6)).

Unencumbered means, with respect to any Hotel, at any date of determination, the circumstance that such Hotel on such date:

Unencumbered means, with respect to any asset, that such asset is not, and the direct or indirect interests of Borrower therein are not, subject to any negative pledge or Lien to secure all or any portion of Secured Indebtedness.

Unencumbered means, in respect of any property or asset of any Person(s), such property or asset is free and clear of all Liens (other than Liens to or in favor of Bank), and no Lien of any nature whatsoever (other than Liens to or in favor of Bank) shall be placed or exist upon or in respect of any such property or asset.

Unencumbered means, with respect to any property, that such property (a) is not subject to any Lien other than Permitted Liens which do not secure Indebtedness, (b) is not subject to any Negative Pledge and (c) is not held by a Person any of whose direct or indirect equity interests are subject to a Lien or Negative Pledge.

Unencumbered means, with reference to a license, certification, or registration,