Unencumbered Property definition

Unencumbered Property means any one of the Unencumbered Properties.

Unencumbered Property means any Property that is (a) owned directly or indirectly by a Company, (b) not subject to a Lien that secures Indebtedness of any Person (other than Permitted Liens), and (c) not subject to any negative pledge that would prohibit any pledge of such asset to Administrative Agent; provided that the provisions of Section 1013 of the Existing Indenture, and any similar requirement for the grant of an equal and ratable lien in connection with a pledge of any asset to Administrative Agent, shall not constitute a negative pledge.

Unencumbered Property means, for any Real Property Asset, the following criteria:

Examples of Unencumbered Property in a sentence

• Neither the Borrower, any Unencumbered Property Equity Owner nor any Unencumbered Property Owner Subsidiary shall permit any of its assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder.

• Calculated on a Consolidated basis with respect to the Borrower, at any time, the ratio of Unencumbered Property NOI from the Unencumbered Pool to Consolidated Unsecured Interest Expense shall not be less than 1.75 to 1.0.

• The addition or replacement of Eligible Real Estate to or for the then existing Unencumbered Property shall be referred to as “Unencumbered Property Replacement”.

• In the event that the Borrower shall elect to cure any Default in any covenant contained in Section 9.1(b) through Section 9.1(h), by providing additional Unencumbered Property to the Unencumbered Pool, the Real Estate to be added to the Unencumbered Pool shall be Eligible Real Estate and on or prior to the expiration of the thirty (30) day period referred to above, all conditions in this Agreement to the acceptance of such Real Estate to the Unencumbered Pool shall have been satisfied.

• In the event that Borrower elects to add additional or substitute Unencumbered Property and fails within the time provided herein, the cure period shall terminate and such Default immediately shall constitute an Event of Default.

More Definitions of Unencumbered Property

Unencumbered Property means any retail or industrial Property (including Unimproved Assets and Construction Assets, but excluding interests in participating mortgages in which such Person’s interest therein is characterized as equity according to GAAP) from time to time which (i) is an operating Real Property Asset which is owned directly or indirectly 100% in fee (or ground leasehold) by Borrower, a Financing Partnership or a Joint Venture Subsidiary, (ii) is not subject (nor are any equity interests in such Property that are owned directly or indirectly by Borrower, General Partner or any Joint Venture Parent subject) to a Lien which secures Indebtedness of any Person other than Permitted Liens, and (iii) is not subject (nor are any equity interests in such Property that are owned directly or indirectly by Borrower, General Partner or any Joint Venture Parent subject) to any Negative Pledge (provided that a financial covenant given for the benefit of any Person that may be violated by the granting of any Lien on any Property to secure any or all of the Obligations shall not be deemed a Negative Pledge).

Unencumbered Property means a Real Estate Asset that meets each of the following criteria (with each such Real Estate Asset that meets such criteria being an Unencumbered Property):

Unencumbered Property means any Property owned by the Issuer, the Parent or any of their Subsidiaries which is free and clear of any Liens other than Permitted Liens and meets the requirements of (1) subsections (i), (ii) and (iii) of the definition of Acceptable Property and provided that (2) (a) no Material Title Defect with respect to such Unencumbered Property shall exist and (b) such Unencumbered Property shall have reasonably satisfactory access to public utilities.

Unencumbered Property means any Property that meets each of the following criteria:

Unencumbered Property means, as of any date it is to be determined, each Hotel Property that is owned or leased by the Borrower or any Material Subsidiary, and that satisfies each of the following conditions:

Unencumbered Property shall have the meaning set forth in Section 4.1 of the Credit Agreement.

Unencumbered Property means, as of any date, any Qualifying Unencumbered Property.