Unencumbered Asset Pool definition

Unencumbered Asset Pool means all of the Unencumbered Assets.

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Unencumbered Asset Pool means all of the Eligible Real Estate Assets owned by the Issuer or a Subsidiary Guarantor for which:

Unencumbered Asset Pool means a pool of unencumbered properties consisting of all Eligible Properties owned by the Borrower or a Guarantor, measured at the end of each Fiscal Quarter.

Examples of Unencumbered Asset Pool in a sentence

As of the Closing Date, the Borrower represents to the Lenders and the Administrative Agent that the Initial Unencumbered Asset Pool Properties qualify as Eligible Properties and that the information provided on Schedule 1.1 is true and correct.
Upon not less than ten (10) Business Days prior written notice from the Borrower to the Administrative Agent, the Borrower can designate that a Property be added (subject to the other requirements for a Property qualifying as an Eligible Property) or deleted as an Unencumbered Asset Pool Property.
Following each addition or deletion of an Eligible Property in accordance with Section 7.3 hereof, the Aggregate Unencumbered Asset Pool Value shall be adjusted accordingly.
Notwithstanding the foregoing, in the event any Property does not qualify as Eligible Property or satisfy the Unencumbered Asset Pool Requirements, such Property shall be included in the calculation of Unencumbered Asset Pool Value so long as the Administrative Agent shall have received the prior written consent of the Required Lenders to the inclusion of such Property in the calculation of Unencumbered Asset Pool Value.
Promptly following any date the Unencumbered Asset Pool is re-determined in accordance with the preceding paragraphs, the Administrative Agent shall give notice to the Lenders and the Borrower of the new Unencumbered Asset Pool.

More Definitions of Unencumbered Asset Pool

Unencumbered Asset Pool a pool of Unencumbered Assets having the following characteristics: (i) such pool must be comprised of all (and in no event less than 10) Unencumbered Assets; (ii) the gross leasaeble area of all such Unencumbered Assets (excluding gross leaseable area undergoing redevelopment) is at least 80% leased by tenants who have accepted the property and are paying rent in accordance with the terms of their leases; (iii) the stabilized Eligible Real Estate Asset Value of any single Unencumbered Asset in such pool may equal up to (but will not be given value in excess of) 17.5% of the total stabilized Eligible Real Estate Asset Value of all Unencumbered Assets in such pool; (iv) the total stabilized Eligible Real Estate Asset Value of any three Unencumbered Assets in such pool may equal up to (but will not be given value in excess of) 50.0% of the total stabilized Eligible Real Estate Asset Value of all Unencumbered Assets in such pool; (v) the total stabilized Eligible Real Estate Asset Value of any Unencumbered Assets in such pool that are subject to an Eligible Ground Lease may equal up to (but will not be given value in excess of) 15.0% of the total stabilized Eligible Real Estate Asset Value of all Unencumbered Assets in such pool; and (vi) the rent payable by any one tenant of an Unencumbered Asset is such pool may equal up to (but will not be given value in excess of) 10% of the Net Operating Income of all Unencumbered Assets in such pool. The Unencumbered Asset Pool shall initially be as set forth on Schedule II. The Borrower may designate that one or more Unencumbered Assets be added to or removed from the Unencumbered Asset Pool (provided that no Default then exists) in a notice to the Administrative Agent and the Lenders, provided that after giving effect to such designation, no Default would exist, and provided further that such designations may not be made more often than once in each calendar month. Any such designation notice shall clearly identify the Unencumbered Assets being added or removed and the effective date of such addition or removal, and shall re-state all the Unencumbered Assets then included in such pool. Upon any change to the assets comprising the schedule of Unencumbered Assets the Administrative Agent shall distribute to each Lender and the Borrower a revised Schedule II.

Unencumbered Asset Pool as defined in the Existing Credit Agreement.

Unencumbered Asset Pool. All of the Eligible Real Estate Assets.

Unencumbered Asset Pool shall be comprised of Properties that meet the following criteria:

Unencumbered Asset Pool means the Qualified Assets listed on Schedule V attached hereto, as the same may be modified in accordance with Article X hereto, each of which is owned by the Borrower or the Guarantor indicated thereon.

Unencumbered Asset Pool means, a pool of unencumbered Properties consisting of properties (each a “UAP Property” and collectively, the “UAP Properties”) owned by the Borrower or a Guarantor, and (i) listed on Schedule 6.27 on the Closing Date or (ii) deemed to be listed on Schedule 6.27 after such properties’ designation by the Borrower as an UAP Property in writing to the Administrative Agent in accordance with Section 8.12 hereof; that meet the following criteria:

Unencumbered Asset Pool means the Initial Unencumbered Asset Pool which are not subject to or affected by any Liens, Indebtedness, negative pledges (other than the negative pledge given under Section 7.1 of this Agreement) or Liens on any partnership or ownership interests in Borrower or its Wholly Owned Subsidiaries, including such other Property as may be included within the Unencumbered Asset Pool in accordance with Section 2.13 and excluding any Property which is no longer included in the Unencumbered Asset Pool in accordance with Section 2.13 and the other terms of this Agreement.