Unencumbered Total Asset Value as of any date means the sum of (1) those Undepreciated Real Estate Assets not encumbered by any mortgage, lien, charge, pledge or security interest and (2) all of Issuer’s and its Subsidiaries’ other assets on a consolidated basis determined in accordance with generally accepted accounting principles (but excluding intangibles), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest; provided, however, that, in determining Unencumbered Total Asset Value for purposes of Section 4.09(d) hereof, all investments by the Issuer and any of its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities accounted for financial reporting purposes using the equity method of accounting in accordance with generally accepted accounting principles shall be excluded from Unencumbered Total Asset Value.
Unencumbered Total Asset Value means, as of any date, the sum of (without duplication) (i) those Undepreciated Real Estate Assets on such date which are not subject to a Lien securing Debt and (ii) all other assets (excluding accounts receivable and intangibles) of the Operating Partnership and its Subsidiaries on such date which are not subject to a Lien securing Debt, all determined on a consolidated basis in accordance with GAAP; provided, however, that all investments by the Operating Partnership or any of its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Unencumbered Total Asset Value to the extent that such investments would have otherwise been included.
Unencumbered Total Asset Value as of any date means the sum of (i) those Undepreciated Real Estate Assets not encumbered by any mortgage, lien, charge, pledge or security interest and (ii) all other assets of the Company and each of its Subsidiaries on a consolidated basis determined in accordance with generally accepted accounting principles (but excluding intangibles and accounts receivable), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest; provided, however, that in determining Unencumbered Total Asset Value for purposes of the covenant relating to the maintenance of Unencumbered Total Asset Value, all investments by the Company and any of the Company’s subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities accounted for financial reporting purposes using the equity method of accounting in accordance with U.S. generally accepted accounting principles shall be excluded from Unencumbered Total Asset Value.
Examples of Unencumbered Total Asset Value in a sentence
The Issuer, together with its Subsidiaries, will at all times maintain an Unencumbered Total Asset Value in an amount not less than 150% of the aggregate outstanding principal amount of all Issuer’s and its Subsidiaries’ unsecured Debt, taken as a whole.
The Operating Partnership and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, will at all times maintain an Unencumbered Total Asset Value in an amount not less than 150% of the aggregate principal amount of all outstanding Unsecured Debt of the Operating Partnership and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.
Notwithstanding anything herein to the contrary, the Liens on Collateral pledged pursuant to the Collateral Documents shall be released upon the Borrower demonstrating to the Administrative Agent’s satisfaction that Consolidated Unencumbered Total Asset Value is in excess of $750,000,000.
The Issuer will at all times maintain an Unencumbered Total Asset Value in an amount of not less than one hundred fifty percent (150%) of the aggregate principal amount of all outstanding Debt of the Issuer and its Subsidiaries that is unsecured.
MAALP and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, will at all times maintain an Unencumbered Total Asset Value in an amount not less than 150% of the aggregate principal amount of all of outstanding Unsecured Debt of MAALP and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.
More Definitions of Unencumbered Total Asset Value
Unencumbered Total Asset Value as of any date means the sum of (i) the portion of Adjusted Total Assets allocable to the Partnership's real estate assets and (ii) the value of all other assets of the Partnership and its Subsidiaries on a consolidated basis determined in accordance with GAAP (but excluding intangibles and accounts receivable), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest.
Unencumbered Total Asset Value as of any date means the sum of (i) those Undepreciated Real Estate Assets not encumbered by any mortgage, lien, charge, pledge or security interest and (ii) all other assets of the Company and each of its Subsidiaries on a consolidated basis determined in accordance with generally accepted accounting principles (but excluding intangibles and accounts receivable), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest.
Unencumbered Total Asset Value as of any date means the sum of: (i) the value of those Undepreciated Real Estate Assets not subject to an encumbrance; and (ii) the value of all other assets of the Company and its Subsidiaries on a consolidated basis not subject to an encumbrance, as determined in accordance with GAAP (but excluding accounts receivable and intangibles); provided, however, that all investments by the Company and its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Unencumbered Total Asset Value to the extent that such investments would have otherwise been included.
Unencumbered Total Asset Value as of any date means the sum of: (i) the value of those Undepreciated Real Estate Assets not subject to an encumbrance; and (ii) the value of all other assets of the Partnership and its Subsidiaries on a consolidated basis not subject to an encumbrance, as determined in accordance with GAAP (but excluding accounts receivable and intangibles); provided, however, that all investments by the Company and its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Unencumbered Total Asset Value to the extent that such investments would have otherwise been included.
Unencumbered Total Asset Value as of any date means the sum, without duplication, of the following: (1) for all Properties (except for (i) the Properties described in clause (3) of this definition and (ii) Properties that are subject to any Lien that secures Debt) owned or ground leased by the Issuer or any of its Subsidiaries for all of the four consecutive fiscal quarter period ending with the Latest Completed Fiscal Quarter, an amount equal to (a) the NOI derived from each such Property for the Latest Completed Fiscal Quarter multiplied by four, divided by (b) the Capitalization Rate for each such Property, (2) for all Properties (except for (i) the Properties described in clause (3) of this definition and (ii) Properties that are subject to any Lien that secures Debt) acquired during the four consecutive fiscal quarter period ending with the Latest Completed Fiscal Quarter, the acquisition price paid for each such Property, plus an amount equal to the cost of any capital improvements made to each such Property since the date of its acquisition, (3) (a) for all real property assets owned by the Issuer or any of its Subsidiaries that are under construction or development (other than Properties under renovation) or that are newly constructed or developed but are not yet Stabilized Development Assets (except, in each case, for real property assets that are subject to any Lien that secures Debt), the undepreciated GAAP book value of the Issuer’s or any of its Subsidiaries’ interest in such assets and (b) for the Issuer’s or any of its Subsidiaries’ interest in unimproved land holdings (except for unimproved land holdings that are subject to any Lien that secures Debt), the GAAP book value of such assets, and (4) for all of the Issuer’s and its Subsidiaries’ other assets (excluding accounts (but not notes) receivables, non-real estate intangibles, the assets referred to in clauses (1), (2) and (3) of this definition and assets that are subject to any Lien that secures Debt), the GAAP book value of such assets, provided, however, that, in determining Unencumbered Total Asset Value for purposes of the covenant set forth above in “—Certain Covenants—Maintenance of Unencumbered Total Asset Value,” all investments by the Issuer and any of its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities accounted for financial reporting purposes using the equity method of accounting in accordance...
Unencumbered Total Asset Value means as of any date the sum of the Total Assets which are unencumbered by any mortgage, lien, charge, pledge or security interest.
Unencumbered Total Asset Value as of any date means the sum of (1) those Undepreciated Real Estate Assets not encumbered by any mortgage, lien, charge, pledge or security interest and (2) all of the Company’s and its Subsidiaries’ other assets on a consolidated basis determined in accordance with GAAP (but excluding accounts receivable and acquisition intangibles, including goodwill), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest; provided, however, that in determining Unencumbered Total Asset Value for purposes of this Second Supplemental Indenture, all investments by the Guarantor and any of its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities accounted for financial reporting purposes using the equity method of accounting in accordance with GAAP shall be excluded from Unencumbered Total Asset Value.