Unencumbered Asset Pool Sample Clauses

Unencumbered Asset Pool. The outstanding principal balance of all Unsecured Debt shall not be greater than the Unencumbered Asset Pool Availability.

Unencumbered Asset Pool. The outstanding principal balance of the 2014 Term Loan, the Loans and the Letter of Credit Liabilities shall not be greater than the Unencumbered Asset Pool Availability.

Unencumbered Asset Pool. 4.1 Additions of Property to the Unencumbered Asset Pool. (a) In addition to the real property described in Exhibit A attached hereto, Borrower may from time to time request Administrative Agent to add a new property (a "Nominated Property") to the Unencumbered Asset Pool. To become an Unencumbered Asset Pool Property, a Nominated Property must satisfy each of the following conditions: (1) Borrower shall hold fee simple title to such Nominated Property (except in the case of Bristol Commons, in which case Borrower shall own a 99% interest in such property); (2) Such Nominated Property is operated as residential apartments, with no more than fifteen percent (15%) of gross revenue generated by retail tenants; (3) Such Nominated Property shall have minimum occupancy of eighty percent (80%), and if admitted to the Unencumbered Asset Pool would not cause the aggregate occupancy of the Unencumbered Asset Pool Properties to be less than ninety percent (90%); (4) Administrative Agent shall have received a Phase I environmental site assessment for such Nominated Property, in form and substance reasonably acceptable to Administrative Agent and prepared within one (1) year of its delivery, and such environmental site assessment (i) shall not disclose the presence of any material toxic or hazardous substances on the Nominated Property (other than asbestos or asbestos containing materials ("ACM") or Hazardous Substances used for cleaning, pool and other chemicals typically located on residential properties that are otherwise consistent with all applicable laws) and (ii) if such environmental site assessment discloses the presence of asbestos or ACM on the Nominated Property, all such asbestos or ACM shall be in a condition reasonably acceptable to Administrative Agent, shall be subject to an O&M Plan reasonably acceptable to Administrative Agent, and Borrower shall be performing its obligations under such O&M Plan in a manner reasonably acceptable to Administrative Agent; and (5) Such Nominated Property shall be free of all liens, encumbrances and negative pledges, except for the following permitted liens ("Permitted Liens"): (i) liens for taxes, assessments or governmental charges or levies to the extent that Borrower is not yet required to pay the amount secured thereby; and (ii) liens imposed by law, such as carrier's, warehouseman's, mechanic's, materialman's and other similar liens, arising in the ordinary course of business in respect of obligations that are not ...

Unencumbered Asset Pool. §5.1 Addition of Eligible Real Estate Assets. (a) After the Closing Date, Parent Borrower shall have the right, subject to the consent of the Agent (which consent shall not be unreasonably withheld) and the satisfaction by Parent Borrower of the conditions set forth in this §5.1, to add Potential Unencumbered Assets to the Unencumbered Asset Pool. Parent Borrower from time to time after the Closing Date may also request that certain Real Estate of one or more Subsidiary Borrowers (collectively, the “Subsidiary Borrower Unencumbered Assets”) be included as an Eligible Real Estate Asset for the purpose of increasing the Unencumbered Asset Pool Availability. If Parent Borrower shall request that any Potential Unencumbered Assets or Subsidiary Borrower Unencumbered Asset be added to the 2014 Term Loan Unencumbered Asset Pool, it shall be required to add such Potential Unencumbered Asset or Subsidiary Borrower Unencumbered Asset, as applicable, to the Unencumbered Asset Pool hereunder. In the event Parent Borrower desires to add additional Potential Unencumbered Assets or Subsidiary Borrower Unencumbered Assets as aforesaid, Parent Borrower shall provide written notice to the Agent of such request (which the Agent shall promptly furnish to the Lenders), together with all documentation and other information reasonably required to permit the Agent to determine whether such Real Estate is Eligible Real Estate. Thereafter, the Agent shall have ten (10) Business Days from the date of the receipt of such documentation and other information to advise Parent Borrower whether the Agent consents to the acceptance of such Subsidiary Borrower Unencumbered Asset or Potential Unencumbered Asset (which consent shall not be unreasonably withheld). Notwithstanding the foregoing, no Subsidiary Borrower Unencumbered Asset or Potential Unencumbered Asset shall be included in the Unencumbered Asset Pool unless and until the following conditions precedent shall have been satisfied: (i) such Subsidiary Borrower Unencumbered Asset or Potential Unencumbered Asset shall be Eligible Real Estate; (ii) the owner of any Subsidiary Borrower Unencumbered Asset (and any indirect owner of such Subsidiary Borrower) shall have executed a Joinder Agreement and satisfied the conditions of §5.3; (iii) Parent Borrower or the owner of the Subsidiary Borrower Unencumbered Asset or Potential Unencumbered Asset, as applicable, shall have executed and delivered to the Agent all Eligible Real Estate Qualif...

