Common use of Parent Covenants Clause in Contracts

Parent Covenants. The Parent will: (a) own, directly or indirectly, all of the general partner interests in the Lead Borrower and, once acquired, will not sell or transfer any of its limited partner interests in the Lead Borrower (provided other limited partners may sell or transfer their respective limited partner interests, subject to compliance with Section 9.14 below); (b) maintain management and control of Borrower; (c) conduct substantially all of its operations through Lead Borrower or one or more of Lead Borrower’s Subsidiaries; (d) comply with all Legal Requirements to maintain, and, after its initial election, will at all times elect, qualify as and maintain, its status as a real estate investment trust under Section 856(c)(i) of the Code; and (e) promptly contribute to the Lead Borrower the net proceeds of any stock sales or debt offerings.

Parent Covenants. The Parent will: (a) own, directly or indirectly, all of the general partner limited liability company interests in the Lead Borrower and, once acquired, will not sell or transfer any of its direct or indirect limited partner interests in the Lead Borrower (provided other limited partners may sell or transfer their respective limited partner interests, subject to compliance with Section 9.14 below); (b) maintain management and control of Borrower; (c) conduct substantially all of its operations through Lead Borrower or Borrower, the OP and/or one or more of Lead Borrower’s Subsidiaries; (d) comply with all Legal Requirements to maintain, and, after its initial election, will at all times elect, qualify as and maintain, its status as a real estate investment trust under Section 856(c)(i) of the Code; and (e) promptly contribute to the Lead Borrower the net proceeds of any stock sales or debt offerings.

Parent Covenants. The Parent will: (a) own, directly or indirectly, all of the general partner interests in the Lead Borrower and, once acquired, will not sell or transfer any of its limited partner interests in the Lead Borrower (provided other limited partners may sell or transfer their respective limited partner interests, subject to compliance with Section 9.14 below); (b) maintain management and control of Borrower; (c) conduct substantially all of its operations through Lead Borrower or and one or more of Lead Borrower’s Subsidiaries; (d) comply with all Legal Requirements to maintain, and, after its initial election, will at all times elect, qualify as and maintain, its status as a real estate investment trust under Section 856(c)(i) of the Code; and (e) promptly contribute to the Lead Borrower the net proceeds of any stock sales or debt offerings.

Parent Covenants. The Parent will: (a) own, directly or indirectly, all of the general partner interests in the Lead Borrower and, once acquired, will not sell or transfer any of its limited partner interests in the Lead Borrower (provided other limited partners may sell or transfer their respective limited partner interests, subject to compliance with Section 9.14 below); (b) maintain management and control of Borrower; (c) conduct substantially all of its operations through Lead Borrower or one or more of Lead Borrower’s Subsidiaries; (d) comply with all Legal Requirements to maintain, and, after its initial election, will at all times elect, qualify as and maintain, its status as a real estate investment trust under Section 856(c)(i) of the Code; and (e) promptly contribute to the Lead Borrower the net proceeds of any stock sales or debt offerings, except as may be otherwise provided under the Bridge Loan.

Parent Covenants. The Parent will: (a) own, directly or indirectly, all of the general partner interests in the Lead Borrower and, once acquired, will not sell or transfer any of its limited partner interests in the Lead Borrower (provided other limited partners may sell or transfer their respective limited partner interests, subject to compliance with Section 9.14 below); (b) maintain management and control of Borrower; (c) conduct substantially all of its operations through Lead Borrower or and one or more of Lead Borrower’s Subsidiaries; (d) comply with all Legal Requirements to maintain, and, after its initial election, will at all times elect, qualify as and maintain, its status as a real estate investment trust under Section 856(c)(i) of the Code; and (e) promptly contribute to the Lead Borrower the net proceeds of any stock sales or debt offerings.

Parent Covenants. The Parent will: (a) own, directly or indirectly, all of the general partner interests in the Lead Borrower and, once acquired, will not sell or transfer any of its limited partner interests in the Lead Borrower (provided other limited partners may sell or transfer their respective limited partner interests, subject to compliance with Section 9.14 below); (b) maintain management and control of Borrower; (c) conduct substantially all of its operations through Lead Borrower or and one or more of Lead Borrower’s Subsidiaries; (d) comply with all Legal Requirements to maintain, and, after its initial election, will at all times elect, qualify as and maintain, its status as a real estate investment trust under Section 856(c)(i) of the Code; and (e) promptly contribute to the Lead Borrower the net proceeds of any stock sales or debt offerings, except as may otherwise be provided in the Pledge.