Unencumbered Pool Value means, as of any date, the sum of (a)(i) the aggregate Adjusted Unencumbered Pool NOI attributable to all Unencumbered Pool Properties which have been owned by the Borrower or a Subsidiary for the most recent four (4) full fiscal quarters for which financial results of Borrower have been reported (provided that the contribution to Adjusted Unencumbered Pool NOI on account of any Unencumbered Pool Property shall not in any event be a negative number) divided by (ii) the Capitalization Rate plus (b) the aggregate acquisition cost of all Unencumbered Pool Properties which have not been so owned by a Subsidiary for such period of four (4) consecutive entire fiscal quarters, plus (c) unencumbered Unimproved Land and Construction in Progress, both at book value. For purposes of this definition, to the extent (i) the value attributable to Unimproved Land and any other land not included in Unimproved Land and Construction in Progress, would exceed 10% of the Unencumbered Pool Value, (ii) the value attributable to any one (1) Unencumbered Pool Property would exceed 15% of the Unencumbered Pool Value, (iii) the aggregate value attributable to those Single Tenant Projects which are leased to the same tenant (or Affiliates of the same tenant), would exceed 15% of the Unencumbered Pool Value; (iv) the aggregate value attributable to all Single Tenant Projects where the remaining unexpired term of the lease of such Single Tenant Project to the tenant of such Single Tenant Project (without giving effect to any unexercised options of such tenant to extend the term of such lease) is less than five (5) years, would exceed 15% of the Unencumbered Pool Value, or (v) the aggregate value attributable to Unencumbered Pool Properties which are occupied pursuant to Financeable Ground Leases would exceed 20% of Unencumbered Pool Value, each such excess amount shall be excluded from Unencumbered Pool Value.
Unencumbered Pool Value means, with respect to each Unencumbered Pool Property, as of any date of determination, an amount equal to:
Unencumbered Pool Value means, as of any date of determination, (a) the aggregate Adjusted NOI attributable to Unencumbered Properties included in the Unencumbered Pool as of such determination date and also owned for the entirety of the most recent four (4) consecutive fiscal quarters for which financial results of Borrower have been reported (provided that the contribution to Adjusted NOI on account of any Unencumbered Property shall not in any event be a negative number) divided by the Capitalization Rate, plus (b) the aggregate acquisition cost of all Unencumbered Properties included in the Unencumbered Pool as of such determination date but not so owned for such period of four (4) consecutive entire fiscal quarters. For purposes of this definition, to the extent that the aggregate amount included in Unencumbered Pool Value on account of any of the three (3) following categories would exceed twenty percent (20%) of Unencumbered Pool Value in any such case, the amount in excess of twenty percent (20%) of Unencumbered Pool Value attributable to such category shall be disregarded in the calculation of Unencumbered Pool Value: a) a single Project; b) the aggregate amount of Unencumbered Pool Value attributable to leases any single tenant or group of tenants which are Affiliates of each other; or c) Projects subject to a ground lease.
Examples of Unencumbered Pool Value in a sentence
Each of the assets included by the Borrower in calculations of the Unencumbered Pool Value satisfies all of the requirements contained in this Agreement for the same to be included therein.
Each of the Unencumbered Properties included by Borrower in calculations of the Unencumbered Pool Value satisfies all of the requirements contained in this Agreement for the same to be included therein.
For the purpose of calculating such ratio, (a) Consolidated Unsecured Indebtedness shall be adjusted by deducting an amount equal to the lesser of the amount of (i) Unrestricted Cash on the date of determination and (ii) Consolidated Unsecured Indebtedness and (b) Unencumbered Pool Value shall be adjusted by deducting therefrom the amount by which Consolidated Unsecured Indebtedness is adjusted under the immediately preceding clause (a).
Each Property included in any calculation of Unencumbered Pool Value satisfied, at the time of such calculation, all of the requirements contained in the definition of “Eligible Property”.
As of the Agreement Date, there are no Liens against any Eligible Properties included in the calculation of Unencumbered Pool Value or the income of which is included in the calculation of Unencumbered NOI other than Permitted Liens.
More Definitions of Unencumbered Pool Value
Unencumbered Pool Value means, without duplication (a) the (x) Unencumbered NOI (excluding Unencumbered NOI from any Property the value of which is included in the determination of Unencumbered Pool Value under any of the immediately following clauses (b), (d) or (e)), for the fiscal quarter most recently ended (y) multiplied by 4, (z) divided by the applicable Capitalization Rate; plus (b) the acquisition cost of all Eligible Properties (including Eligible Properties that are Other Commercial Properties) acquired during the period of six fiscal quarters most recently ended; provided that the Borrower may irrevocably elect that the value of a recently acquired Eligible Property not yet owned for six quarters be determined in accordance with the preceding clause (a); plus (c) all Construction-in-Process for all Eligible Properties that are Development Properties; plus (d) the aggregate Major Redevelopment Property Values of all Eligible Properties that are Major Redevelopment Properties; plus (e) (x) the GAAP book value of each parcel of Unimproved Land that satisfies all of the requirements of the definition of “Eligible Property” other than clause (a) of such definition and (y) the undepreciated GAAP book value of the Property known as Watergate 600 located in the District of Columbia; plus (f) Unrestricted Cash. Eligible Properties disposed of during the fiscal quarter most recently ended shall not be included in the calculation of Unencumbered Pool Value. Other Commercial Properties may only contribute to Unencumbered Pool Value to the extent applicable under clauses (b) and (e) above. In addition, to the extent the amount of Unencumbered Pool Value attributable to Development Properties, Major Redevelopment Properties, Unimproved Land, assets held by Controlled JV Subsidiaries, Properties subject to a ground lease and Other Commercial Properties would exceed 35.0% of Unencumbered Pool Value, such excess shall be excluded from Unencumbered Pool Value; provided, however that to the extent the amount of Unencumbered Pool Value attributable to (u) Development Properties exceeds 20.0% of the Unencumbered Pool Value, (v) Major Redevelopment Properties exceeds 20.0% of the Unencumbered Pool Value, (w) Unimproved Land exceeds 5.0% of the Unencumbered Pool Value, (x) assets held by Controlled JV Subsidiaries exceeds 20.0% of the Unencumbered Pool Value, (y) Properties subject to a ground lease exceed 10.0% of the Unencumbered Pool Value and (z) Other Commercial Properties exceed 5.0% ...
