Unencumbered Asset Pool Properties means, as of any date, the Real Property Assets listed in Exhibit B and Exhibit C attached hereto and made a part hereof, together with all Real Property Assets which have become part of the Unencumbered Asset Pool Properties as of such date, each of which is:
Unencumbered Asset Pool Properties means, as of any date, the Real ---------------------------------- Property Assets listed in Exhibit B attached hereto and made a part hereof, each --------- of which is 100% owned in fee (or leasehold in the case of assets listed as such on Exhibit B) by the Borrower, the Guarantor or any of their wholly-owned --------- Subsidiaries and each of which is not subject to any Lien (other than Permitted Liens), subject to adjustment as set forth herein, together with all Real Property Assets which have become part of the Unencumbered Asset Pool Properties as of such date in accordance with Section 3.3.
Unencumbered Asset Pool Properties means, as of any date, (i) Stabilized Real Property Assets (a) which are 100% owned in fee or leasehold by an Unencumbered Asset Pool Entity and are not subject to any Lien (other than Permitted Liens) and (b) in the case of unencumbered Stabilized Real Property Assets which are 100% owned in fee or leasehold by a Wholly Owned Subsidiary or a Majority Owned Subsidiary, such Wholly Owned Subsidiary or Majority Owned Subsidiary does not have any Recourse Debt (other than Intercompany Liens that satisfy the limitations set forth in the definition of Permitted Liens), (ii) Real Property Assets 100% owned in fee or leasehold by an Unencumbered Asset Pool Entity, which are not subject to any Lien (other than Permitted Liens) and are less than 85% leased to tenants (which shall include any space for which a lease termination payment has been made to the applicable Unencumbered Asset Pool Entity for which such payment shall cover the rental of such space); and (iii) Real Property Assets 100% owned in fee or leasehold by an Unencumbered Asset Pool Entity which are not subject to any Lien (other than Permitted Liens) and which are Qualified Development Properties; provided that (w) in the case of assets described in clause (ii) above, such assets do not exceed, in the aggregate, 20% of the Unencumbered Asset Pool Properties Value, (x) in the case of assets described in clause (iii) above, such assets do not exceed, in the aggregate, 10% of the Unencumbered Asset Pool Properties Value, (y) in the case of any assets held in leasehold, such leasehold is created pursuant to a “financeable” lease that has no less than 25 years remaining in its term and (z) in the case of assets described in clauses (i), (ii) or (iii) above, that are 100% owned in fee or leasehold by a Majority Owned Subsidiary, such assets do not exceed 15% of the Unencumbered Asset Pool Properties Value (the limitation described in clause (z) being the “Majority Owned Asset Cap”) and such Majority Owned Subsidiary does not have any Recourse Debt (other than Intercompany Liens that satisfy the limitations set forth in the definition of Permitted Liens).
Examples of Unencumbered Asset Pool Properties in a sentence
The Borrower and/or the General Partner, directly or indirectly, owns fee simple title to or a ground leasehold interest in each of the Unencumbered Asset Pool Properties.
More Definitions of Unencumbered Asset Pool Properties
Unencumbered Asset Pool Properties means, as of any date, the Real Property Assets listed in Exhibit B attached hereto and made a part hereof, each of which is 100% owned in fee (or leasehold pursuant to a Financeable Ground Lease in the case of assets listed on Exhibit C as leaseholds), directly or indirectly, by the Borrower and/or the General Partner, together with all Real Property Assets which have become part of the Unencumbered Asset Pool Properties as of such date, and, as to all of the foregoing, each of which is (i) either an industrial property or primarily an office property which may have secondary uses or a Development Property which will be either an industrial or office property or a mortgage note, and (ii) not subject to any Lien (other than Permitted Liens).
Unencumbered Asset Pool Properties means, as of any date, the Real ---------------------------------- Property Assets listed in Exhibit B attached hereto and made a part hereof, each --------- of which is 100% owned in fee (or leasehold pursuant to a Financeable Ground Lease in the case of assets listed on Exhibit C as leaseholds) (other than the --------- Real Property Asset commonly known as Walnut Park Business Center, which is 87.744% owned by the Borrower, as tenant-in-common) by the Borrower, the General Partner or any of their Consolidated Subsidiaries and each of which is not subject to any Lien (other than Permitted Liens), subject to adjustment as set forth herein, together with all Real Property Assets which have become part of the Unencumbered Asset Pool Properties as of such date in accordance with Section 3.3.
Unencumbered Asset Pool Properties means, as of any date, the Real ---------------------------------- Property Assets listed in Exhibit B attached hereto and made a part hereof, each --------- of which is 100% owned in fee (or leasehold pursuant to a Financeable Ground Lease in the case of assets listed on Exhibit C as leaseholds) by the Borrower, --------- the General Partner or any of their Consolidated Subsidiaries and each of which is not subject to any Lien (other than Permitted Liens), subject to adjustment as set forth herein, together with all Real Property Assets which have become part of the Unencumbered Asset Pool Properties as of such date in accordance with Section 3.2.
Unencumbered Asset Pool Properties means, as of any date, ---------------------------------- the Real Property Assets listed in EXHIBIT B attached hereto and made a part --------- hereof, each of which is 100% owned in fee (or leasehold pursuant to a Financeable Ground Lease in the case of assets listed on EXHIBIT C as --------- leaseholds), directly or indirectly, by the Borrower or the General Partner, together with all Real Property Assets which have become part of the Unencumbered Asset Pool Properties as of such date in accordance with Section 3.3, and, as to all of the foregoing, each of which is (i) either an industrial property or primarily an office property which may have secondary uses, and (ii) not subject to any Lien (other than Permitted Liens), subject to adjustment as set forth herein.
Unencumbered Asset Pool Properties means, as of any date, the Real Property Assets listed in Exhibit B attached hereto and made a part hereof, each of which is open for business and operating and each of which is a Healthcare Mortgage or is 100% owned in fee (or leasehold in the case of assets listed as such on Exhibit B) by the Borrower, MOC or any of their Consolidated Subsidiaries and each of which is not subject to any Lien (other than Permitted Liens and other than, in the case of Hotel Properties, Liens securing industrial revenue bonds, representing less than 20% of the Unencumbered Asset Pool Properties Value attributable to any such hotel property), together with all Real Property Assets which have become part of the Unencumbered Asset Pool Properties as of such date. In addition, in the case of any Real Property Asset which is an Unencumbered Asset Pool Property owned by Consolidated Subsidiaries of the Borrower or MOC, neither the Borrower or MOC shall, directly or indirectly, pledge their interests in any such Consolidated Subsidiary nor shall the Borrower or MOC permit any such Consolidated Subsidiary to enter into any negative pledge with respect thereto or to incur any Unsecured Debt.
Unencumbered Asset Pool Properties means, as of any date, the Real Property Assets listed in Exhibit B attached hereto and made a part hereof, each of which is open for business and operating and each of which is 100% owned in fee (or leasehold in the case of assets listed as such on Exhibit B) by the Borrower or Guarantor or any of their Consolidated Subsidiaries and each of which is not subject to any Lien (other than Permitted Liens), subject to adjustment as set forth herein, together with all Real Property Assets which have become part of the Unencumbered Asset Pool Properties as of such date in accordance herewith.