Unencumbered Asset Pool Value means, at any time, an amount equal to the sum of the Unencumbered Asset Value at such time for each Unencumbered Asset Pool Property at such time.
Unencumbered Asset Pool Value means, as of any date of determination, an amount equal to the sum of (a) for all UAP Properties listed on Part A of Schedule 1.01 attached hereto and all UAP Properties that have been owned for more than twelve months, the quotient of (i) an amount equal to (A) the Adjusted Net Operating Income from such UAP Properties multiplied by (B) four (4) divided by (ii) the Capitalization Rate plus (b) for all UAP Properties not owned on the Closing Date that have been owned for twelve months or less and for all UAP Properties listed on Part B of Schedule 1.01 attached hereto that have been owned for twelve months or less, at the discretion of the Borrower, (i) the book value (as defined by GAAP) of any such UAP Property or (ii) the value of any such UAP Property as determined by the calculation in clause (a) above; provided that when calculating the Unencumbered Asset Pool Value, the following limitations shall apply:
Unencumbered Asset Pool Value means the aggregate of (a) 0.60 multiplied by the Capitalized Value of the Unencumbered Asset Pool (excluding the Leased Assets), plus (b) the Leased Asset NOI Amount; provided, however, that, at the Issuer’s option, for an Elevated Period, the Unencumbered Asset Pool Value shall be permitted to increase to a maximum aggregate of (i) 0.65 multiplied by the Capitalized Value of the Unencumbered Asset Pool (excluding the Leased Assets), plus (ii) the Material Acquisition Leased Asset NOI Amount.
Examples of Unencumbered Asset Pool Value in a sentence
As of the last day of each Fiscal Quarter of the Company, the Company shall not permit the ratio of Unsecured Debt of the Company and its Subsidiaries to Unencumbered Asset Pool Value to be greater than 0.60 to 1.00.
Borrower shall not permit the ratio of the Unencumbered Asset Pool Value to outstanding Unsecured Debt to be less than 1.75:1 at any time.
As of the last day of each Fiscal Quarter of the Parent, the Loan Parties shall not permit the ratio of (i) Total Unsecured Indebtedness as of the last day of such Fiscal Quarter to (ii) the sum of the Unencumbered Asset Pool Value of all Unencumbered Asset Pool Properties as of the last day of such Fiscal Quarter to be greater than 0.60 to 1.00.
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 each of the Required Lenders to the inclusion of such Property in the calculation of Unencumbered Asset Pool Value.
The Unencumbered Asset Pool Value shall not, at any time, be less than 200% of the unsecured Total Liabilities of the Borrower and the Consolidated Entities.
More Definitions of Unencumbered Asset Pool Value
Unencumbered Asset Pool Value means, as of any date of determination, an amount equal to the sum of (a) for all UAP Properties that have been owned for more than twelve (12) months, the quotient of (i) an amount equal to (A) the Adjusted Net Operating Income from such UAP Properties multiplied by (B) four (4) divided by (ii) the Capitalization Rate plus (b) for all UAP Properties not owned on the Closing Date that have been owned for twelve (12) months or less and for all UAP Properties that have been owned for twelve (12) months or less, at the discretion of the Borrower, (i) the book value (as defined by GAAP) of any such UAP Property or (ii) the value of any such UAP Property as determined by the calculation in clause (a) above; provided that when calculating the Unencumbered Asset Pool Value, the following limitations shall apply:
Unencumbered Asset Pool Value means, without duplication, the sum of the following with respect to Qualifying Unencumbered Properties:
Unencumbered Asset Pool Value appearing in Section 1.01 of the Credit Agreement, and inserting in lieu thereof “[Intentionally Deleted]”.
Unencumbered Asset Pool Value means, at any date of its determination, (i) with respect to all Eligible Properties owned by the Borrower or any Material Subsidiary for 12 months or more that are not Post-Development Assets, an amount equal to the quotient of the Adjusted Property NOI of the applicable Eligible Property divided by such Eligible Property’s applicable Capitalization Rate, (ii) with respect to all Eligible Properties owned by the Borrower or any Material Subsidiary for less than 12 months that are not Post-Development Assets, an aggregate of all purchase prices for such properties and (iii) with respect to all Post-Development Assets, an amount equal to the sum of the purchase price of each such Eligible Property plus the costs of construction approved by the Administrative Agent in its reasonable discretion. For purposes of determining Unencumbered Asset Pool Value: (x) to the extent the amount of Unencumbered Asset Pool Value attributable to a single property represents greater than 25% of Unencumbered Asset Pool Value, such excess shall be excluded, and (y) to the extent the amount of Unencumbered Asset Pool Value attributable to investments in Qualified Ground Leases would exceed 10% of Unencumbered Asset Pool Value, such excess shall be excluded.
Unencumbered Asset Pool Value means, as of the last day of each Fiscal Quarter, the aggregate dollar amount equal to the sum of each of the amounts obtained by dividing (a) the Annualized Property NOI for each Real Property in the Unencumbered Pool for the fiscal period consisting of that Fiscal Quarter and the three immediately preceding Fiscal Quarters, by (b) 10%.
Unencumbered Asset Pool Value means, with respect to Real Property Assets in the Unencumbered Asset Pool, for the period being measured, the lesser of (a) the aggregate Historical Value of such Real Property Assets; and (b) the sum of (i) for those Real Property Assets that (1) have been Stabilized for more than the preceding twelve calendar months or (2) have been Stabilized for one, two or three full preceding calendar quarters, the sum of the Net Operating Income for the preceding twelve months in the case of (1) and the Net Operating Income for the one, two or three preceding Stabilized calendar quarters, as annualized, in the case of (2) divided by nine and one-fourth percent (9.25%), plus (ii) the Historical Value of the remaining Real Property Assets, excluding Construction Assets.