Initial Unencumbered Property definition

Initial Unencumbered Property means any one of the Initial Unencumbered Properties.
View Source
Initial Unencumbered Property means each Student Housing Property described on Schedule II hereto as of the Closing Date, and “Initial Unencumbered Properties” means all such Student Housing Properties, collectively.
View Source

Examples of Initial Unencumbered Property in a sentence

  • Borrower shall cause each of its existing Subsidiaries listed on Exhibit C-1, which includes the owners of each Initial Unencumbered Property, along with all other current subsidiaries of Borrower, excluding only the Excluded Subsidiaries and the Subsidiaries set forth on Exhibit C-2, which each own a Lien Property, to execute and deliver to the Administrative Agent the Subsidiary Guaranty.

  • None of the Properties that constitute the Initial Unencumbered Property Pool is subject to any lien or encumbrance, other than Permitted Liens.

  • As security for its obligations under this Agreement and the Notes, Borrower shall execute, acknowledge and deliver to Agent a Mortgage with respect to each Property that is part of the Initial Unencumbered Property Pool and an assignment of rents, leases and profits and UCC-1 Financing Statements with respect to each such Property.

  • Borrower shall cause the General Partner to execute, acknowledge and deliver to Agent the Mortgage, assignment of rents, leases and profits and UCC-1 Financing Statements pertaining to each Property in the Initial Unencumbered Property Pool in which the General Partner holds legal title.

  • As security for its obligations under this Agreement and the Note, Borrower shall execute, acknowledge and deliver to Lender a Mortgage with respect to each Property that is part of the Initial Unencumbered Property Pool and an assignment of rents, leases and profits and UCC-1 Financing Statements with respect to each such Property.

  • Borrower shall cause each of its existing Subsidiaries listed on Exhibit C, which includes the owners of each Initial Unencumbered Property, along with all other current subsidiaries of Borrower, excluding only the Excluded Subsidiaries, to execute and deliver to the Administrative Agent the Subsidiary Guaranty.

Related to Initial Unencumbered Property

  • Unencumbered Property means any one of the Unencumbered Properties.

  • Unencumbered Properties means each Acceptable Property that either (a) is an Initial Unencumbered Property or (b) becomes an Unencumbered Property pursuant to Section 4.03, and “Unencumbered Property” means any one of the Unencumbered Properties.

  • Unencumbered Asset means any Project which as of any date of determination, (a) is not subject to any Liens other than Permitted Liens set forth in Sections 9.5(i) through 9.5(v), (b) is not subject to any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) which prohibits or limits the ability of the Borrower, or its Wholly-Owned Subsidiaries, as the case may be, to create, incur, assume or suffer to exist any Lien upon any assets or Capital Stock of the Borrower, or any of its Wholly-Owned Subsidiaries other than a Permitted Negative Pledge, (c) is not subject to any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) which entitles any Person to the benefit of any Lien (but not subject to any Liens other than Permitted Liens set forth in Sections 9.5(i) through 9.5(v)) on any assets or Capital Stock of the Borrower or any of its Wholly-Owned Subsidiaries or would entitle any Person to the benefit of any Lien (but excluding the Permitted Liens set forth in Sections 9.5(i) through 9.5(v)) on such assets or Capital Stock upon the occurrence of any contingency (including, except in the case of a Material Credit Facility, pursuant to an “equal and ratable” clause), (d) is not the subject of any material architectural/engineering issue, as evidenced by a certification of the Borrower, and (e) is materially compliant with the representations and warranties in Article VI below. Notwithstanding the foregoing, if any Project is a “Superfund” site under federal law or a site identified in writing by the jurisdiction in which such Project is located as having significant environmental contamination under applicable state law, the Borrower shall so advise the Lenders in writing and the Required Lenders shall have the right to request from the Borrower a current detailed environmental assessment (or one which is not more than two years old for Unencumbered Assets owned as of the Agreement Execution Date), and, if applicable, a written estimate of any remediation costs from a recognized environmental contractor and to exclude any such Project from Unencumbered Assets at their election. No Project of a Wholly-Owned Subsidiary shall be deemed to be unencumbered unless such Project and all Capital Stock of such Wholly-Owned Subsidiary or any other intervening Wholly-Owned Subsidiary between the Borrower and such Wholly-Owned Subsidiary is unencumbered and neither such Wholly-Owned Subsidiary nor any other intervening Wholly-Owned Subsidiary between the Borrower and such Wholly-Owned Subsidiary has any Indebtedness for borrowed money (other than Indebtedness due to the Borrower).

  • Qualified property has the meaning set forth in Section 313.021(2) of the TEXAS TAX CODE and as interpreted by the Comptroller’s Rules and the Texas Attorney General, as these provisions existed on the Application Review Start Date.

  • Total Unencumbered Assets means the sum of (i) those Undepreciated Real Estate Assets not subject to an Encumbrance for borrowed money and (ii) all other assets of the Company and its Subsidiaries not subject to an Encumbrance for borrowed money determined in accordance with GAAP (but excluding accounts receivable and intangibles).