Belgian REIT Sample Clauses

Belgian REIT. The Issuer is a closed-end real estate investment company (vastgoedbevak/sicafi/REIT) under Belgian law. In order to maintain its status as a public REIT, the Issuer must comply with certain activity restrictions, diversification requirements, restrictions at subsidiary level, leverage restrictions, profit distribution requirements, conflict of interest procedures, governance requirements and other specific requirements. The ability of the Issuer to meet the conditions required for the maintenance of its status as a public REIT depends, amongst others, upon its ability to successfully manage its assets and indebtedness on an ongoing basis as well as on rigorous internal control procedures. The Issuer may not be able to continue to meet these requirements in the event of a change in its financial condition or for any other reason. In case of a persistent or serious breach of the applicable legal requirements by the Issuer, the FSMA could take a variety of measures, such as the appointment of a trustee, a suspension of the trading of the Issuer’s shares, a modification of the composition of the Issuer’s board of directors or even a revocation of its status as a public REIT. The loss of its status as a public REIT by the Issuer would constitute an event of default under most of the Issuer’s credit facilities, and under the Conditions of the Bonds, creating liquidity and solvency risks, and would have a material adverse effect on the Issuer’s business, results of operations, profitability, financial condition and prospects. It would also cause the loss of its transparant tax treatment.
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