Unencumbered Development Property definition

Unencumbered Development Property means a real property listed Exhibit A-2 and any additional development property that satisfies all of the conditions set forth in Section 4.1(a)(ii), as long as either Borrower or a Permitted Affiliate holds fee simple title to such development property or such development property is subject to a financeable ground lease (as determined by Administrative Agent in its reasonable discretion) in compliance with the second sentence of Section 4.1(c) (subject to the exceptions set forth in Section 4.1(a)(i)(1)). Such development property shall no longer qualify as an Unencumbered Development Property on the date that is the earlier of (i) twelve months following the date on which Completion of Construction on such Unencumbered Development Property has occurred, or (ii) the first fiscal quarter in which such Unencumbered Development Property becomes a Unencumbered Stabilized Asset Property.

Unencumbered Development Property means any Development Property that is (i) a Negative Pledge Property, and (ii) 100% owned by Borrower.

Unencumbered Development Property means any Development Property that is either a Secured Property or a Negative Pledge Property.

Unencumbered Development Property means any Development Property that is an Unencumbered Property and is owned by a Loan Party.

Unencumbered Development Property means all Real Property Assets in the United States, Canada, Mexico and the Caribbean which are (1) a Development Property, (2) either (A) 100% owned in fee (or leasehold under an Eligible Ground Lease by a Borrower or a wholly-owned Subsidiary, or (B) at least 51% owned in fee (or leasehold under an Eligible Ground Lease), directly or indirectly (including through a Joint Venture), by the Borrowers and their Subsidiaries, so long as a Borrower substantially controls the sale and financing of such Real Property Asset, (3) free of (and if owned by a Subsidiary or a joint venture, the equity interests of such Subsidiary or joint venture are free of) all Liens and negative pledges (other than certain permitted liens), and (4) not subject to any environmental liability or other event or occurrence which would have a material adverse effect.

Unencumbered Development Property means any Development Property (or any Property that shall have (a) previously been a Development Property, (b) had (i) an Occupancy Rate of less than 85% as of the applicable date of determination or (ii) an Occupancy Rate of 85% or more for less than two (2) consecutive fiscal quarters during the six (6) consecutive fiscal quarter period ending on such date of determination and (c) been valued on a gross book value basis for purposes of calculating Total Asset Value as of the applicable date of determination) that satisfies all of the following requirements as confirmed by the Administrative Agent: (w) such Development Property is owned in fee simple, or leased under a Ground Lease, by the Borrower or a Guarantor; (x) such Development Property is located in a State of the United States of America or in the District of Columbia; (y) regardless of whether such Development Property is owned by the Borrower or a Subsidiary, the Borrower has the right directly, or indirectly through a Subsidiary, to take the following actions without the need to obtain the consent of any Person: (i) to create Liens on such Development Property as security for Indebtedness of the Borrower or such Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose of such Development Property; and (z) neither such Development Property, nor if such Development Property is owned by a Subsidiary, any of the Borrower’s direct or indirect ownership interest in such Subsidiary, is subject to (i) any Lien other than Permitted Liens or (ii) any Negative Pledge.