Unencumbered Eligible Property definition

Unencumbered Eligible Property means, at any time, an Unencumbered Portfolio Property that meets each of the following criteria at such time:

Unencumbered Eligible Property has the meaning specified in the definition of Unencumbered Property Criteria. For the avoidance of doubt, Properties listed on Schedule 1 shall each be considered an Unencumbered Eligible Property on the Closing Date.

Unencumbered Eligible Property has the meaning specified in the definition of “Unencumbered Property Criteria”.

Examples of Unencumbered Eligible Property in a sentence

• The Company shall not, nor shall it permit any Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Lien on (i) any Unencumbered Eligible Property other than Permitted Property Encumbrances, (ii) any Equity Interest of any Unencumbered Property Subsidiary other than Permitted Equity Encumbrances or (iii) any income from or proceeds of any of the foregoing.

• Except as otherwise provided in this subsection (g) below, the Parent shall not permit the ratio of (i) Total Unsecured Indebtedness of the Parent and its Subsidiaries to (ii) Total Unencumbered Eligible Property Value to exceed 0.60 to 1.00 at any time.

• The Company shall not, nor shall it permit any Subsidiary to sign, file or authorize under the Uniform Commercial Code of any jurisdiction a financing statement that includes in its collateral description any portion of any Unencumbered Eligible Property (unless such description relates to a Permitted Property Encumbrance), any Equity Interest of any Unencumbered Property Subsidiary (unless such description relates to a Permitted Equity Encumbrance) or any income from or proceeds of any of the foregoing.

• For the avoidance of doubt, each Unencumbered Eligible Property that is owned or ground leased directly or indirectly by a Guarantor that has been released from its obligations hereunder and under the other Loan Documents pursuant to Section 10.10(b) will immediately upon such release cease to be an Unencumbered Eligible Property.

• Any increase in the Unencumbered Eligible Property Value of a Borrowing Base Property shall become effective as of the next determination of the Borrowing Base as provided in this Section.

More Definitions of Unencumbered Eligible Property

Unencumbered Eligible Property means any Real Estate identified by the Borrower as an “Unencumbered Eligible Property” in the Pro Forma Closing Date Compliance Certificate or thereafter pursuant to Section 6.12 and included as an “Unencumbered Eligible Property” in the most recent Compliance Certificate delivered to the Administrative Agent that meets and continues to satisfy each of the following criteria:

Unencumbered Eligible Property means any Real Estate that meets and continues to satisfy each of the following criteria:

Unencumbered Eligible Property has the meaning specified in the definition of “Unencumbered Property Criteria,” and on the Closing Date shall include the Properties listed on Schedule 1.01A. For the avoidance of doubt, each Unencumbered Eligible Property that is owned or ground leased directly or indirectly by (i) an Unencumbered Property Subsidiary that is the subject of a release pursuant to Section 11.19(b) or (ii) a Specified Guarantor that is the subject of a release pursuant to Section 11.19(c) will immediately upon such release cease to be an Unencumbered Eligible Property.

Unencumbered Eligible Property means a Property which is and continues to be at all times: (i) wholly owned in fee simple or ground leased pursuant to a Financeable Ground Lease by a Borrower or Guarantor; and (ii) unencumbered, free and clear of any Liens and other matters effecting title other than for Permitted Exceptions and Customary Permitted Liens; and

Unencumbered Eligible Property has the meaning specified in the definition of “Unencumbered Property Criteria,” and on the Closing Date shall include the Properties listed on Schedule 1.01A. For the avoidance of doubt, each Unencumbered Eligible Property that is owned or ground leased directly or indirectly by an Unencumbered Property Subsidiary that is the subject of a release pursuant to Section 11.19(b) will immediately upon such release cease to be an Unencumbered Eligible Property unless (x) such Property satisfies all of the Unencumbered Property Criteria (other than the criterion requiring such Unencumbered Property Subsidiary to be a Guarantor) and (y) the Administrative Agent provides its prior written consent.

Unencumbered Eligible Property means a Property which is and continues to be at all times:

Unencumbered Eligible Property has the meaning specified in the definition of “Unencumbered Property Criteria,” and on the Closing Date shall include the Properties listed on Schedule 1.01A. For the avoidance of doubt, each Unencumbered Eligible Property that is owned or ground leased directly or indirectly by (i) an Unencumbered Property Subsidiary that is the subject of a release pursuant to Section 11.19(b) or (ii) a Specified Guarantor that is the subject of a release pursuant to Section 11.19(c) will immediately upon such release cease to be an Unencumbered Eligible Property unless (x) such Property satisfies all of the Unencumbered Property Criteria (other than the criterion requiring such Unencumbered Property Subsidiary or Specified Guarantor to be a Guarantor) and (y) the Administrative Agent provides its prior written consent.