Eligible Unencumbered Properties Clause Samples

The "Eligible Unencumbered Properties" clause defines which properties owned by a party are considered both free of liens or other encumbrances and meet specific criteria set out in the agreement. Typically, this clause outlines the standards a property must satisfy—such as being wholly owned, not subject to mortgages, or meeting certain valuation or location requirements—to be included in a pool of assets for purposes like securing obligations or calculating financial covenants. Its core function is to ensure that only qualifying, unburdened assets are counted, thereby protecting the interests of the parties by providing a clear and reliable basis for asset-related calculations or collateral arrangements.
Eligible Unencumbered Properties. As of the Agreement Date, Schedule EUP is a correct and complete list of all Eligible Unencumbered Properties. Each of the Properties included by the Borrower in the calculations of Unencumbered NOI and Unencumbered Property Value satisfies all of the requirements in the definition of “Eligible Unencumbered Property”.
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Eligible Unencumbered Properties. As of the Agreement Date, Schedule 6.1(z) is a correct and complete list of all Eligible Unencumbered Properties included in the calculation of Value of Unencumbered Properties. Each of the assets included by the Borrower in calculations of Value of Unencumbered Properties satisfies all of the requirements contained in the definition of “Eligible Unencumbered Property”. With the delivery of each Compliance Certificate, the Borrower shall also provide an updated Schedule 6.1.(z), which such updates shall be satisfactory to the Agent, showing all Eligible Unencumbered Properties added since the immediately preceding fiscal period for which a Compliance Certificate was delivered, and the representations and warranties set forth in Section 6.1.(b) with respect to the initial Eligible Unencumbered Properties as of the Agreement Date shall be true and correct as of the last day of the applicable fiscal periods with respect to all Eligible Unencumbered Properties utilized by the Borrower for purposes of any covenant calculations after the Agreement Date.
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Eligible Unencumbered Properties. Eligible Unencumbered Properties Eligible Unencumbered Properties
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Eligible Unencumbered Properties. As of the Agreement Date, Schedule 6.1(s) is a correct and complete list of all Eligible Unencumbered Properties. Each of the Properties included by the Trust and the Borrowers in the calculations of Unencumbered NOI and Unencumbered Property Value satisfies all of the requirements in the definition of “Eligible Unencumbered Property”.
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Eligible Unencumbered Properties. Section 5.1 Initial Eligible Unencumbered Properties. 66 Section 5.2 Minimum Eligible Unencumbered Properties. 66
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Eligible Unencumbered Properties. Each of the assets included by the Borrower in calculations of Value of Unencumbered Properties and Adjusted Net Operating Income satisfies all of the requirements contained in the definition of “Eligible Unencumbered Property”. The Borrower owns the Eligible Unencumbered Properties indirectly through its Wholly-Owned Subsidiaries (or other Subsidiaries approved by the Agent and the Required Lenders). With the delivery of each Compliance Certificate, the representations and warranties set forth in clauses (i) and (ii) of the second sentence of Section 6.1.(b) with respect to the initial Eligible Unencumbered Properties and the Borrower and each Subsidiary of the Borrower that directly or indirectly own an Eligible Unencumbered Property, in each case, as of the Agreement Date, shall be true and correct as of the last day of the applicable fiscal periods with respect to all Eligible Unencumbered Properties and the Borrower and each Subsidiary of the Borrower that directly or indirectly own such Eligible Unencumbered Properties utilized by the Borrower for purposes of any covenant calculations after the Agreement Date.
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Eligible Unencumbered Properties 
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Related to Eligible Unencumbered Properties

  • Unencumbered Properties Each Property included in any calculation of Unencumbered Asset Value or Unencumbered NOI satisfied, at the time of such calculation, all of the requirements contained in the definition of “Unencumbered Property Criteria.”

