Unencumbered Pool NOI definition

Unencumbered Pool NOI means, at any time with respect to an Unencumbered Pool Property, the Net Operating Income from such Property for the fiscal quarter most recently ended multiplied by four. For the avoidance of doubt, the Net Operating Income of a Property that has been owned or leased by a Person for less than one fiscal quarter will be included in calculating Unencumbered Pool NOI as if such Property was owned by such Person for the then most recent fiscal quarter. For the avoidance of doubt, the Net Operating Income of a Property that was sold by a Person within the fiscal quarter will be excluded in calculating Unencumbered Pool NOI. Notwithstanding the foregoing, for the purposes of calculating the aggregate Unencumbered Pool NOI of all Unencumbered Pool Properties, to the extent that more than fifteen (15%) of the aggregate Unencumbered Pool NOI would be attributable to Properties leased under Eligible Ground Leases, such excess shall be excluded from the aggregate Unencumbered Pool NOI.

Unencumbered Pool NOI means, at any time with respect to an Unencumbered Pool Property, the Net Operating Income from such Property for the fiscal quarter most recently ended multiplied by four. For the avoidance of doubt, the Net Operating Income of a Property that has been owned or leased by a Person for less than one fiscal quarter will be included in calculating Unencumbered Pool NOI as if such Property was owned by such Person for the then most recent fiscal quarter. For the avoidance of doubt, the Net Operating Income of a Property that was sold by a Person within the fiscal quarter will be excluded in calculating Unencumbered Pool NOI. For the purposes of calculating the aggregate Unencumbered Pool NOI of all Unencumbered Pool Properties:

Examples of Unencumbered Pool NOI in a sentence

Each of the Properties included in calculations of Unencumbered Asset Value and Unencumbered Pool NOI satisfies all of the requirements contained in the definition of Eligible Property (or if such Property was approved as an Eligible Property pursuant to the last paragraph of the definition of such term, such Property satisfies the requirements to be an Eligible Property that such Property satisfied at the time it was so approved).
For the avoidance of doubt, the Adjusted Net Operating Income of the Unencumbered Properties for purposes of calculating Value shall be subject to the concentration limits set forth in the definition of Unencumbered Pool NOI.
Additionally, for such Real Estate that has been disposed of during the period of the prior four (4) fiscal quarters most recently ended, the Adjusted Net Operating Income attributable to such Real Estate shall be excluded from the calculation of Unencumbered Pool NOI and Value.
The ratio of Unencumbered Pool NOI to Unsecured Interest Expense to be less than 1.75 to 1.00 at any time.
The ratio of Unencumbered Pool NOI to Unsecured Interest Expense to be less than 2.00 to 1.00 at any time.

More Definitions of Unencumbered Pool NOI

Unencumbered Pool NOI means for the most recent Rolling Period, the aggregate Property NOI attributable to the Unencumbered Assets.

Unencumbered Pool NOI means, as of any date of determination, the sum of (a) in the case of all Unencumbered Properties owned by the Borrower or a Subsidiary Guarantor for the entirety of the most recent four (4) fiscal quarters for which financial results of the Borrower have been reported, the aggregate Net Operating Income for such fiscal quarters attributable to such Unencumbered Properties, as adjusted by deducting therefrom any income during such period attributable to Excluded Tenants, plus (b) in the case of all Unencumbered Properties which have been owned by the Borrower or a Subsidiary Guarantor for the entirety of the most recent two (2) or three (3) full fiscal quarters for which financial results of the Borrower have been reported, but not for the most recent four (4) such fiscal quarters, the aggregate Net Operating Income for such fiscal quarters attributable to such Unencumbered Properties, as adjusted by deducting therefrom any income during such period attributable to Excluded Tenants and then annualized to produce an annual amount, plus, (c) in the case of any Unencumbered Property that is then owned by the Borrower or a Subsidiary Guarantor as of the date of determination, but was not so owned for the entirety of the most recent two (2) fiscal quarters for which the financial results of the Borrower have been reported, the amount of Net Operating Income that would have been earned if such Unencumbered Property had been so owned for a period of four (4) full fiscal quarters, as established by Borrower and reasonably approved by the Administrative Agent on behalf of the Lenders and as adjusted by deducting therefrom any income during such period attributable to Excluded Tenants.

Unencumbered Pool NOI means for the most recent Rolling Period, the aggregate Property NOI attributable to the Unencumbered Real Property Assets.

Unencumbered Pool NOI means (i) Net Operating Income for all Unencumbered Pool Properties for the 12-month period most recently ended (excluding Net Operating Income attributable to any Unencumbered Pool Property disposed of, or any Property that ceased to be an Unencumbered Pool Property at any time, during such 12-month period) minus (ii) applicable Capital Reserves for each Unencumbered Pool Property for such period.

