Unfunded Property means that portion of the Mortgaged Property which does not constitute Funded Property or Funded Cash.
Unfunded Property means any real property owned, directly or indirectly by Borrower, the REIT or an Entity, and which is acquired (a) without the use of proceeds of a Loan under this Agreement and (b) after such real property or Equity Interests (as applicable) were approved by the Agent pursuant to the provisions of Section 2.7 of this Agreement. Collectively, the term “Unfunded Properties” refers to all of the foregoing.
Unfunded Property generally means Mortgaged Property which has not previously been used as the basis for the issuance of first mortgage bonds (not otherwise retired) or as the basis for the release or substitution of Mortgaged Property.
Examples of Unfunded Property in a sentence
Anything in this Indenture to the contrary notwithstanding, if property to be released constitutes Funded Property in part only, the Company shall obtain the release of the part of such property which constitutes Funded Property under this Section and obtain the release of the part of such property which constitutes Unfunded Property under Section 8.04; provided, that the foregoing shall not preclude the release of such property under any other applicable Section of this Article VIII.
Release of Property Constituting Unfunded Property..............................