Common use of Investments Generally Clause in Contracts

Investments Generally. The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfied; (c) Investments permitted under Section 9.4.; (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.3.; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; and (g) any other Investment so long as a result of making such Investment, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence.

Investments Generally. The Parent and the Borrower shall not, and shall not permit any Subsidiary or other Loan Party or any other Subsidiary to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b)Subsidiaries; (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfiedexistence; (c) Investments permitted under Section 9.4.in Unconsolidated Affiliates and other Persons that are not Subsidiaries, Development/Redevelopment Properties, Unimproved Land and Mortgage Receivables; (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among (i) the Parent and the Borrower and (ii) the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.310.3.; (f) Guarantees incurred by the Borrower or any Guarantor in respect of Unsecured Indebtedness of the Borrower, the Parent or any other Guarantor that is otherwise permitted by Section 10.3.; (g) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; and (gh) any other Investment so as long as a result of immediately prior to making such Investment, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence.

Investments Generally. The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled PropertySubsidiary, the terms and conditions set forth in Section 7.12. are satisfied; (c) Investments permitted under Section 9.4.; (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among the Borrower and its Wholly Owned Subsidiaries the other Loan Parties provided that (i) such Indebtedness is permitted by the terms of Section 9.3.; (ii) such Indebtedness is subordinated in right and time of payment to the Obligations and (iii) in the case of Indebtedness of the Borrower or any Guarantor to St. Xxx Finance Company, such Indebtedness shall be permitted only so long as (A) St. Xxx Finance Company remains at all times a Wholly Owned Subsidiary of the Borrower, (B) the assets of St. Xxx Finance Company consisting of the instruments and general intangibles relating to such Indebtedness are and remain subject to a first priority, perfected Lien pursuant to the Pledge Agreement for the benefit of the Lenders and the other Creditors (as defined in the Intercreditor Agreement) and (C) St. Xxx Finance Company incurs no Indebtedness to any Person other than the Borrower or any Guarantor; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; and (g) any other Investment so long as a result of immediately prior to making such Investment, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence.

Investments Generally. The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default has occurred and is then in existence continuing, and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.127.14. are satisfied; (c) Investments permitted under Section 9.4.9.1.(g); (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.3.this Agreement; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; and (g) any other Investment Investments so long as a result of making such Investment, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default has occurred and is then in existencecontinuing.

Investments Generally. The Parent and the Borrower shall not, and shall not permit any other Subsidiary, any Controlled Joint Venture Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries and Controlled Joint Venture Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b); (b) Investments to (x) acquire Equity Interests of in a Subsidiary or Controlled Joint Venture Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary or a Controlled Joint Venture Subsidiary, or (y) form a Subsidiary or a Controlled Joint Venture Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the applicable terms and conditions set forth in Section 7.12. are satisfied; (c) Investments in Joint Venture Subsidiaries that are not Controlled Joint Venture Subsidiaries or other Persons that are not Subsidiaries or Controlled Joint Venture Subsidiaries described in Section 9.4.(a) to the extent permitted under Section 9.4.9.4.(a); (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among the Borrower Parent and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.3.; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; (g) Investments in the Investment Subsidiaries to the extent permitted by Section 9.4.(b); and (gh) any other Investment so long as a result of immediately prior to making such Investment, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence.

Investments Generally. The Borrower shall Company will not, and shall will not permit the Parent or any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Execution Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Execution Date and disclosed on Part I of Schedule 6.1.(b)5.4; (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfiedexistence; (c) Investments permitted under Section 9.4.in neighborhood and community shopping centers, together with other business activities incidental thereto; (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among (1) the Borrower Parent and the Company and (2) the Company and its Wholly Wholly-Owned Subsidiaries Subsidiaries, provided that such Indebtedness is permitted by the terms of Section 9.3.10.7; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; (g) demand deposits, certificates of deposit, bankers acceptances and domestic and eurodollar time deposits with any commercial bank, trust company or national banking association incorporated under the laws of the United States or any State thereof; (h) short-term direct obligations of the United States of America or agencies thereof whose obligations are guaranteed by the United States of America; (i) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States or any State thereof; (j) shares of “money market funds” registered with the SEC under the Investment Company Act of 1940, as amended; (k) Properties and all direct or indirect interests in Properties, now or hereafter owned, leased or held by the Parent, the Company or any Subsidiary; (l) equity investments in any Person and investments in mortgage and notes receivable reimbursement agreements (to the extent obligations are payable under such reimbursement agreements), including interest payments thereunder, of the Parent, the Company or any Subsidiary in a Person; (m) Derivative Contracts made in connection with any Indebtedness; (n) provided no Default or Event of Default then exists or would result therefrom, repurchases of any common shares or other Equity Interests (or securities convertible into such interests) in the Parent; (o) redemptions for cash or common shares of the Parent or units of limited partnership interest in the Company; (p) Capitalized Lease Obligations; and (gq) any other Investment so long as a result of immediately prior to making such Investment, and immediately thereafter and after giving effect thereto, (1) no Default or Event of Default is or would be caused thereby, in existence and no other Major Default or Event of Default is then (2) the Company and the Parent are in existencecompliance with Section 10.3.

Investments Generally. The Parent and the Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b7.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfiedexistence; (c) Investments permitted under Section 9.4.7.1(u); (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among (i) the Parent and the Borrower and (ii) the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.310.3.; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; and; (g) demand deposits, certificates of deposit, bankers acceptances and domestic and eurodollar time deposits with any Lender, or any other commercial bank, trust company or national banking association incorporated under the laws of the United States or any State thereof (h) short-term direct obligations of the United States of America or agencies thereof whose obligations are guaranteed by the United States of America; (i) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States or any State thereof; (j) shares of “money market funds” registered with the Securities and Exchange Commission under the Investment so long Company Act of 1940; (k) Properties and all direct or indirect interests in Properties, now or hereafter owned, leased or held by the Parent, the Borrower or any Subsidiary; (l) equity investments in any Person and investments in mortgage and notes receivable reimbursement agreements (to the extent obligations are payable under such reimbursement agreements), including interest payments thereunder, of Parent, Borrower or any of their respective Subsidiaries in a Person; (m) Derivative Contracts made in connection with any Indebtedness; (n) repurchases of any common shares or other equity interests (or securities convertible into such interests) in the Parent which do not exceed, in any calendar year, (i) 10% of the aggregate outstanding common shares and other equity interests in the Parent as a result of making such Investmentthe date hereof, in any combination, plus (ii) 10% of the aggregate of any additional common shares and immediately thereafter and other equity interests in the Parent issued after giving effect theretothe date hereof, no Default in any combination; (o) redemptions for cash or Event common shares of Default is or would be caused thereby, and no other Major Default or Event the Parent of Default is then units of limited partnership interest in existence.the Borrower;

Investments Generally. The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b6.l.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfied; (c) Investments permitted under Section 9.4.; (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.3.; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; and (g) any other Investment so long as a result of making such Investment, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence.

Investments Generally. The Borrower shall not, and shall not permit the Parent or any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b7.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfiedexistence; (c) Investments permitted under of the type described in Section 9.4.7.1(u); (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among (i) the Parent and the Borrower and (ii) the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.310.3.; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; (g) demand deposits, certificates of deposit, bankers acceptances and domestic and eurodollar time deposits with any Lender, or any other commercial bank, trust company or national banking association incorporated under the laws of the United States or any State thereof; (h) short-term direct obligations of the United States of America or agencies thereof whose obligations are guaranteed by the United States of America; (i) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States or any State thereof; (j) shares of “money market funds” registered with the Securities and Exchange Commission under the Investment Company Act of 1940; (k) Properties and all direct or indirect interests in Properties, now or hereafter owned, leased or held by the Parent, the Borrower or any Subsidiary; (l) equity investments in any Person and investments in mortgage and notes receivable reimbursement agreements (to the extent obligations are payable under such reimbursement agreements), including interest payments thereunder, of Parent, Borrower or any of their respective Subsidiaries in a Person; (m) Derivative Contracts made in connection with any Indebtedness; (n) provided that no Default or Event of Default exists or would result therefrom, repurchases of any common shares or other Equity Interests (or securities convertible into such interests) in the Parent; (o) redemptions for cash or common shares of the Parent of units of limited partnership interest in the Borrower; (p) Capitalized Lease Obligations; and (gq) any other Investment so long as a result of immediately prior to making such Investment, and immediately thereafter and after giving effect thereto, (a) no Default or Event of Default is or would be caused therebyin existence, (b) the Borrower and Parent are in compliance with Section 8.4, and no other Major Default or Event of Default is then (c) such Investment does not violate the limitations established in existenceSection 10.1.(e).

Investments Generally. The Borrower shall notDirectly or indirectly, and shall not (i) acquire, make or purchase, or permit any Subsidiary of the Borrower to acquire, make or purchase, any investments in Non-Income Producing Assets that would cause the aggregate amount of all such investments in Non-Income Producing Assets to exceed 30% of the Aggregate Adjusted Assets at any time, or (ii) acquire, make or purchase, or permit any Subsidiary of the Borrower to acquire, make or purchase, any investments in any of the following that are Non-Income Producing Assets: (a) construction or development of new properties that will be capital properties of the Borrower or any of its Subsidiaries on completion unless the aggregate value of the investments of the Borrower and its Subsidiaries in such properties under development, after giving effect to the proposed investment in the construction or development, does not exceed 15% of Aggregate Adjusted Assets; (b) raw land for development, except (i) for existing properties with additional development or properties adjacent to existing properties of the Borrower for the purpose of the renovation or expansion of existing properties, or (ii) the development of new properties which will be capital property of the Borrower or its Subsidiaries, unless the aggregate value of the investments of the Borrower and its subsidiaries in raw land, excluding raw land under development, after giving effect to the proposed investment, does not exceed 10% of Aggregate Adjusted Assets; (c) mortgages and mortgage bonds (including participating or convertible mortgages) and similar instruments unless (i) the real property which is security therefor is income producing real property which otherwise meets the other Loan Party toinvestment guidelines of the Borrower; and (ii) the aggregate book value of the investments of the Borrower in mortgages, directly after giving effect to the proposed investment, does not exceed 15% of Aggregate Adjusted Assets; and (d) investments in joint ventures and/or the acquisition of non-controlling Equity Securities or indirectlyEquity Securities of any non-Wholly-Owned Subsidiary unless the value of such investments in aggregate does not exceed 20% of Aggregate Adjusted Assets. Notwithstanding the foregoing, the Borrower and its Subsidiaries may acquire, make or purchase any Investment, or permit any Investment investments in excess of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments percentages provided in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case clauses (i) as a result of such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if above, provided that any such Subsidiary is (or after giving effect to investments in excess of such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, percentages shall be excluded from the terms and conditions set forth calculation of the financial covenants in Section 7.12. are satisfied; 5.16 for all purposes (c) Investments permitted under Section 9.4.; (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.3.; (f) loans and advances to officers and employees i.e. (i) to finance their exercise of options to acquire stock such investment shall not be included in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course calculation of business consistent with past practices; and (g) any other Investment so long as a result of making such Investment, and immediately thereafter and after giving effect thereto, no Default Aggregate Adjusted Assets or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence.Unencumbered Aggregate Adjusted Assets,

Investments Generally. The Parent and the Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b7.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfiedexistence; (c) Investments permitted under of the type described in Section 9.4.7.1(u); (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among (i) the Parent and the Borrower and (ii) the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.310.3.; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; (g) demand deposits, certificates of deposit, bankers acceptances and domestic and eurodollar time deposits with any Lender, or any other commercial bank, trust company or national banking association incorporated under the laws of the United States or any State thereof; (h) short-term direct obligations of the United States of America or agencies thereof whose obligations are guaranteed by the United States of America; (i) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States or any State thereof; (j) shares of “money market funds” registered with the Securities and Exchange Commission under the Investment Company Act of 1940; (k) Properties and all direct or indirect interests in Properties, now or hereafter owned, leased or held by the Parent, the Borrower or any Subsidiary; (l) equity investments in any Person and investments in mortgage and notes receivable reimbursement agreements (to the extent obligations are payable under such reimbursement agreements), including interest payments thereunder, of Parent, Borrower or any of their respective Subsidiaries in a Person; (m) Derivative Contracts made in connection with any Indebtedness; (n) repurchases of any common shares or other equity interests (or securities convertible into such interests) in the Parent which do not exceed, in any calendar year, (i) 10% of the aggregate outstanding common shares and other equity interests in the Parent as of the date hereof, in any combination, plus (ii) 10% of the aggregate of any additional common shares and other equity interests in the Parent issued after the date hereof, in any combination; (o) redemptions for cash or common shares of the Parent of units of limited partnership interest in the Borrower; (p) Capitalized Lease Obligations; and (gq) any other Investment so long as a result of immediately prior to making such Investment, and immediately thereafter and after giving effect thereto, (a) no Default or Event of Default is or would be caused therebyin existence, (b) the Borrower and Parent are in compliance with Section 8.4, and no other Major Default or Event of Default is then (c) such Investment does not violate the limitations established in existenceSection 10.1(h).

Investments Generally. The Borrower shall not, and shall not permit the Parent or any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Effective Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Effective Date and disclosed on Part I of Schedule 6.1.(b7.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfiedexistence; (c) Investments permitted under of the type described in Section 9.4.7.1.(u); (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among (i) the Parent and the Borrower and (ii) the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.310.3.; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; (g) demand deposits, certificates of deposit, bankers acceptances and domestic and eurodollar time deposits with any Lender, or any other commercial bank, trust company or national banking association incorporated under the laws of the United States or any State thereof; (h) short-term direct obligations of the United States of America or agencies thereof whose obligations are guaranteed by the United States of America; (i) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States or any State thereof; (j) shares of “money market funds” registered with the Securities and Exchange Commission under the Investment Company Act of 1940; (k) Properties and all direct or indirect interests in Properties, now or hereafter owned, leased or held by the Parent, the Borrower or any Subsidiary; (l) equity investments in any Person and investments in mortgage and notes receivable reimbursement agreements (to the extent obligations are payable under such reimbursement agreements), including interest payments thereunder, of Parent, Borrower or any of their respective Subsidiaries in a Person; (m) Derivative Contracts made in connection with any Indebtedness; (n) provided that no Default or Event of Default exists or would result therefrom, repurchases of any common shares or other Equity Interests (or securities convertible into such interests) in the Parent; (o) redemptions for cash or common shares of the Parent of units of limited partnership interest in the Borrower; (p) Capitalized Lease Obligations; and (gq) any other Investment so long as a result of immediately prior to making such Investment, and immediately thereafter and after giving effect thereto, (a) no Default or Event of Default is or would be caused therebyin existence, (b) the Borrower and Parent are in compliance with Section 8.4, and no other Major Default or Event of Default is then (c) such Investment does not violate the limitations established in existenceSection 10.1.(e).

Investments Generally. The Borrower shall not, and shall not permit the Parent or any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b7.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfiedexistence; (c) Investments permitted under of the type described in Section 9.4.7.1(u); (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among (i) the Parent and the Borrower and (ii) the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.310.3.; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; (g) demand deposits, certificates of deposit, bankers acceptances and domestic and eurodollar time deposits with any Lender, or any other commercial bank, trust company or national banking association incorporated under the laws of the United States or any State thereof; (h) short-term direct obligations of the United States of America or agencies thereof whose obligations are guaranteed by the United States of America; (i) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States or any State thereof; (j) shares of “money market funds” registered with the Securities and Exchange Commission under the Investment Company Act of 1940; (k) Properties and all direct or indirect interests in Properties, now or hereafter owned, leased or held by the Parent, the Borrower or any Subsidiary; (l) equity investments in any Person and investments in mortgage and notes receivable reimbursement agreements (to the extent obligations are payable under such reimbursement agreements), including interest payments thereunder, of Parent, Borrower or any of their respective Subsidiaries in a Person; (m) Derivative Contracts made in connection with any Indebtedness; (n) repurchases of any common shares or other equity interests (or securities convertible into such interests) in the Parent which do not exceed, in any calendar year, (i) 10% of the aggregate outstanding common shares and other equity interests in the Parent as of the date hereof, in any combination, plus (ii) 10% of the aggregate of any additional common shares and other equity interests in the Parent issued after the date hereof, in any combination; (o) redemptions for cash or common shares of the Parent of units of limited partnership interest in the Borrower; (p) Capitalized Lease Obligations; and (gq) any other Investment so long as a result of immediately prior to making such Investment, and immediately thereafter and after giving effect thereto, (a) no Default or Event of Default is or would be caused therebyin existence, (b) the Borrower and Parent are in compliance with Section 8.4, and no other Major Default or Event of Default is then (c) such Investment does not violate the limitations established in existenceSection 10.1.(e).

Investments Generally. The Parent and the Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b7.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfiedexistence; (c) Investments permitted under Section 9.4.7.1(u); (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among (i) the Parent and the Borrower and (ii) the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.310.3.; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; (g) demand deposits, certificates of deposit, bankers acceptances and domestic and eurodollar time deposits with any Lender, or any other commercial bank, trust company or national banking association incorporated under the laws of the United States or any State thereof (h) short-term direct obligations of the United States of America or agencies thereof whose obligations are guaranteed by the United States of America; (i) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States or any State thereof; (j) shares of “money market funds” registered with the Securities and Exchange Commission under the Investment Company Act of 1940; (k) Properties and all direct or indirect interests in Properties, now or hereafter owned, leased or held by the Parent, the Borrower or any Subsidiary; (l) equity investments in any Person and investments in mortgage and notes receivable reimbursement agreements (to the extent obligations are payable under such reimbursement agreements), including interest payments thereunder, of Parent, Borrower or any of their respective Subsidiaries in a Person; (m) Derivative Contracts made in connection with any Indebtedness; (n) repurchases of any common shares or other equity interests (or securities convertible into such interests) in the Parent which do not exceed, in any calendar year, (i) 10% of the aggregate outstanding common shares and other equity interests in the Parent as of the date hereof, in any combination, plus (ii) 10% of the aggregate of any additional common shares and other equity interests in the Parent issued after the date hereof, in any combination; (o) redemptions for cash or common shares of the Parent of units of limited partnership interest in the Borrower; (p) Capitalized Lease Obligations; and (gq) any other Investment so long as a result of immediately prior to making such Investment, and immediately thereafter and after giving effect thereto, (a) no Default or Event of Default is or would be caused therebyin existence, (b) the Borrower and Parent are in compliance with Section 8.4, and no other Major Default or Event of Default is then (c) such Investment does not violate the limitations established in existenceSection 10.1(h).

Investments Generally. The Parent and the Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b7.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfiedexistence; (c) Investments permitted under of the type described in Section 9.4.7.1(u); (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among (i) the Parent and the Borrower and (ii) the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.310.3.; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; and; (g) demand deposits, certificates of deposit, bankers acceptances and domestic and eurodollar time deposits with any Lender, or any other commercial bank, trust company or national banking association incorporated under the laws of the United States or any State thereof; (h) short-term direct obligations of the United States of America or agencies thereof whose obligations are guaranteed by the United States of America; (i) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States or any State thereof; (j) shares of “money market funds” registered with the Securities and Exchange Commission under the Investment so long Company Act of 1940; (k) Properties and all direct or indirect interests in Properties, now or hereafter owned, leased or held by the Parent, the Borrower or any Subsidiary; (l) equity investments in any Person and investments in mortgage and notes receivable reimbursement agreements (to the extent obligations are payable under such reimbursement agreements), including interest payments thereunder, of Parent, Borrower or any of their respective Subsidiaries in a Person; (m) Derivative Contracts made in connection with any Indebtedness; (n) repurchases of any common shares or other equity interests (or securities convertible into such interests) in the Parent which do not exceed, in any calendar year, (i) 10% of the aggregate outstanding common shares and other equity interests in the Parent as a result of making such Investmentthe date hereof, in any combination, plus (ii) 10% of the aggregate of any additional common shares and immediately thereafter and other equity interests in the Parent issued after giving effect theretothe date hereof, no Default in any combination; (o) redemptions for cash or Event common shares of Default is or would be caused thereby, and no other Major Default or Event the Parent of Default is then units of limited partnership interest in existence.the Borrower;

Investments Generally. The Parent and the Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b7.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfiedexistence; (c) Investments permitted under of the type described in Section 9.4.7.1(u); (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among (i) the Parent and the Borrower and (ii) the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.310.3.; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; (g) demand deposits, certificates of deposit, bankers acceptances and domestic and eurodollar time deposits with any Lender, or any other commercial bank, trust company or national banking association incorporated under the laws of the United States or any State thereof; (h) short-term direct obligations of the United States of America or agencies thereof whose obligations are guaranteed by the United States of America; (i) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States or any State thereof; (j) shares of “money market funds” registered with the Securities and Exchange Commission under the Investment Company Act of 1940; (k) Properties and all direct or indirect interests in Properties, now or hereafter owned, leased or held by the Parent, the Borrower or any Subsidiary; (l) equity investments in any Person and investments in mortgage and notes receivable reimbursement agreements (to the extent obligations are payable under such reimbursement agreements), including interest payments thereunder, of Parent, Borrower or any of their respective Subsidiaries in a Person; (m) Derivative Contracts made in connection with any Indebtedness; (n) repurchases of any common shares or other equity interests (or securities convertible into such interests) in the Parent which do not exceed, in any calendar year, (i) 10% of the aggregate outstanding common shares and other equity interests in the Parent as of the date hereof, in any combination, plus (ii) 10% of the aggregate of any additional common shares and other equity interests in the Parent issued after the date hereof, in any combination; (o) redemptions for cash or common shares of the Parent of units of limited partnership interest in the Borrower; (p) Capitalized Lease Obligations; and (gq) any other Investment so long as a result of immediately prior to making such Investment, and immediately thereafter and after giving effect thereto, (a) no Default or Event of Default is or would be caused therebyin existence, (b) the Borrower and Parent are in compliance with Section 8.4., and no other Major Default or Event of Default is then (c) such Investment does not violate the limitations established in existenceSection 10.1.(h).

Investments Generally. The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b); (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfied; (c) Investments permitted under Section 9.49.3.; (d) Investments in Cash Equivalents; (e) intercompany Indebtedness among the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of Section 9.39.2.; (f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; and (g) any other Investment so long as a result of immediately prior to making such Investment, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be caused therebyin existence, and no other Major including without limitation, a Default or Event of Default resulting from a violation of Section 7.4. Notwithstanding the foregoing, the Borrower shall not, and shall not permit any Subsidiary to, directly or indirectly, acquire, make or purchase any Investment that is then an Equity Interest in existenceHPT or SNH, or permit any such Investment to be outstanding on and after the Agreement Date, other than the Investments set forth on Schedule 9.4.