Permitted Holdings. Borrower’s and EQR’s primary business will be the ownership, operation and development of multifamily residential property (including conversions to condominiums) and any other business activities of Borrower, EQR and Subsidiaries of either or both will remain incidental thereto. Notwithstanding the foregoing, Borrower, EQR and Subsidiaries of either or both may acquire or maintain Permitted Holdings if and so long as the aggregate value of Permitted Holdings, whether held directly or indirectly (but without duplication) by Borrower, EQR and/or their Subsidiaries, does not exceed, at any time, thirty-five percent (35%) of Gross Asset Value of Borrower and EQR as a whole.
Appears in 5 contracts
Samples: Revolving Credit Agreement (Equity Residential), Credit Agreement (Equity Residential), Credit Agreement (Erp Operating LTD Partnership)
Permitted Holdings. Borrower’s and EQR’s primary business will be the ownership, operation and development of multifamily residential property (including conversions to condominiums) and any other business activities of Borrower, EQR and Subsidiaries of either or both will remain incidental thereto. Notwithstanding the foregoing, Borrower, EQR and Subsidiaries of either or both may acquire or maintain Permitted Holdings if and so long as the aggregate value of Permitted Holdings, whether held directly or indirectly (but without duplication) by Borrower, EQR and/or their Subsidiaries, does not exceed, at any time, thirty-five thirty percent (3530%) of Gross Asset Value of Borrower and EQR as a whole.
Appears in 3 contracts
Samples: Revolving Credit Agreement (Equity Residential), Revolving Credit Bridge Agreement (Equity Residential), Revolving Credit Agreement (Equity Residential)
