Gross Asset Value of the Unencumbered Pool definition

Gross Asset Value of the Unencumbered Pool means Gross Asset Value determined with reference only to Unencumbered Pool Assets. Notwithstanding the foregoing, the following amounts shall be excluded from Gross Asset Value of the Unencumbered Pool: (a) the amount by which the value of Unencumbered Pool Assets owned by Subsidiaries that are not Guarantors would, in the aggregate, account for more than 20.0% of Gross Asset Value of the Unencumbered Pool; (b) the amount by which the value of the Unencumbered Pool Assets owned by Subsidiaries are not Wholly Owned Subsidiaries would, in the aggregate, account for more than 20.0% of Gross Asset Value of the Unencumbered Pool; and (c) the amount by which the value of Unencumbered Pool Assets that are Investments and other assets would, in the aggregate, account for more than 20.0% of the Gross Asset Value of the Unencumbered Pool; provided, the limitations contained in the immediately preceding clauses (a) and (b) shall not apply to 1031 Properties and the limitations contained in the immediately preceding clause (c) shall not apply to promissory notes secured by first Mortgages. The aggregate Occupancy Rate of Multifamily Properties and other Properties that are developed, but that are not Multifamily Properties, must exceed 80.0%.
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Gross Asset Value of the Unencumbered Pool means Gross Asset Value determined with reference only to Unencumbered Pool Assets. Notwithstanding the foregoing, to the extent the amount by which the value of Unencumbered Pool Assets that are Investments and other assets described in any of the clauses (c), (e), (f), (g), (h) or (i) of the definition of Gross Asset Value, in the aggregate, account for more than 20% of Gross Asset Value of the Unencumbered Pool, such excess shall be excluded for purposes of determining Gross Asset Value of the Unencumbered Pool.
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Gross Asset Value of the Unencumbered Pool means Gross Asset Value determined with reference only to Unencumbered Pool Assets. Notwithstanding the foregoing, the following amounts shall be excluded from Gross Asset Value of the Unencumbered Pool: (a) the amount by which the value of Development Properties would, in the aggregate, account for more than 10.0% of Gross Asset Value of the Unencumbered Pool; (b) the amount by which the value of raw land would, in the aggregate, account for more than 5.0% of Gross Asset Value of the Unencumbered Pool; (c) the amount by which the value of Properties that are developed but that are not Multifamily Properties would, in the aggregate, account for more than 5.0% of Gross Asset Value of the Unencumbered Pool; (d) the amount by which the value (based on the lower of cost or market price determined in accordance with GAAP) of (i) promissory notes, including any secured by a Mortgage, payable to any member of the Consolidated Group and the obligors of which are not Affiliates of the Borrower, and (ii) all marketable securities (excluding Multifamily REIT Preferred Interests) would, in the aggregate, account for more than 15.0% of Gross Asset Value of the Unencumbered Pool; (e) the amount by which the value of Unencumbered Pool Assets owned by Subsidiaries that are not Guarantors would, in the aggregate, account for more than 10.0% of Gross Asset Value of the Unencumbered Pool; (f) the amount by which the value of Unencumbered Pool Assets owned by Subsidiaries that are not Wholly Owned Subsidiaries would, in the aggregate, account for more than 10.0% of Gross Asset Value of the Unencumbered Pool; and (g) the amount by which the value (based on the lower of cost or market price determined in accordance with GAAP) of promissory notes that are not secured by a Mortgage would, in the aggregate, account for more than 5.0% of Gross Asset Value of the Unencumbered Pool. In addition, Gross Asset Value of the Unencumbered Pool shall be determined without including (or otherwise giving credit to) any Unencumbered Pool Assets owned by a Subsidiary that is not a Guarantor if such Subsidiary is an obligor, as of the relevant date of determination, with respect to any Debt (other than Secured Debt that is Nonrecourse Indebtness and those items of Debt set forth in clauses (c) and (d) of the definition of the term Debt). In addition to the foregoing limitations, the amount by which the value of Development Properties, Properties that are developed but that are not Multifamily Pr...
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Examples of Gross Asset Value of the Unencumbered Pool in a sentence

  • Each of the assets included by the Borrower in calculations of Gross Asset Value of the Unencumbered Pool satisfies all of the requirements contained in the definition of “Unencumbered Pool Asset”.

  • Each Compliance Certificate shall be accompanied by a reasonably detailed list of all assets included in calculations of Gross Asset Value of the Unencumbered Pool and shall disclose which assets have been added or removed from such calculation since the previous list delivered to the Agent.

  • Each Compliance Certificate shall be accompanied by a reasonably detailed list of all assets included in calculations of Gross Asset Value of the Unencumbered Pool and shall disclose which assets have been added or removed from such calculation since the previous list delivered to the Administrative Agent.

  • The ratio of (i) Gross Asset Value of the Unencumbered Pool to (ii) Consolidated Unsecured Debt, to be less than 1.50 to 1.00 at the end of any fiscal quarter.

  • As of the last day of each fiscal quarter, based on the preceding two (2) fiscal quarters, annualized, the ratio of Consolidated Unsecured Debt to Gross Asset Value of the Unencumbered Pool Assets shall not exceed 60%.

