Value of Unencumbered Assets means, for any Person as of any date, the sum (without duplication) of (a) the value of all Unencumbered Assets that are not Assets Under Development, Assets Acquired Not in Service or assets of the type described in clause (b) (determined in the manner set forth below), plus (b) the purchase price paid by such Person (less any amounts paid to such Person as a purchase price adjustment, held in escrow, retained as a contingency reserve or in connection with other similar arrangements) for any Property (other than Assets Under Development) that constitutes an Unencumbered Asset and acquired by such Person during the immediately preceding period of four consecutive fiscal quarters, plus (c) any unrestricted cash, including any cash on deposit with a qualified intermediary with respect to a deferred tax-free exchange, plus (d) an amount equal to 100% of the then-current book value, determined in accordance with GAAP, of each first mortgage receivable secured by an income producing commercial property, provided that such first mortgage receivable is not subject to any Lien, plus (e) 100% of the then current book value of each Asset Under Development that constitutes an Unencumbered Asset plus (f) with respect to each Rollover Project, an amount equal to 50% of the then current book value, determined in accordance with GAAP, of each Rollover Project; provided that to the extent the aggregate amount of Value of Unencumbered Assets from Assets Acquired Not in Service and the other items set forth in clauses (d), (e) and (f) exceed 20% of the total Value of Unencumbered Assets, such excess shall be excluded. Unencumbered Assets that are not Assets Under Development or assets of the type described in clause (b) above shall be valued by dividing the Property Operating Income for such Project for the most recent four fiscal quarters by the Applicable Cap Rate (provided that for the purpose of such calculation, the Property Operating Income of each Unencumbered Asset that was formerly a Rollover Project shall in no event be less than zero). If a Project is no longer owned as of the date of calculation, then no value shall be included based on capitalizing Property Operating Income from such Project, except for purposes of such financial covenant comparing the Property Operating Income from Unencumbered Assets during a quarter to Debt Service for such quarter.
Value of Unencumbered Assets means, as of any date, the sum of:
Value of Unencumbered Assets means, as of any date, the sum of (A) the amount determined by dividing the Net Operating Income for each Project which is an Unencumbered Asset as of such date for a calculation period which shall be either the immediately preceding two full fiscal quarters or, if so requested by Borrower or Lender, the one immediately preceding full fiscal quarter and the then current partial quarter (in all cases as annualized) by 0.095, provided that not more than 15% of the Value of Unencumbered Assets shall be attributable to Unencumbered Assets which are ground leased, PLUS (B) for each Pre-Leased Project Under Construction, 100% of the then-current book value, as determined in accordance with GAAP, of such Pre-Leased Project Under Construction, provided that the aggregate amount added to value under this clause (B) shall not exceed $50,000,000. If a Project has been acquired during such calculation period then Borrower shall be entitled to include pro forma Net Operating Income (based on leases in existence at the date of such acquisition) from such Project for the entire calculation period in the foregoing calculation, except for purposes of the financial covenant comparing the Net Operating Income from Unencumbered Assets to Consolidated Interest Expense under SECTION 6.21(iv). If a Project is no longer owned as of the date of determination, then no value shall be included based on capitalizing Net Operating Income from such Project, except for purposes of such financial covenant comparing the Net Operating Income from Unencumbered Assets to Consolidated Interest Expense under SECTION 6.21(iv).
Examples of Value of Unencumbered Assets in a sentence
As of the end of any fiscal quarter, permit Consolidated Unsecured Debt to exceed 50% of the Value of Unencumbered Assets.
Not permit the Fair Market Value of the Unencumbered Assets to be less than $60,000,000; provided, however that in calculating the Fair Market Value of Unencumbered Assets, no more than 50% of the Fair Market Value of Unencumbered Assets shall be attributable to MDS Shares.
Maintenance of Value of Unencumbered Assets to Unsecured Debt 68 Section 1114.
As of the last day of any fiscal quarter, permit the ratio obtained by dividing (a) the aggregate Property Operating Income from all Unencumbered Assets qualifying for inclusion in the calculation of Value of Unencumbered Assets for such quarter by (b) Interest Expense on all Consolidated Unsecured Debt for such quarter to be less than 2.00 to 1.
As at the end of ----------------------------------------- any fiscal quarter, the Value of Unencumbered Assets for such quarter shall not be less than 1.75 times the Unsecured Consolidated Total Indebtedness on the last day of such quarter.
More Definitions of Value of Unencumbered Assets
Value of Unencumbered Assets means, as of the end of a quarter, the value of all Unencumbered Assets as of such date (other than those that are not approved by the Required Lenders), determined by capitalizing the Property Operating Income for such quarter (as annualized) from such Unencumbered Assets at a rate of 9.5%. The Required Lenders shall have the right to approve assets which are included in the determination of the Value of Unencumbered Assets. The substitution or addition of new assets shall also be subject to the approval of the Required Lenders. If an approved asset is acquired during a quarter then Borrower shall be entitled to include pro forma Property Operating Income from such property for the entire quarter in the foregoing calculation. If an asset is not owned as of the last day of a quarter then no value shall be included based on capitalizing Property Operating Income from such asset.
