Common use of Permitted Holdings Clause in Contracts

Permitted Holdings. AMB LP’s primary business will not be substantially different from that conducted by AMB LP on the Closing Date and shall include the ownership, operation and development of Real Property Assets and any other business activities of AMB LP and its Subsidiaries will remain incidental thereto. Notwithstanding the foregoing, Borrower and its Subsidiaries may acquire or maintain Permitted Holdings if and so long as the aggregate value of Permitted Holdings (excluding Foreign Property Interests that are not Development Activity), whether held directly or indirectly by AMB LP does not exceed, at any time, twenty-five percent (25%) of Total Asset Value of AMB LP unless a greater percentage is approved by the Majority Banks (which approval shall not be unreasonably withheld, conditioned or delayed), provided, however, AMB LP and its Subsidiaries may not acquire or maintain Unimproved Assets (excluding Table of Contents Foreign Property Interests) if and to the extent that the aggregate value of such Unimproved Assets, whether held directly or indirectly by AMB LP exceeds, at any time, seven and one-half percent (7.50%) of Total Asset Value of AMB LP unless a greater percentage is approved by the Required Banks (which approval shall not be unreasonably withheld, conditioned or delayed). For purposes of calculating the foregoing percentage, the value of Unimproved Assets shall be calculated based upon the book value thereof, determined in accordance with GAAP.

Permitted Holdings. AMB LP’s Borrower's primary business will not be substantially different from that conducted by AMB LP Borrower on the Closing Date and shall include the ownership, operation and development of Real Property Assets and any other business activities of AMB LP Borrower and its Subsidiaries will remain incidental thereto. Notwithstanding the foregoing, Borrower and its Subsidiaries may acquire or maintain Permitted Holdings if and so long as the aggregate value of Permitted Holdings (excluding Foreign Property Interests that are not Development Activity), whether held directly or indirectly by AMB LP Borrower does not exceed, at any time, twenty-five percent (25%) of Total Asset Value of AMB LP Borrower unless a greater percentage is approved by the Majority Banks (which approval shall not be unreasonably withheld, conditioned or delayed), provided, however, AMB LP Borrower and its Subsidiaries may not acquire or maintain Unimproved Assets (excluding Table of Contents Foreign Property Interests) if and to the extent that the aggregate value of such Unimproved Assets, whether held directly or indirectly by AMB LP Borrower exceeds, at any time, seven and one-half five percent (7.505%) of Total Asset Value of AMB LP Borrower unless a greater percentage is approved by the Required Banks (which approval shall not be unreasonably withheld, conditioned or delayed). For purposes of calculating the foregoing percentage, the value of Unimproved Assets shall be calculated based upon the book value thereof, determined in accordance with GAAP.

Permitted Holdings. AMB LP’s The Credit Parties' primary business will not be substantially different from that conducted by AMB LP Guarantor on the Closing Date and shall include the ownership, operation and development of Real Property Assets and any other business activities of AMB LP the Credit Parties and its their Subsidiaries will remain incidental thereto. Notwithstanding the foregoing, Borrower the Credit Parties and its their Subsidiaries may acquire or maintain Permitted Holdings if and so long as the aggregate value of Permitted Holdings (excluding Foreign Property Interests that are not Development Activity), whether held directly or indirectly by AMB LP a Credit Party does not exceed, at any time, twenty-five percent (25%) of Total Asset Value of AMB LP unless a greater percentage is approved by the Majority Banks (which approval shall not be unreasonably withheld, conditioned or delayed), provided, however, AMB LP the Credit Parties and its their Subsidiaries may not acquire or maintain Unimproved Assets (excluding Table of Contents Foreign Property Interests) if and to the extent that the aggregate value of such Unimproved Assets, whether held directly or indirectly by AMB LP a Credit Party exceeds, at any time, seven and one-one half percent (7.507 1/2%) of Total Asset Value of AMB LP unless a greater percentage is approved by the Required Banks (which approval shall not be unreasonably withheld, conditioned or delayed). For purposes of calculating the foregoing percentage, the value of Unimproved Assets shall be calculated based upon the book value thereof, determined in accordance with GAAP.

Permitted Holdings. AMB LP’s The Credit Parties' primary business will not be substantially different from that conducted by AMB LP Guarantor on the Closing Date and shall include the ownership, operation and development of Real Property Assets and any other business activities of AMB LP the Credit Parties and its their Subsidiaries will remain incidental thereto. Notwithstanding the foregoing, Borrower the Credit Parties and its their Subsidiaries may acquire or maintain Permitted Holdings if and so long as the aggregate value of Permitted Holdings (excluding Foreign Property Interests that are not Development Activity), whether held directly or indirectly by AMB LP a Credit Party does not exceed, at any time, twenty-five percent (25%) of Total Asset Value of AMB LP unless a greater percentage is approved by the Majority Banks (which approval shall not be unreasonably withheld, conditioned or delayed), provided, however, AMB LP the Credit Parties and its their Subsidiaries may not acquire or maintain Unimproved Assets (excluding Table of Contents Foreign Property Interests) if and to the extent that the aggregate value of such Unimproved Assets, whether held directly or indirectly by AMB LP a Credit Party exceeds, at any time, seven and one-one half percent (7.507.5%) of Total Asset Value of AMB LP unless a greater percentage is approved by the Required Banks (which approval shall not be unreasonably withheld, conditioned or delayed). For purposes of calculating the foregoing percentage, the value of Unimproved Assets shall be calculated based upon the book value thereof, determined in accordance with GAAP.

Permitted Holdings. AMB LP’s Borrower's primary business will not be substantially different from that conducted by AMB LP Borrower on the Closing Date and shall include the ownership, operation and development of Real Property Assets and any other business activities of AMB LP Borrower and its Subsidiaries will remain incidental thereto. Notwithstanding the foregoing, Borrower and its Subsidiaries may acquire or maintain Permitted Holdings if and so long as the aggregate value of Permitted Holdings (excluding Foreign Property Interests that are not Development Activity), whether held directly or indirectly by AMB LP Borrower does not exceed, at any time, twenty-five percent (25%) of Total Asset Value of AMB LP Borrower unless a greater percentage is approved by the Majority Banks (which approval shall not be unreasonably withheld, conditioned or delayed), provided, however, AMB LP Borrower and its Subsidiaries may not acquire or maintain Unimproved Assets (excluding Table of Contents Foreign Property Interests) if and to the extent that the aggregate value of such Unimproved Assets, whether held directly or indirectly by AMB LP Borrower exceeds, at any time, seven and one-half percent (7.50%) of Total Asset Value of AMB LP Borrower unless a greater percentage is approved by the Required Banks (which approval shall not be unreasonably withheld, conditioned or delayed). For purposes of calculating the foregoing percentage, the value of Unimproved Assets shall be calculated based upon the book value thereof, determined in accordance with GAAP.