Real Estate Investments. The Borrower will not, and will not permit any Consolidated Subsidiary to, make any Real Estate Investment; other than reasonable costs incurred in accordance with the Real Estate Plan.
Real Estate Investments. Subject to the Investment Guidelines and the other provisions of this Agreement, the Advisor shall cause the Fund to invest the Managed Assets in real property and in interests in real property of whatever nature, and in personal property, both tangible and intangible, which is directly or indirectly associated or connected with the use of real property, including, without limitation, direct or indirect investments in real estate, including investments in the form of interests in corporations, limited liability companies, partnerships and other joint ventures having an equity interest in real property, real estate investment trusts, ground leases, tenant-in-common interests, participating mortgages, convertible mortgages or other debt instruments convertible into equity interests in real property by the terms thereof, options to purchase real estate, real property purchase-and-leaseback transactions and other transactions and investments with respect to real estate (“Real Estate Investments”). The Advisor shall have full discretion with respect to the acquisition, financing, management and disposition of such Real Estate Investments, subject only to compliance with the Investment Guidelines and the terms and conditions of this Agreement.
Real Estate Investments. Make any investment or commitment to invest in real estate or in any real estate development project, other than real estate acquired in satisfaction of defaulted mortgage loans and investments or commitments approved prior to the date of this Agreement and disclosed in writing to Parent.
Real Estate Investments. The Borrower will not, and will not permit any Consolidated Subsidiary to, make any Real Estate Investment; other than:
(i) the Peekskill Facility, and (ii) incurring reasonable costs associated with the Peekskill Facility and any other real property owned by the Borrower or any Consolidated Subsidiary on the date hereof in accordance with the Real Estate Plan.
11. Section 5.19 of the Credit Agreement is hereby amended its entirety to read as follows:
Real Estate Investments. 61 Section 5.17. Purchase of Assets; Investments..........................................................61
Real Estate Investments. The Borrower will not, and will not permit any Consolidated Subsidiary to, make any Real Estate Investment if, after giving effect thereto, the cumulative amount of Net Real Estate Investments made (i) at any time during the period beginning January 1, 1996 and ending December 31, 1996 shall exceed $4,000,000 or (ii) during any fiscal year thereafter shall exceed $4,000,000 plus 25% of the amount, if any, by which the Net Real Estate Investments made during the preceding period were less than the applicable limitation specified above for such period. For purposes of this Section, the cumulative amount of "Net Real Estate Investments" made during any period, as measured at any date during such period, is the aggregate amount of Real Estate Investments made by the Borrower and its Consolidated Subsidiaries from and including the first day of such period to and including such date, less the sum of all cash or cash equivalent payments received by the Borrower or one of its Consolidated Subsidiaries, as the case may be, in respect of Real Estate Investments from and including the first day of such period to and including such date.
Real Estate Investments. (i) Section 8.1(g) of the Company Disclosure Letter sets forth a true, correct and complete list, as of the date hereof, of the street addresses and tax parcel number (or its equivalent) of all the real property pertaining to a NV JV Project that is owned directly or indirectly by a NV JV Entity (“NV JV Real Property”).
(ii) Except in each case as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, to the Knowledge of the Company: (A) each NV JV Entity (or its subsidiary) has good and marketable fee simple title to the NV JV Real Property, free and clear of all Liens, except Permitted Liens; and (B) neither the Company nor any of its Subsidiaries has received written notice of any pending and, to the Knowledge of the Company, there is no threatened, condemnation with respect to any NV JV Real Property.
(iii) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, to the Knowledge of the Company: (A) each NV JV Real Property is (1) in good operating condition, subject to normal wear and tear, (2) regularly and properly maintained consistent with reasonably prudent industry practice and standards; (3) free from any material defects or deficiencies; (4) suitable for the conduct of the business of the applicable NV JV Entity as presently conducted; and (B) neither the operation of the applicable NV JV Entity and any of its subsidiaries on the NV JV Real Property nor such NV JV Real Property, including the improvements thereon, violate in any material respect any applicable lease, building code, zoning requirement or statute relating to such property or operations thereon, and any such non-violation is not dependent on so-called non-conforming use exceptions.
(iv) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect to the Knowledge of the Company, there are no rights of first refusal, options to purchase or other agreements granting to any Person any right to obtain title to all or any material portion of any NV JV Real Property.
Real Estate Investments. The Borrower will not, and will not permit any Consolidated Subsidiary to, make any Real Estate Investment at any time if, after giving effect thereto, (i) the aggregate cumulative amount of Real Estate Investments made during any period set forth below shall exceed the amount set forth below opposite such period (in each case, with Real Estate Investments determined on a gross basis and not, for example, net of any proceeds received in respect of any Real Estate Investments): Maximum Amount of Period Real Estate Investments ------ ----------------------- 10/1/96 - 11/22/96 $1,500,000 1/1/96 - 12/31/96 $12,000,000 1/1/97 - 1/31/97 $2,000,000
Real Estate Investments. The Guarantor shall procure that at least 90 per cent of the Investments made by the Guarantor's group each financial year constitutes Real Estate Investments.
Real Estate Investments. The Borrower will not, and will not permit any Consolidated Subsidiary to, make any Real Estate Investment if, after giving effect thereto, the aggregate amount of all Real Estate Investments (determined on a gross basis and not, for example, net of any proceeds received in respect of any Real Estate Investments) made by the Borrower or any of its
