Common use of Value of Unencumbered Properties Clause in Contracts

Value of Unencumbered Properties. At any date of determination, an amount equal to, without double-counting, the sum of (i) for all Stabilized Real Estate Assets, the aggregate of the following amount determined for each such asset, (x) the Net Operating Income for the most recently ended fiscal quarter of each Eligible Unencumbered Property that is a Stabilized Real Estate Asset, multiplied by (y) 4, with the product thereof being divided by (z) the applicable Capitalization Rate, plus, (ii) an amount equal to the aggregate Cost Basis Value of all Eligible Unencumbered Properties that are Value-Add Real Estate Assets, plus (iii) an amount equal to the aggregate Cost Basis Value of all Eligible Unencumbered Properties that are Real Estate Assets Under Development, plus (iv) the aggregate Cost Basis Value of all Eligible Unencumbered Properties acquired during the most recently ended fiscal quarter and the immediately preceding fiscal quarter, plus (v) the Cost Basis Value of the Unencumbered Land, provided that (a) the Net Operating Income attributable to any Eligible Unencumbered Property sold or otherwise transferred during the applicable period shall be excluded from the calculation of the Value of Unencumbered Properties, (b) the Net Operating Income of Eligible Unencumbered Properties included at their Cost Basis Value shall be excluded, (c) the value included as a result of clauses (ii) and (iii) above in the aggregate shall not exceed twenty percent (20%) of the aggregate Value of Unencumbered Properties at any time, and (d) with respect to the Redland Property, the Net Operating Income or Cost Basis Value, as applicable, included in the calculation of the Value of Unencumbered Properties shall be FPLP’s or its Wholly-Owned Subsidiary’s (i) pro rata share of Net Operating Income (and the items comprising Net Operating Income) for the period in question, based on FPLP’s or its Wholly-Owned Subsidiary’s percentage ownership interest in FP Redland Tech (or such other amount to which FPLP or its Wholly-Owned Subsidiary is entitled based on an arm’s length agreement) or (ii) Cost Basis Value (valued at the contract price paid by FPLP to acquire its interest in FP Redland Tech), as applicable.

Value of Unencumbered Properties. At any date of determination, with respect to the Eligible Unencumbered Properties that are a part of the Unencumbered Pool, an amount equal to, without double-counting, the sum of (i) for all Stabilized Real Estate Assets, the aggregate of the following amount determined for each such asset, (x) the Net Operating Income for the most recently ended fiscal quarter of each Eligible Unencumbered Property that is a Stabilized Real Estate Asset, multiplied by (y) 4, with the product thereof being divided by (z) the applicable Capitalization Rate, plus, (ii) an amount equal to the aggregate Cost Basis Value of all Eligible Unencumbered Properties that are Value-Add Real Estate Assets, plus (iii) an amount equal to the aggregate Cost Basis Value of all Eligible Unencumbered Properties that are Real Estate Assets Under Development, plus (iv) the aggregate Cost Basis Value of all Eligible Unencumbered Properties acquired during the most recently ended fiscal quarter and the immediately preceding fiscal quarter, plus (v) the Cost Basis Value of the Unencumbered Land, provided that (a) the Net Operating Income attributable to any Eligible Unencumbered Property sold or otherwise transferred during the applicable period shall be excluded from the calculation of the Value of Unencumbered Properties, (b) the Net Operating Income of Eligible Unencumbered Properties included at their Cost Basis Value shall be excluded, and (c) the value included as a result of clauses (ii) and (iii) above in the aggregate shall not exceed twenty percent (20%) of the aggregate Value of Unencumbered Properties at any time, and (d) with respect . Notwithstanding anything to the Redland Propertycontrary contained in this Agreement, if the Net Operating Income for any Stabilized Real Estate Asset is less than zero for any fiscal quarter, the Net Operating Income or Cost Basis Value, as applicable, included in the calculation of the Value of Unencumbered Properties for such fiscal quarter in respect of such Stabilized Real Estate Asset shall be FPLP’s or its Wholly-Owned Subsidiary’s (i) pro rata share of Net Operating Income (and the items comprising Net Operating Income) for the period in question, based on FPLP’s or its Wholly-Owned Subsidiary’s percentage ownership interest in FP Redland Tech (or such other amount deemed to which FPLP or its Wholly-Owned Subsidiary is entitled based on an arm’s length agreement) or (ii) Cost Basis Value (valued at the contract price paid by FPLP to acquire its interest in FP Redland Tech), as applicablebe zero.”

