Common use of Construction Investments Clause in Contracts

Construction Investments. Permit the outstanding principal amount, accrued interest on and related fees in connection with its Construction Investments to exceed an amount equal to 35% of Consolidated Total Assets; provided, the Borrower shall not make a Construction Investment for a Facility unless (i) there is included in the terms thereof an agreement for the conversion of the Borrower’s interests in such Facility upon the completion thereof into full ownership or a mortgage interest, and (ii) if a mortgage interest, the Borrower shall retain a first Lien on such Facility.

Construction Investments. Permit the outstanding principal amount, accrued interest on and related fees in connection with its Construction Investments to exceed an amount equal to 35% ten (10%) percent of Consolidated Total Assets; provided, the Borrower Borrowers shall not make a Construction Investment for a Facility unless (i) there is included in the terms thereof an agreement for the conversion of the Borrower’s Borrower(s) interests in such the Facility upon the completion thereof into full ownership or a mortgage interest, and (ii) if a mortgage interest, the Borrower Borrower(s) shall retain a first Lien on such Facility.

Construction Investments. Permit the outstanding principal amount, accrued interest on and related fees in connection with its Construction Investments to exceed an amount equal to 35% twenty (20%) percent of Consolidated Total Assets; provided, the Borrower Borrowers shall not make a Construction Investment for a Facility unless (i) there is included in the terms thereof an agreement for the conversion of the Borrower’s Borrower(s) interests in such the Facility upon the completion thereof into full ownership or a mortgage interest, and (ii) if a mortgage interest, the Borrower Borrower(s) shall retain a first Lien on such Facility.

Construction Investments. Permit the outstanding principal amount, accrued interest on and related fees in connection with its Construction Investments to exceed an amount equal to thirty-five (35% %) percent of Consolidated Total Assets; provided, the Borrower Borrowers shall not make a Construction Investment for a Facility unless (i) there is included in the terms thereof an agreement for the conversion of the Borrower’s Borrower(s) interests in such the Facility upon the completion thereof into full ownership or a mortgage interest, and (ii) if a mortgage interest, the Borrower Borrower(s) shall retain a first Lien on such Facility.