Value of Unencumbered Assets means, as of the end of a quarter, the sum of (a) the value of all Unencumbered Assets wholly owned by the Borrower, PLUS (b) the allocable share based on Borrower's economic interest in the value of the Unencumbered Assets owned by Qualifying Investment Affiliates, PLUS (c) the amount of Unrestricted Cash and Cash Equivalents owned by Borrower, PLUS (d) the allocable share based on Borrower's economic interest in the amount of Unrestricted Cash and Cash Equivalents owned by a Qualifying Investment Affiliate. Unencumbered Assets shall be valued by capitalizing at a rate equal to the Applicable Cap Rate, the Property Operating Income from each Property which is an Unencumbered Asset for such quarter less, without duplication, an assumed management fee of 4% of gross revenues (excluding tenant recoveries) and the assumed Capital Expenditure Reserve Amount. If a Property is acquired during a quarter then Borrower shall be entitled to include pro forma Property Operating Income from such Property for the entire quarter in the foregoing calculation. If a Property is no longer owned as of the last day of a quarter, then no value shall be included based on capitalizing Property Operating Income from such Property.
Value of Unencumbered Assets as of any date, means the gross book value, as determined in accordance with GAAP, of all Unencumbered Assets owned by the Borrower or any of its Subsidiaries as of such date.
Value of Unencumbered Assets means, as of the end of a quarter, the value of all Unencumbered Assets as of such date (other than those that are not approved by the Required Lenders), determined by capitalizing the Property Operating Income for such quarter (as annualized) from such Unencumbered Assets at a rate of 9.0%. The Required Lenders shall have the right to approve assets which are included in the determination of the Value of Unencumbered Assets. A Project may be approved by the Required Lenders as an Unencumbered Asset even if it is subject to an agreement which requires the Borrower or one of its Subsidiaries to indemnify a prior owner of such Project for tax liability incurred by such owner in connection with a sale of such Project by Borrower in a taxable transaction prior to the expiration of specified time period, so long as in determining Value of Unencumbered Assets the Borrower’s good faith estimate of such potential indemnification liability is deducted from the value of such Project. The substitution or addition of new assets shall also be subject to the
Value of Unencumbered Assets means, as of any date, the sum of (a) the value of all Unencumbered Assets that are not assets under development under GAAP (determined in the manner set forth below), plus (b) any unrestricted cash, including any cash on deposit with a qualified intermediary with respect to a deferred tax-free exchange, plus (c) an amount equal to 100% of the then-current book value, determined in accordance with GAAP, of each first mortgage receivable secured by an income producing commercial property, provided that such first mortgage receivable is not subject to any Lien, plus (d) 100% of the then current book value of each Presold Asset Under Development that is also an Unencumbered Asset, plus (e) 100% of the then current book value of each 100% Preleased Asset Under Development that is also an Unencumbered Asset, plus (f) 50% of the then current book value of each other asset under development under GAAP that constitutes an Unencumbered Asset (provided that in no event shall the aggregate amount added to Value of Unencumbered Assets from the items forth in clauses (b), (c), (d), (e) and (f) shall not exceed 20% of the total Value of Unencumbered Assets), plus (g) with respect to each Rollover Project, an amount equal to the greater of (A) 50% of the then-current book value, determined in accordance with GAAP, of such Rollover Project, and (B) the amount determined by dividing the Property Operating Income for such Rollover Project for the most recent four fiscal quarters by the Applicable Cap Rate, (provided that the Rollover Projects shall at no time comprise more than 10% of the Value of Unencumbered Assets). Unencumbered Assets that are not assets under development under GAAP shall be valued by dividing the Property Operating Income for such Project for the most recent four fiscal quarters by the Applicable Cap Rate (provided that for the purpose of such calculation, the Property Operating Income of each Unencumbered Asset that was formerly a Rollover Project shall in no event be less than zero). If a Project has been acquired during such calculation period then Borrower shall be entitled to include pro forma Property Operating Income from such property for the entire calculation period in the foregoing calculation, except for purposes of the financial covenant comparing the Property Operating Income from Unencumbered Assets during a quarter to Debt Service for such quarter. If a Project is no longer owned as of the date of calculation, then no value shall be inc...
Value of Unencumbered Assets means, as of any date, the amount determined by dividing the Net Operating Income for each Project which is an Unencumbered Asset as of such date for a calculation period which shall be either the immediately preceding two (2) full fiscal quarters or, if so requested by Borrower or the Administrative Agent, the one (1) immediately preceding full fiscal quarter and the then current partial quarter (in all cases as annualized) by 0.095, provided that not more than 15% of the Value of Unencumbered Assets shall be attributable to Unencumbered Assets which are ground leased. If a Project has been acquired during such calculation period then Borrower shall be entitled to include pro forma Net Operating Income (based on leases in existence at the date of such acquisition) from such Project for the entire calculation period in the foregoing calculation, except for purposes of the financial covenant comparing the Net Operating Income from Unencumbered Assets to Consolidated Interest Expense under SECTION 6.21(iv). If a Project is no longer owned as of the date of determination, then no value shall be included based on capitalizing Net Operating Income from such Project, except for purposes of such financial covenant comparing the Net Operating Income from Unencumbered Assets to Consolidated Interest Expense under SECTION 6.21(iv).
Value of Unencumbered Assets means, as of any date, an amount equal to the sum of (i) Net Operating Income attributable to Unencumbered Assets for the most recent full fiscal quarter for which CP Limited has reported results under Section 6.1 (excluding any portion of Net Operating Income attributable to ----------- Unencumbered Assets acquired by CP Limited or its Wholly-Owned Subsidiaries or the 99% Partnerships during or after such period) multiplied by 4, and divided ------------- ------- by 0.095, plus (ii) with respect to those Unencumbered Assets so acquired by CP -- ---- Limited or its Wholly-Owned Subsidiaries or the 99% Partnerships during such period of one full fiscal quarter, CP Limited's estimated annual Net Operating Income for such Unencumbered Assets based on leases in existence at the date of such acquisition divided by 0.095. ----------