Value of Unencumbered Properties. At any date of determination, an amount equal to, without double-counting, to the sum of (i) for all Stabilized Real Estate Assets, the aggregate of the following amount determined for each such asset, (x) the Net Operating Income for the most recently ended recent fiscal quarter of each the Eligible Unencumbered Property that is a Stabilized Real Estate AssetProperties owned by the Borrower for at least two complete fiscal quarters, less the Management Fee Adjustment relating to such Eligible Unencumbered Properties, with the sum thereof multiplied by (y) 4, ; with the product thereof being divided by (z) the applicable Capitalization Rate, plus, plus (ii) an amount equal to the aggregate Cost Basis Value of all any Eligible Unencumbered Properties that are Value-Add Real Estate AssetsProperty not owned for two complete fiscal quarters, plus (iii) an amount equal to the aggregate Cost Basis Value of all the Eligible Unencumbered Properties that are Real Estate Assets Under under Development, plus (iv) the aggregate Cost Basis Value of all Eligible Unencumbered Properties acquired during the most recently ended fiscal quarter and the immediately preceding fiscal quarter, plus (v) an amount equal to the Cost Basis Value of the Unencumbered Land, provided that (a) the Net Operating Income attributable to any Eligible Unencumbered Property sold or otherwise transferred during the applicable period shall be excluded from the calculation of the Value of Unencumbered Properties, (b) the Net Operating Income of Eligible Unencumbered Properties included at their Cost Basis Value shall be excluded, excluded and (c) the value included as a result of clauses (ii) and clause (iii) above in the aggregate shall not exceed twenty ten percent (2010%) of the aggregate Value of Unencumbered Properties at any time, . Wholly-owned Subsidiary. Any single purpose entity which is a Subsidiary of FPLP and of which FPLP at all times owns directly or indirectly (dthrough a Subsidiary or Subsidiaries) with respect to 100% of the Redland Property, outstanding voting or controlling interests and of the Net Operating Income or Cost Basis Valueeconomic interests, as applicablea result of which FPLP, included in the calculation of the Value of Unencumbered Properties shall be FPLP’s directly or its Wholly-Owned indirectly (through a Subsidiary or Subsidiaries) has total control over all decisions regarding such Subsidiary’s (i) pro rata share of Net Operating Income (and the items comprising Net Operating Income) for the period in question, based on FPLP’s or its Wholly-Owned Subsidiary’s percentage ownership interest in FP Redland Tech (or such other amount to which FPLP or its Wholly-Owned Subsidiary is entitled based on an arm’s length agreement) or (ii) Cost Basis Value (valued at the contract price paid by FPLP to acquire its interest in FP Redland Tech), as applicable.

