Common use of Partnerships, Etc Clause in Contracts

Partnerships, Etc. Become a general partner in any general or limited partnership or joint venture, or permit any of its Restricted Subsidiaries to do so; provided, however, that notwithstanding the foregoing, the Borrower and any other Loan Party may (1) be a general or limited partner in any general or limited partnership, (2) be a member or manager of, or hold a limited liability company interest in, a limited liability company, (3) be a joint venturer or hold a joint venture interest in any joint venture or (4) make and maintain equity investments in real estate portfolios and Persons which own or manage commercial real estate (each a “Restricted Investment”), provided that each of the following requirements is met: (i) the Loan Party making the Investment shall, to the extent permitted by applicable investment contracts and other documents relating to such Investment, grant and cause to be perfected a first priority security interest or other first lien position (except for Permitted Liens) of the Loan Party’s interest in the property constituting the Restricted Investment; (ii) the nature of the Investment and the Person or property subject to the Investment shall not result in the Loan Party becoming directly or contingently liable for any obligations of such Person or related to such property in excess of the amount of the Investment, nor shall the Investment constitute a direct investment by the Loan Party in real property or real property improvements; and (iii) no Default exists at the time such Restricted Investment is made or would occur as a result of such Restricted Investment.

Partnerships, Etc. Become a general partner in any general or limited partnership or joint venture, or permit any of its Restricted Subsidiaries to do so; provided, however, that notwithstanding the foregoing, the Borrower and any other Loan Party may (1) be a general or limited partner in any general or limited partnership, (2) be a member or manager of, or hold a limited liability company interest in, a limited liability company, (3) be a joint venturer or hold a joint venture interest in any joint venture or (4) make and maintain equity investments in real estate portfolios and Persons which own or manage commercial real estate (each a “Restricted Investment”"RESTRICTED INVESTMENT"), provided that each of the following requirements is met: (i) the Loan Party making the Investment shall, to the extent permitted by applicable investment contracts and other documents relating to such Investment, grant and cause to be perfected a first priority security interest or other first lien position (except for Permitted Liens) of the Loan Party’s 's interest in the property constituting the Restricted Investment; (ii) the nature of the Investment and the Person or property subject to the Investment shall not result in the Loan Party becoming directly or contingently liable for any obligations of such Person or related to such property in excess of the amount of the Investment, nor shall the Investment constitute a direct investment by the Loan Party in real property or real property improvements; and (iii) no Default exists at the time such Restricted Investment is made or would occur as a result of such Restricted Investment.

Partnerships, Etc. Become Except as provided for in the Approved Budget, become a general partner in any general or limited partnership or joint venture, or permit any of its Restricted Subsidiaries to do so; provided, however, that notwithstanding the foregoing, but subject to the limitations on Investments set forth in Section 5.02(f), the Borrower and any other Loan Party may (1) be a general or limited partner in any general or limited partnership, (2) be a member or manager of, or hold a limited liability company interest in, a limited liability company, (3) be a joint venturer or hold a joint venture interest in any joint venture or (4) make and maintain existing equity investments in real estate portfolios and Persons which own or manage commercial real estate (each a “Restricted Investment”), provided that each of the following requirements is met: (i) the Loan Party making the Investment shall, to the extent permitted by applicable investment contracts and other documents relating to such Investment, grant and cause to be perfected a first priority security interest or other first lien position (except for Permitted Liens) of the Loan Party’s interest in the property constituting the Restricted Investment; (ii) the nature of the Investment and the Person or property subject to the Investment shall not result in the Loan Party becoming directly or contingently liable for any obligations of such Person or related to such property in excess of the amount of the Investment, nor shall the Investment constitute a direct investment by the Loan Party in real property or real property improvements; and; (iii) no Default exists at the time such Restricted Investment is made or would occur as a result of such Restricted Investment; and (iv) under no circumstances shall the aggregate amount of such Restricted Investments made after the Effective Date exceed $3,000,000.