Stabilized means the exposed ground surface has been covered by appropriate materials such as mulch, staked sod, riprap, wood fiber blanket, or other material that prevents erosion from occurring. Operating Property Value means, at any date of determination, 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. Property NOI means, for any Retail Property for any period, (i) all Property Income for such period, minus (ii) all Property Expenses for such period. Stabilized Property means a completed Property that has achieved an Occupancy Rate of at least eighty percent (80%) for a period of not less than one (1) full calendar quarter. Stabilized Property NOI means, for any Testing Period, the aggregate Adjusted Net Operating Income for the Real Properties that are not Development Properties and are owned by the Real Estate Subsidiaries provided that the Adjusted Net Operating Income attributable to any anchor tenant of any such Real Property for retail use for any Testing Period that (i) no longer actually occupies such Real Property, or (ii) has become the subject of a proceeding under the Bankruptcy Code or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and has not assumed and agreed to continue to perform its obligations under the lease with respect to such Real Property, or ( iii) has a lease for such Real Property that has 90 days or less remaining as of the beginning of the Testing Period, and either (x) there is no exercisable option to renew contained in the terms thereof, or (y) such anchor tenant has not yet given notice of its exercise of any option to renew, or (iv) was party to a lease for such Real Property that has terminated during such Testing Period shall, in the case of any of clauses (i) through (iv), be excluded from Stabilized Property NOI.
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