Unencumbered Asset Pool. The Administrative Agent and Lenders shall have received (i) a listing of the Unencumbered Asset Pool valuation information, which listing shall include the date of valuation, amount of the asset value and valuation methodology, and (ii) such other materials and information, in form and substance reasonably satisfactory to Administrative Agent, with respect to the Unencumbered Asset Pool and the Subsidiary Owners as Administrative Agent shall reasonably require and solely to the extent in the possession or control of Borrower, including, without limitation, rent rolls, appraisals, title reports, lien searches and information, environmental and engineering reports, and leasing information.

Unencumbered Asset Pool. As of the Closing Date, the Unencumbered Asset Pool consists of the Initial Unencumbered Asset Pool and each Property therein is a Class B or better apartment project. Additional Properties, which in all cases must be Class B or better apartment projects, may be offered by Borrower and shall be included in the Unencumbered Asset Pool only in accordance with the following (and any other applicable terms and conditions contained in this Agreement):

Unencumbered Asset Pool. (a) Cause all of the Revenue-Producing Properties in the Unencumbered Asset Pool to satisfy all of the following conditions: (i) each of the Revenue-Producing Properties shall be wholly owned in fee simple absolute by the Operating Partnership or by a Borrower that is a Wholly-Owned Subsidiary of the Operating Partnership (other than as specified in the definition of Qualified Unencumbered Asset Pool Property with respect to the Exception Properties); (ii) the Revenue-Producing Properties in the Unencumbered Asset Pool shall consist solely of Revenue-Producing Properties which shall at all times have an aggregate leasing level (on a portfolio basis) of at least eighty-five percent (85%) of the Net Rentable Area within such Revenue-Producing Properties, based on bona fide arm's length tenant leases which are in full force and effect requiring current rental payments and which are in good standing and not in default and whose tenants are not subject to any bankruptcy or other insolvency proceeding ("Currently Effective Leases"); and no individual Revenue-Producing Property may be less than 75% leased pursuant to Currently Effective Leases (other than the ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ Property, which may be 73% leased pursuant to Currently Effective Leases); (iii) no individual Revenue-Producing Property in the Unencumbered Asset Pool may account for more than 33% of the total amount of the Borrowing Base; and (iv) no single tenant or group of tenants which are Affiliates may generate more than 20% of the annual minimum rent generated by all Revenue-Producing Properties in the Unencumbered Asset Pool. (b) Cause all of the Development Properties in the Unencumbered Asset Pool to satisfy all of the following conditions: (i) each of the Development Properties shall be wholly owned in fee simple absolute by the Operating Partnership or by another Borrower that is a Wholly-Owned Subsidiary of the Operating Partnership; (ii) each of the Development Properties in the Unencumbered Asset Pool must be at least 75% pre-leased pursuant to bona fide arm's length tenant leases which are not in default and whose tenants are not subject to any bankruptcy or other insolvency proceeding and which shall require rent to commence (after a free rent period of not to exceed six (6) months) upon the completion of the Life Sciences Building(s) to be constructed on such Development Property; and (iii) The Development Properties in the Unencumbered Asset Pool may not in aggregate account for mor...

Unencumbered Asset Pool. 5.1 Unencumbered Asset Pool and Unencumbered Asset Pool Property Defined. ---------------------------------------------------------------------

Unencumbered Asset Pool