Common use of Unencumbered Pool Requirements Clause in Contracts

Unencumbered Pool Requirements. At all times the Properties in the Unencumbered Pool shall satisfy the following requirements, to Administrative Agent’s reasonable satisfaction: (a) The Unencumbered Asset Value shall be at least $250,000,000; (b) All Unencumbered Pool Properties shall be Eligible Properties; (c) There shall be at least five (5) Unencumbered Pool Properties; and (d) As of the admission date of a Property into the Unencumbered Pool, such Unencumbered Pool Property shall have a minimum Occupancy Rate of seventy percent (70.0%) after excluding any tenants more than thirty (30) days past due.

Unencumbered Pool Requirements. At all times the Properties in the Unencumbered Pool shall satisfy the following requirements, to Administrative Agent’s reasonable satisfaction: (a) The Unencumbered Asset Value shall be at least $250,000,000; (b) All Unencumbered Pool Properties shall be Eligible Properties; (c) There shall be at least five (5) Unencumbered Pool Properties; and (d) As of the admission date of a Property (other than a Studio Property) into the Unencumbered Pool, such Unencumbered Pool Property shall have a minimum Occupancy Rate of seventy percent (70.0%) after excluding any tenants more than thirty (30) days past due.