Unencumbered Pool Property definition

Unencumbered Pool Property means, as of any date, any Project which is a Qualifying Unencumbered Pool Property as of such date.

Unencumbered Pool Property means an Eligible Property that pursuant to the terms of this Agreement is permitted to be included in determinations of Unencumbered Pool NOI and Unencumbered Asset Value.

Unencumbered Pool Property means the Properties designated as such pursuant to Section 4.2.

Examples of Unencumbered Pool Property in a sentence

• Each of the Unencumbered Pool Properties (other any Unencumbered Pool Property approved pursuant to clause (c) of the definition of “Unencumbered Pool”) satisfies all of the requirements contained in the definition of “Eligible Unencumbered Pool Property”.

• Notwithstanding the foregoing, no Property will be terminated as an Unencumbered Pool Property if (i) a Default or Event of Default exists or (ii) a Default or Event of Default would exist immediately after such Property is terminated as an Unencumbered Pool Property.

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• The Borrower shall not, and shall not permit any Guarantor or Unencumbered Pool Property Subsidiary to, amend, modify or terminate any material contract or agreement to which it is a party if such amendment, modification or termination or waiver would reasonably be expected to cause a Material Adverse Effect.

• The Borrower shall not, nor shall it permit any Guarantor or Unencumbered Pool Property Subsidiary to, create, incur or permit to exist any Lien of any kind on any Property owned by any such Person, other than Permitted Liens.

More Definitions of Unencumbered Pool Property

Unencumbered Pool Property means a Property then included in the Unencumbered Pool. An Unencumbered Controlled Pool Property may be an Unencumbered Pool Property subject to the terms hereof.

Unencumbered Pool Property means a Real Estate Asset which, as of any date of determination, is included as an “Unencumbered Pool Property” on the most recent Borrowing Base Certificate and satisfies all of the following requirements:

Unencumbered Pool Property means the Properties designated as such pursuant to Section 4.2 .

Unencumbered Pool Property means an Eligible Property which is included in calculations of Unencumbered Pool Value. A Property shall cease to be an Unencumbered Pool Property if at any time such Property shall cease to be an Eligible Property.

Unencumbered Pool Property means a Real Estate Asset which, as of any date of determination, is included as an “Unencumbered Pool Property” on the most recent Borrowing Base Certificate and satisfies all of the following requirements: (a) such Real Estate Asset (a) is 100% (i) owned in fee simple or (ii) leased pursuant to an Eligible Ground Lease by (x) the Issuer or (y) an Unencumbered Property Owner that is (1) a Domestic Subsidiary and (2) a Wholly-Owned Subsidiary or Joint Venture Entity of the Issuer and (b) is located in a state in the United States or the District of Columbia; (b) such Real Estate Asset is not subject to any Lien (other than a Permitted Lien (with the exception of a Permitted Lien described in Section 10.2(m))) or any Negative Pledge (other than pursuant to an Eligible Ground Lease); (c) such Real Estate Asset is free of all material mechanical and structural defects, or other adverse matters except for defects, conditions or matters individually or collectively which are not material to the profitable operation of such Real Estate Asset; (d) such Real Estate Asset is a Healthcare Facility that has been fully developed, is operational and is well located within a primary or secondary market and is maintaining a stable current income; (e) to the extent managed by a third-party property manager, the applicable property manager with respect to such Real Estate Asset is an Approved Manager, and such Real Estate Asset is being managed pursuant to a management agreement with such Approved Manager;

Unencumbered Pool Property means an Eligible Property that (i) either (a) is set forth on Schedule 4.18 as an initial Unencumbered Pool Property as of the Closing Date or (b) is added as an Unencumbered Pool Property after the Closing Date pursuant to and in accordance with Section 3.4 and (ii) has not been removed as an Unencumbered Pool Property pursuant to Section 3.5.

Unencumbered Pool Property for inclusion in the Borrowing Base.