  • The ratio of (i) Gross Asset Value of the Unencumbered Pool to (ii) Consolidated Unsecured Debt, to be less than 1.75 to 1.00 at the end of any fiscal quarter.

Related to Gross Asset Value of the Unencumbered Pool

  • Unencumbered Asset Value means, at any time for the Consolidated Group, without duplication, the sum of the following: (a) an amount equal to (i) Unencumbered NOI from all Unencumbered Properties (other than Non-Stabilized Properties and acquisition properties described in clause (b) below) that have been owned by the Consolidated Group for four full fiscal quarter periods or longer (which amount for each individual Unencumbered Property as well as the aggregate amount for all Unencumbered Properties shall not be less than zero) divided by (ii) the Capitalization Rate, plus (b) the aggregate acquisition cost of all Unencumbered Properties acquired during the then most recently ended four fiscal quarter period, plus (c) the undepreciated book value of Unencumbered Properties that are Non-Stabilized Properties; provided that if the Unencumbered Asset Value attributable to Non-Stabilized Properties accounts for more than 15% of Unencumbered Asset Value, the amount of undepreciated book value of such Non-Stabilized Properties that exceeds such limit shall be deducted from Unencumbered Asset Value, plus (d) cash from like-kind exchanges on deposit with a qualified intermediary (“1031 proceeds”), plus (e) the value of Mezzanine Debt Investments and Mortgage Receivables owned by the Consolidated Group that are not more than ninety (90) days past due determined in accordance with GAAP, in each case that are not subject to a Lien or Negative Pledge; provided that if the Unencumbered Asset Value attributable to Mezzanine Debt Investments and Mortgage Receivables accounts for more than 10% of Unencumbered Asset Value, the amount of Mezzanine Debt Investments and Mortgage Receivables that exceeds such limit shall be deducted from Unencumbered Asset Value, plus (f) the undepreciated book value of all Unimproved Land and Construction in Progress owned by the Consolidated Group to the extent any such assets are not subject to a Lien or Negative Pledge, plus (g) Balance Sheet Cash; provided that, to the extent that Unencumbered Asset Value attributable to investments in Mezzanine Debt Investments, Mortgage Receivables, 1031 proceeds, Unimproved Land, and Construction in Progress account for more than 25% of Unencumbered Asset Value, in the aggregate, the amount that exceeds such limit shall be deducted from Unencumbered Asset Value. For clarification purposes, in determining whether clause (a) or clause (b) above applies, the date a Property will be deemed to have been acquired is the date it was acquired by the Consolidated Group or any prior Affiliate of the Consolidated Group.

  • Gross Asset Value means, with respect to any asset, the asset's adjusted basis for federal income tax purposes, except as follows:

  • Unencumbered Adjusted NOI means, for any period, the aggregate Adjusted NOI of all Unencumbered Properties excluding any Dark Property for such period.

  • Unencumbered Pool means the pool of Unencumbered Assets.

  • Consolidated Total Asset Value means, at a given time, the sum (without duplication) of all of the following of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis: (a) Unrestricted Cash; plus (b) the quotient of (i) the Net Operating Income for each Property owned, or leased as lessee under a ground lease, by the Borrower or any Subsidiary (including any 1031 Property but excluding a Property the value of which is included in the determination of Consolidated Total Asset Value under any of the immediately following clauses (c) or (e)), for the fiscal quarter most recently ended multiplied by 4, divided by (ii) the applicable Capitalization Rate; plus (c) the acquisition cost of Properties (including any 1031 Property) acquired during the period of six fiscal quarters most recently ended; provided that the Borrower may irrevocably elect that the value of a recently acquired Property not yet owned for six quarters be determined in accordance with the preceding clause (b); plus (d) all Construction-in-Process for all Development Properties; plus (e) the aggregate Major Redevelopment Property Values of all Major Redevelopment Properties; plus (f) the GAAP book value of Unimproved Land; plus (g) the contractual purchase price of Properties of the Borrower and its Subsidiaries subject to purchase obligations, repurchase obligations, forward commitments and unfunded obligations but only to the extent such amounts are included in determinations of Consolidated Total Indebtedness; plus (h) Marketable Securities, valued at the lower of cost or Fair Market Value (to the extent that the Fair Market Value of such Marketable Securities is reasonably capable of being verified or is otherwise acceptable to the Administrative Agent); plus (i) the aggregate book value of Mortgage Receivables. The Borrower’s Ownership Share of assets held by Unconsolidated Affiliates (excluding assets of the type described in the immediately preceding clause (a) and (h)) will be included in the calculation of Consolidated Total Asset Value consistent with the above described treatment for wholly owned assets. Properties disposed of during the fiscal quarter most recently ended shall not be included in the calculation of Consolidated Total Asset Value. Other Commercial Properties may only contribute to Consolidated Total Asset Value to the extent applicable under clause (c) above. In addition, to the extent (A) the amount of Consolidated Total Asset Value attributable to assets held by Unconsolidated Affiliates would exceed 20.0% of Consolidated Total Asset Value, such excess shall be excluded from Consolidated Total Asset Value and (B) the amount of Consolidated Total Asset Value attributable to Marketable Securities, Development Properties, Major Redevelopment Properties, Unimproved Land and Mortgage Receivables would exceed 30.0% of Consolidated Total Asset Value, such excess shall be excluded from Consolidated Total Asset Value.