  • Unencumbered Assets Schedule 6.26 hereto contains a complete and accurate description of Unencumbered Assets as of March 31, 2021 and as supplemented from time to time including the entity that owns each Unencumbered Asset. With respect to each Project identified from time to time as an Unencumbered Asset, the Borrower hereby represents and warrants as follows except to the extent disclosed in writing to the Lenders and approved by the Required Lenders (which approval shall not be unreasonably withheld) or except to the extent the failure of such representation and warranty to be true would not materially adversely affect the use and operation of such Project for its intended use or its marketability or value: (a) No portion of any improvement on the Unencumbered Asset is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, the Borrower has obtained and will maintain the insurance prescribed in Section 6.20 hereof. (b) To the Borrower’s knowledge, the Unencumbered Asset and the present use and occupancy thereof are in material compliance with all Applicable Laws (including all Environmental Laws). (c) The Unencumbered Asset is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Unencumbered Asset has accepted or is equipped to accept such utility service. (d) All public roads and streets necessary for service of and access to the Unencumbered Asset for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. (e) The Unencumbered Asset is served by public water and sewer systems or, if the Unencumbered Asset is not serviced by a public water and sewer system, such alternate systems are adequate and meet, in all material respects, all requirements and regulations of, and otherwise complies in all material respects with, all Applicable Laws with respect to such alternate systems. (f) The Borrower is not aware of any latent or patent structural or other significant deficiency of the Unencumbered Asset. The Unencumbered Asset is free of damage and waste that would materially and adversely affect the value of the Unencumbered Asset, is in good repair and there is no deferred maintenance other than ordinary wear and tear. The Unencumbered Asset is free from damage caused by fire or other casualty. There is no pending or, to the actual knowledge of the Borrower threatened condemnation proceedings affecting the Unencumbered Asset, or any material part thereof. (g) To the Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Unencumbered Asset are in a good and safe condition and repair and to the Borrower’s knowledge, in material compliance with all Applicable Laws with respect to such systems. (h) All improvements on the Unencumbered Asset lie within the boundaries and building restrictions of the legal description of record of the Unencumbered Asset, no such improvements encroach upon easements benefiting the Unencumbered Asset other than encroachments that do not materially adversely affect the use or occupancy of the Unencumbered Asset and no improvements on adjoining properties encroach upon the Unencumbered Asset or easements benefiting the Unencumbered Asset other than encroachments that do not materially adversely affect the use or occupancy of the Unencumbered Asset. All amenities, access routes or other items that materially benefit the Unencumbered Asset are under direct control of the Borrower, constitute permanent easements that benefit all or part of the Unencumbered Asset or are public property, and the Unencumbered Asset, by virtue of such easements or otherwise, is contiguous to a physically open, dedicated all weather public street, and has the necessary permits for ingress and egress. (i) There are no delinquent taxes, ground rents, water charges, sewer rents, assessments, insurance premiums, leasehold payments, or other outstanding charges affecting the Unencumbered Asset except to the extent such items are being contested in good faith and as to which adequate reserves have been provided. (j) The Unencumbered Asset satisfies each of the requirements for an Unencumbered Asset as set forth in the definition thereof. A breach of any of the representations and warranties contained in this Section 6.26 with respect to a Project shall disqualify such Project from being an Unencumbered Asset for so long as such breach continues (unless otherwise approved by the Required Lenders) but shall not constitute a Default (unless the elimination of such Property as an Unencumbered Asset results in a Default under one of the other provisions of this Agreement).

  • Qualified Property Applicant’s Qualified Property is described in Schedule 2.3, which is incorporated herein by reference. The Parties expressly agree that the location of the Qualified Property shall be within the Reinvestment Zone as set out in Schedule 2.1.

  • Borrowing Base Properties (a) Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of Parent and Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to: (b) Pay all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance charges, impositions, and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Borrowing Base Property, now or hereafter levied or assessed or imposed against any Borrowing Base Property or any part thereof (except those which are being contested in good faith by appropriate proceedings diligently conducted). (c) Promptly pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in connection with any Borrowing Base Property (except those which are being contested in good faith by appropriate proceedings diligently conducted), and in any event never permit to be created or exist in respect of any Borrowing Base Property or any part thereof any other or additional Lien or security interest other than Liens permitted by Section 8.01. (d) Operate the Borrowing Base Properties in a good and workmanlike manner and in all material respects in accordance with all Laws in accordance with such Loan Party’s prudent business judgment. (e) Cause each other Loan Party to, to the extent owned and controlled by a Loan Party, preserve, protect, renew, extend and retain all material rights and privileges granted for or applicable to each Borrowing Base Property.

  • Maintenance of Total Unencumbered Assets The Company and its Subsidiaries will maintain at all times Total Unencumbered Assets of not less than 200% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis.