Common use of Loans Receivable Clause in Contracts

Loans Receivable. The Borrower will not and will not permit any Subsidiary to knowingly make or have outstanding at any time to any third party, any advance or loan of any kind other than: (a) any loan secured by mortgages on real estate and not exceeding eighty per cent (80%) of the value of the real estate as of the date the mortgage is incurred and as appraised by a nationally recognized appraiser on or about such date; (b) any loan from the Borrower to any of its Subsidiaries or from a Subsidiary of the Borrower to another Subsidiary of the Borrower or from a Subsidiary to the Borrower; provided, that (i) such loans shall be made only in the ordinary course of business, (ii) any such loan from a Subsidiary to the Borrower shall be subordinated in all respects to the Borrower’s Debt to the Banks on such terms and conditions as may be satisfactory to the Banks, and (iii) Borrower shall not cause or permit any Subsidiary to take any action to enforce payment of any loan made by the Subsidiary to another Subsidiary without the prior written consent of the Banks; (c) any advance or loan made in the normal course of business of acquiring properties for, or selling or developing properties of, the Borrower or any Subsidiary; (d) any Permitted Non-Affiliate Loan, provided, that (i) such Permitted Non-Affiliate Loan is secured either by (A) a pledge of all or substantially all of the equity interests in the Non-Affiliated Entity that owns the Non-Affiliate Construction Project or (B) a first or second priority mortgage lien on the Non-Affiliate Construction Project, and (ii) the aggregate outstanding principal amount of all such Permitted Non-Affiliate Loans shall not exceed $200,000,000 at any time; and (e) any Indebtedness, whether secured or unsecured, issued by non-affiliated third parties to FCCC as lender, up to a maximum principal amount outstanding at any time of $200,000,000. For purposes of calculating the maximum principal amount of Indebtedness outstanding on the relevant date of calculation, the following Indebtedness that is outstanding on such date of calculation will not be included in such calculation: (i) any Indebtedness that FCCC has assigned to other non-affiliated third parties, (ii) any fully-funded, non-revolving Indebtedness that FCCC has participated out to non-affiliated third parties, but only to the extent such Indebtedness has been insured by the Federal Housing Administration (or any successor to such agency), and (iii) the aggregate principal amount of all loans made by FCCC to non-affiliated third parties as permitted by Section 8.06(a) of this Agreement.

Loans Receivable. The Borrower will not and will not permit any Subsidiary to knowingly make or have outstanding at any time to any third party, any advance or loan of any kind other than: (a) any loan secured by mortgages on real estate, or a pledge of direct or indirect equity interests in a real estate owning entity, and not exceeding eighty per cent percent (80%) of the value of the real estate as of the date the mortgage is incurred and as appraised by a nationally recognized an experienced appraiser on or about such date; (b) any loan from the Borrower to any of its Subsidiaries or from a Subsidiary of the Borrower to another Subsidiary of the Borrower or from a Subsidiary to the Borrower; provided, that (i) such loans shall be made only in the ordinary course of business, (ii) any such loan from a Subsidiary to the Borrower shall be subordinated in all respects to the Borrower’s Debt to the Banks on such terms and conditions as may be satisfactory to the Banks, and (iii) Borrower shall not cause or permit any Subsidiary to take any action to enforce payment of any loan made by the Subsidiary to another Subsidiary without the prior written consent of the BanksIntercompany Loans permitted under Section 8.16 hereof; (c) any advance or loan made in the normal course of business of acquiring properties for, or selling or developing properties of, the Borrower or any Subsidiary; (d) any Permitted Non-Affiliate Non‑Affiliate Loan, provided, that (i) such Permitted Non-Affiliate Non‑Affiliate Loan is secured either by (A) a pledge of all or substantially all of the equity interests in the Non-Affiliated Non‑Affiliated Entity that owns the Non-Affiliate Non‑Affiliate Construction Project or (B) a first or second priority mortgage lien on the Non-Affiliate related Non‑Affiliate Construction Project, and (ii) the aggregate outstanding principal amount of all such Permitted Non-Affiliate Non‑Affiliate Loans shall not exceed Two Hundred Million Dollars ($200,000,000 200,000,000) at any time; and (e) any Indebtedness, whether secured or unsecured, issued by non-affiliated third parties to FCCC or FCL (or such other Subsidiary or Subsidiaries of the Borrower as the Agent may approve in writing in its reasonable discretion) as lender, up to a maximum principal amount outstanding at any time of Two Hundred Million Dollars ($200,000,000) in the aggregate. For purposes of calculating the maximum principal amount of such Indebtedness outstanding on the relevant date of calculation, the following Indebtedness that is outstanding on such date of calculation will not be included in such calculation: (i) any Indebtedness that FCCC or FCL (or any such other Subsidiary so approved in writing by the Agent) has assigned to other non-affiliated third parties, (ii) any fully-funded, non-revolving Indebtedness that FCCC or FCL (or any such other Subsidiary so approved in writing by the Agent) has participated out to non-affiliated third parties, but only to the extent such Indebtedness has been insured by the Federal Housing Administration Administration, Government National Mortgage Association or any other similar government-sponsored entity (or any successor to any such agency), and (iii) the aggregate principal amount of all loans made by FCCC or FCL (or any such other Subsidiary so approved in writing by the Agent) to non-affiliated third parties as permitted by Section 8.06(a) of this Agreementhereof.

Loans Receivable. The Borrower will not and will not permit any Subsidiary to knowingly make or have outstanding at any time to any third party, any advance or loan of any kind other than: (a) any loan secured by mortgages on real estate, or a pledge of direct or indirect equity interests in a real estate owning entity, and not exceeding eighty per cent percent (80%) of the value of the real estate as of the date the mortgage is incurred and as appraised by a nationally recognized an experienced appraiser on or about such date; (b) any loan from the Borrower to any of its Subsidiaries or from a Subsidiary of the Borrower to another Subsidiary of the Borrower or from a Subsidiary to the Borrower; provided, that (i) such loans shall be made only in the ordinary course of business, (ii) any such loan from a Subsidiary to the Borrower shall be subordinated in all respects to the Borrower’s Debt to the Banks on such terms and conditions as may be satisfactory to the Banks, and (iii) other than in connection with a transaction that satisfies the requirements of Section 8.05(e) hereof or any loan permitted by this Section 8.06(b) which loan is made solely for the purpose of generating or facilitating the generation of External Capital and to which the Agent shall have provided its prior written consent (including as to any material modifications to the terms thereof), Borrower shall not cause or permit any Subsidiary to take any action to enforce payment of any loan made by the such Subsidiary to another Subsidiary or the Borrower without the prior written consent of the Required Banks; (c) any advance or loan made in the normal course of business of acquiring properties for, or selling or developing properties of, the Borrower or any Subsidiary; (d) any Permitted Non-Affiliate Loan, provided, that (i) such Permitted Non-Affiliate Loan is secured either by (A) a pledge of all or substantially all of the equity interests in the Non-Affiliated Entity that owns the Non-Affiliate Construction Project or (B) a first or second priority mortgage lien on the related Non-Affiliate Construction Project, and (ii) the aggregate outstanding principal amount of all such Permitted Non-Affiliate Loans shall not exceed Two Hundred Million Dollars ($200,000,000 200,000,000) at any time; and (e) any Indebtedness, whether secured or unsecured, issued by non-affiliated third parties to FCCC (or such other Subsidiary or Subsidiaries of the Borrower as the Agent may approve in writing in its reasonable discretion) as lender, up to a maximum principal amount outstanding at any time of Two Hundred Million Dollars ($200,000,000). For purposes of calculating the maximum principal amount of such Indebtedness outstanding on the relevant date of calculation, the following Indebtedness that is outstanding on such date of calculation will not be included in such calculation: (i) any Indebtedness that FCCC (or any such other Subsidiary of the Borrower so approved in writing by the Agent) has assigned to other non-affiliated third parties, (ii) any fully-funded, non-revolving Indebtedness that FCCC (or any such other Subsidiary of the Borrower so approved in writing by the Agent) has participated out to non-affiliated third parties, but only to the extent such Indebtedness has been insured by the Federal Housing Administration (or any successor to such agency), and (iii) the aggregate principal amount of all loans made by FCCC (or any such other Subsidiary of the Borrower so approved in writing by the Agent) to non-affiliated third parties as permitted by Section 8.06(a) of this Agreementhereof.

Loans Receivable. The Borrower will not and will not permit any Subsidiary to knowingly make or have outstanding at any time to any third party, any advance or loan of any kind other than: (a) any loan secured by mortgages on real estate, or a pledge of direct or indirect equity interests in a real estate owning entity, and not exceeding eighty per cent percent (80%) of the value of the real estate as of the date the mortgage is incurred and as appraised by a nationally recognized an experienced appraiser on or about such date; (b) any loan from the Borrower to any of its Subsidiaries or from a Subsidiary of the Borrower to another Subsidiary of the Borrower or from a Subsidiary to the Borrower; provided, that (i) such loans shall be made only in the ordinary course of business, (ii) any such loan from a Subsidiary to the Borrower shall be subordinated in all respects to the Borrower’s Debt to the Banks on such terms and conditions as may be satisfactory to the Banks, and (iii) other than in connection with a transaction that satisfies the requirements of Section 8.05(e) hereof or any loan permitted by this Section 8.06(b) to which the Agent shall have provided its prior written consent (including as to any material modifications to the terms thereof), Borrower shall not cause or permit any Subsidiary to take any action to enforce payment of any loan made by the such Subsidiary to another Subsidiary or the Borrower without the prior written consent of the Required Banks; (c) any advance or loan made in the normal course of business of acquiring properties for, or selling or developing properties of, the Borrower or any Subsidiary; (d) any Permitted Non-Affiliate Loan, provided, that (i) such Permitted Non-Affiliate Loan is secured either by (A) a pledge of all or substantially all of the equity interests in the Non-Affiliated Entity that owns the Non-Affiliate Construction Project or (B) a first or second priority mortgage lien on the related Non-Affiliate Construction Project, and (ii) the aggregate outstanding principal amount of all such Permitted Non-Affiliate Loans shall not exceed Two Hundred Million Dollars ($200,000,000 200,000,000) at any time; and (e) any Indebtedness, whether secured or unsecured, issued by non-affiliated third parties to FCCC or FCL (or such other Subsidiary or Subsidiaries of the Borrower as the Agent may approve in writing in its reasonable discretion) as lender, up to a maximum principal amount outstanding at any time of Two Hundred Million Dollars ($200,000,000) in the aggregate. For purposes of calculating the maximum principal amount of such Indebtedness outstanding on the relevant date of calculation, the following Indebtedness that is outstanding on such date of calculation will not be included in such calculation: (i) any Indebtedness that FCCC or FCL (or any such other Subsidiary of the Borrower so approved in writing by the Agent) has assigned to other non-affiliated third parties, (ii) any fully-funded, non-revolving Indebtedness that FCCC or FCL (or any such other Subsidiary of the Borrower so approved in writing by the Agent) has participated out to non-affiliated third parties, but only to the extent such Indebtedness has been insured by the Federal Housing Administration Administration, Government National Mortgage Association or any other similar government-sponsored entity (or any successor to any such agency), and (iii) the aggregate principal amount of all loans made by FCCC or FCL (or any such other Subsidiary of the Borrower so approved in writing by the Agent) to non-affiliated third parties as permitted by Section 8.06(a) of this Agreementhereof.