Unencumbered Pool Value means, at any time, the following amount as determined for an Unencumbered Pool Property: if such Unencumbered Pool Property is (a) an Operating Property, (i) the Net Operating Income of such Unencumbered Pool Property for the fiscal quarter most recently ended times (ii) 4 and divided by (iii) 7.50%; (b) a Newly Acquired Property (other than a Qualified Development Property) or a Recently Completed Property, the book value of such Unencumbered Pool Property as determined in accordance with GAAP; and (c) a Qualified Development Property, the book value of Construction in Process for such Unencumbered Pool Property as determined in accordance with GAAP. Notwithstanding the foregoing, if an Unencumbered Pool Property shall cease to qualify as an Eligible Property, then the Unencumbered Pool Value of such Property shall be $0.
Unencumbered Pool Value means, at any given time, the aggregate Market Value of all Unencumbered Pool Securities at such time subject, however, to the following limitations: (a) at least 80% of the Unencumbered Pool Value shall be attributable to Traded Securities issued by Approved Issuers each having a Cash Flow to Interest Ratio for the period of four consecutive fiscal quarters most recently ending of not less than 1.5 to 1.0, (b) of the Unencumbered Pool Value attributable to such Securities referred to in the immediately preceding clause (a), no more than 40% of such value shall be attributable to Securities issued by any one Approved Issuer, (c) the Unencumbered Pool Securities must be comprised of Securities issued by 5 or more Issuers, and (d) the Unencumbered Pool Securities referred to in the immediately preceding clause (a) must be comprised of Securities issued by at least 3 Issuers that are Investment Grade. The amount of the obligation to purchase Securities that are the subject of purchase obligations, repurchase obligations, forward commitments and other unfunded obligations of the Borrower or any Guarantor, shall be included when determining the Unencumbered Pool Value to the extent that the amount of such purchase obligations, repurchase obligations, forward commitments and other unfunded obligations are included in Unsecured Liabilities. For purposes of this definition, the Market Value of Securities that are subject to purchase obligations, repurchase obligations, forward commitments and other unfunded obligations of the Borrower or any Guarantor shall not be less than the amount of these obligations. From and after the date 10 Business Days following the Effective Date, the Unencumbered Pool Value of all Unencumbered Pool Securities owned by any Guarantor identified on Schedule 1.1. shall equal $0 unless prior to such 10th Business Day the Borrower has delivered to the Agent the items referred to in Sections 5.1.(d), (e), and (k) through (n) with respect to such Guarantor.
Unencumbered Pool Value means, with respect to all Pool Assets, an aggregate amount equal to the sum of:
Unencumbered Pool Value means, at any time of determination, the undepreciated book value (after taking into account any impairments) of each Unencumbered Pool Property of the Borrower and its Subsidiaries determined in accordance with GAAP.
Unencumbered Pool Value means, at any time, the sum of the following amounts as determined for each Unencumbered Pool Property: (a) the Net Operating Income of such Unencumbered Pool Property for the fiscal quarter most recently ended times (b) 4 and divided by (c) 10.0%, in the case of an Unencumbered Pool Property, if any, consisting of office building property, and 9.25%, in the case of an Unencumbered Pool Property consisting of a retail shopping center.
Unencumbered Pool Value means, without duplication (a) the Unencumbered NOI for the fiscal quarter most recently ended multiplied by 4, divided by the Capitalization Rate, plus (b) the GAAP book value of all Eligible Properties acquired during the fiscal quarter most recently ended that the Borrower has elected pursuant to clause (i) of the second sentence of Section 8.3. to include for purposes of calculating the Unencumbered Pool Value. To the extent that (x) any individual Property would account for more than 20.0% of Unencumbered Pool Value and/or (y) Properties subject to a ground lease would, in the aggregate, account for more than 20.0% of the Unencumbered Pool Value (excluding leases where the land is owned by a hospital or university upon which a medical office building or student housing, respectively, is constructed, and excluding ground leases which grant the Borrower the option to purchase the property on terms acceptable to the Administrative Agent), then, in the case of each of clauses (x) and (y), such excess shall be excluded from the calculation of Unencumbered Pool Value. The Eligible Properties included in the calculation of Unencumbered Pool Value must have an Occupancy Rate determined on an aggregate basis of not less than 80.0%.