Common use of Eligible Properties Clause in Contracts

Eligible Properties. The Borrower and the Guarantors own each of the Eligible Properties free and clear of all liens or encumbrances other than liens or encumbrances that secure indebtedness aggregating, in the case of any such Eligible Property, less than 30% of the annualized and normalized year-to-date Net Operating Income for such property capitalized at 12.0% at the time of determination. The Borrower has provided to the Banks true and correct and complete copies of all leases applicable to the Eligible Properties and neither the Borrower nor any Guarantor, knows of any present default (whether monetary or non-monetary) under or with respect to any of such leases. Each of such leases is in full force and effect and has not been modified or otherwise amended.

Eligible Properties. The Borrower and the Guarantors own each of the Eligible Properties free and clear of all liens or encumbrances other than liens or encumbrances that secure indebtedness aggregating, in the case of any such Eligible Property, less than 3010% of the annualized and normalized year-to-date Net Operating Income for such property capitalized at 12.011.5% at the time of determination. The Borrower has provided to the Banks true and true, correct and complete copies of all leases applicable to the Eligible Properties and neither the Borrower Borrower, nor any Guarantor, knows of any present default (whether monetary or non-monetary) under or with respect to any of such leases. Each of such leases is in full force and effect and has not been modified or otherwise amended.