Unencumbered Pool NOI means, at any time with respect to any Real Property asset owned by any Person or rental unit owned by any Person and located on a Real Property asset that is an Unencumbered Asset, (i) if owned for at least twelve (12) months, the Net Operating Income derived from such Real Property asset or rental unit for the trailing twelve months; (ii) if owned for at least one fiscal quarter but less than twelve months (and Borrower has not made the election set forth in clause (iv) of this paragraph), the Net Operating Income derived from such Real Property asset or rental unit for the most recent fiscal quarter times four; (iii) if owned for less than one fiscal quarter (and Borrower has not made the election set forth in clause (iv) of this paragraph), the Net Operating Income derived from such Real Property asset or rental unit for most recent quarter of historical financials times four; and (iv) if owned for less than twelve (12) months, at the Borrower’s election (absent which election clause (ii) or (iii) shall apply, as applicable), the Net Operating Income derived from such real property asset or rental unit for the trailing twelve (12) months. For the avoidance of doubt, the Net Operating Income of a real property asset or rental unit that is sold by a Person within the trailing twelve months will be excluded in calculating Unencumbered Pool NOI. In no event shall the Unencumbered Pool NOI for any Unencumbered Asset or rental unit be less than zero. For the purposes of calculating Unencumbered Pool NOI:

Unencumbered Pool NOI means, as of any date of determination, the sum of (a) the aggregate Net Operating Income for the most recent four (4) full fiscal quarters for which financial results of Borrower have been reported attributable to Unencumbered Properties owned by (i) the Borrower or (ii) a Subsidiary Guarantor, or after the Subsidiary Guarantors’ Release Date, the Wholly-Owned Subsidiary or Joint Venture that owns an Unencumbered Property, for the entirety of such period, as adjusted by deducting therefrom any income attributable to Excluded Tenants plus, (b) in the case of any Unencumbered Property that was owned by (i) the Borrower or (ii) a Subsidiary Guarantor, or after the Subsidiary Guarantors’ Release Date, the Wholly-Owned Subsidiary or Joint Venture that owns an Unencumbered Property, as of the last day of such most recent period of four (4) fiscal quarters, but not so owned for the full period, the amount of Net Operating Income that would have been earned if such Unencumbered Property had been so owned for such period of four (4) full fiscal quarters, as established by Xxxxxxxx and reasonably approved by the Administrative Agent on behalf of the Lenders, plus (c) in the case of any Unencumbered Property owned by (i) the Borrower or (ii) a Subsidiary Guarantor, or after the Subsidiary Guarantors’ Release Date, the Wholly-Owned Subsidiary or Joint Venture that owns an Unencumbered Property, as of such date of determination, but not so owned as of the last day of such most recent period of four (4) fiscal quarters, the amount of Net Operating Income that would have been earned if such Unencumbered Property had been so owned for such period of four (4) full fiscal quarters, as established by Xxxxxxxx and reasonably approved by the Administrative Agent on behalf of the Lenders. Net Operating Income of a Joint Venture Property shall be limited to the aggregate ownership percentage of Borrower and its Subsidiaries in such Joint Venture. - 38 - US_ACTIVEActive\121281000\V-110

Unencumbered Pool NOI means, at any time with respect to any Real Property asset (including any Marina Real Estate Asset) and Marina Property owned by any Person or rental unit owned by any Person and located on a Real Property asset (including any Marina Real Estate Asset) that is an Unencumbered Asset, (i) if owned for at least twelve (12) months, the Net Operating Income derived from such Real Property asset (including any Marina Real Estate Asset), Marina Property or rental unit for the trailing twelve months; (ii) if owned for at least one fiscal quarter but less than twelve months (and the Borrower has not made the election set forth in clause (iv) of this paragraph), the Net Operating Income derived from such Real Property asset or rental unit for the most recent fiscal quarter times four; (iii) if owned for less than one fiscal quarter (and Borrower has not made the election set forth in clause (iv) of this paragraph), the Net Operating Income derived from such Real Property asset (including any Marina Real Estate Asset), Marina Property or rental unit for most recent quarter of historical financials times four; and (iv) if owned for less than twelve (12) months, at the Borrower’s election (absent which election clause (ii) or (iii) shall apply, as applicable), the Net Operating Income derived from such real property asset (including any Marina Real Estate Asset), Marina Property, or rental unit for the trailing twelve (12) months. For the avoidance of doubt, the Net Operating Income of a real property asset (including any Marina Real Estate Asset), Marina Property, or rental unit that is sold by a Person within the trailing twelve months will be excluded in calculating Unencumbered Pool NOI. In no event shall the Unencumbered Pool NOI for any Unencumbered Asset or rental unit be less than zero. For the purposes of calculating Unencumbered Pool NOI:

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