Value of Unencumbered Properties. At any date of determination, an amount equal to, without double-counting, to the sum of (i) for all Stabilized Real Estate Assets, the aggregate of the following amount determined for each such asset, (x) the Net Operating Income for the most recently ended recent fiscal quarter of each the Eligible Unencumbered Property that is a Stabilized Real Estate AssetProperties owned by the Borrower for at least two complete fiscal quarters, less the Management Fee Adjustment relating to such Eligible Unencumbered Properties, with the sum thereof multiplied by (y) 4, ; with the product thereof being divided by (z) the applicable Capitalization Rate, plus, plus (ii) an amount equal to the aggregate Cost Basis Value of all any Eligible Unencumbered Properties that are Value-Add Real Estate AssetsProperty not owned for two complete fiscal quarters, plus (iii) an amount equal to the aggregate Cost Basis Value of all the Eligible Unencumbered Properties that are Real Estate Assets Under under Development, plus (iv) the aggregate Cost Basis Value of all Eligible Unencumbered Properties acquired during the most recently ended fiscal quarter and the immediately preceding fiscal quarter, plus (v) an amount equal to the Cost Basis Value of the Unencumbered Land, provided that (a) the Net Operating Income attributable to any Eligible Unencumbered Property sold or otherwise transferred during the applicable period shall be excluded from the calculation of the Value of Unencumbered Properties, (b) the Net Operating Income of Eligible Unencumbered Properties included at their Cost Basis Value shall be excluded, excluded and (c) the value included as a result of clauses (ii) and clause (iii) above in the aggregate shall not exceed twenty ten percent (2010%) of the aggregate Value of Unencumbered Properties at any time, . Wholly-owned Subsidiary. Any single purpose entity which is a Subsidiary of FPLP and of which FPLP at all times owns directly or indirectly (dthrough a Subsidiary or Subsidiaries) with respect to the Redland Property, the Net Operating Income or Cost Basis Value, as applicable, included in the calculation 100% of the Value outstanding voting or controlling interests and of Unencumbered Properties shall be FPLP’s or its Wholly-Owned Subsidiary’s (i) pro rata share of Net Operating Income (and the items comprising Net Operating Income) for the period in question, based on FPLP’s or its Wholly-Owned Subsidiary’s percentage ownership interest in FP Redland Tech (or such other amount to which FPLP or its Wholly-Owned Subsidiary is entitled based on an arm’s length agreement) or (ii) Cost Basis Value (valued at the contract price paid by FPLP to acquire its interest in FP Redland Tech), as applicableeconomic interests.

Value of Unencumbered Properties. At any date of determination, an amount equal to, without double-counting, to the sum of (i) for all Stabilized Real Estate Assets, the aggregate of the following amount determined for each such asset, (x) the Net Operating Income for the most recently ended recent fiscal quarter of each the Eligible Unencumbered Property that is a Stabilized Real Estate AssetProperties owned by the Borrower for at least two complete fiscal quarters, less the Management Fee Adjustment relating to such Eligible Unencumbered Properties, with the sum thereof multiplied by (y) 4, ; with the product thereof being divided by (z) the applicable Capitalization Rate, plus, plus (ii) an amount equal to the aggregate Cost Basis Value of all any Eligible Unencumbered Properties that are Value-Add Real Estate AssetsProperty not owned for two complete fiscal quarters, plus (iii) an amount equal to the aggregate Cost Basis Value of all the Eligible Unencumbered Properties that are Real Estate Assets Under under Development, plus (iv) the aggregate Cost Basis Value of all Eligible Unencumbered Properties acquired during the most recently ended fiscal quarter and the immediately preceding fiscal quarter, plus (v) an amount equal to the Cost Basis Value of the Unencumbered Land, provided that (a) the Net Operating Income attributable to any Eligible Unencumbered Property sold or otherwise transferred during the applicable period shall be excluded from the calculation of the Value of Unencumbered Properties, (b) the Net Operating Income of Eligible Unencumbered Properties included at their Cost Basis Value shall be excluded, excluded and (c) the value included as a result of clauses (ii) and clause (iii) above in the aggregate shall not exceed twenty ten percent (2010%) of the aggregate Value of Unencumbered Properties at any time, and (d) with respect to provided, further, that the Redland Property, the Net Operating Income or Cost Basis Value, Real Estate Asset commonly known as applicable, ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ shall be included in the calculation of the Value of Unencumbered Properties shall be FPLP’s or at its Wholly-Owned Subsidiary’s (i) pro rata share of Net Operating Income (and the items comprising Net Operating Income) for the period in question, based on FPLP’s or its Wholly-Owned Subsidiary’s percentage ownership interest in FP Redland Tech (or such other amount to which FPLP or its Wholly-Owned Subsidiary is entitled based on an arm’s length agreement) or (ii) Cost Basis Value through the fiscal quarter ending December 31, 2006. Wholly-owned Subsidiary. Any single purpose entity which is a Subsidiary of FPLP and of which FPLP at all times owns directly or indirectly (valued at through a Subsidiary or Subsidiaries) 100% of the contract price paid by FPLP to acquire its interest in FP Redland Tech), as applicableoutstanding voting or controlling interests and of the economic interests.