REOC Status. The Company shall conduct its affairs in such manner that the Company shall qualify as a “real estate operating company” (“REOC”) within the meaning of Department of Labor regulations set forth at 29 C.F.R. Section 2510.3-101(e) or any successor to such regulation (the “Plan Asset Regulations”) and relevant authority interpreting the Plan Asset Regulations. In furtherance of the foregoing, the Company (i) hereby establishes the 90-day period commencing on December 1 of each year as its annual valuation period, (ii) shall on one day during each annual valuation period, have a percentage of its assets invested in real estate which is managed or developed and with respect to which the Company has the right to substantially participate in the management or development activities to the extent required to maintain the Company’s status as a REOC under the Plan Asset Regulations, and (iii) shall engage, through its own employees or through independent contractors in such real estate management or development activities with respect to its real estate investments to the extent required to maintain its status as a REOC. The Members consent and agree to take no action which prevents the Company from maintaining its status as a REOC.
REOC Status. Borrower is a “real estate operating company” (a “REOC”) as defined in the Department of Labor regulations, located at 29 C.F.R. Section 2510.3-101 and shall at all times qualify as a
REOC Status. The Operating Partnership is, at all times since its creation has been, and will continue to be a real estate operating company ("REOC") (as such term is defined in 29 CFR 2510.3-101(e)).
REOC Status. Borrower has, at all times since the date of its first investment, satisfied all of the requirements set forth in 29 C.F.R. § 2510.3-101(e) to qualify as a “real estate operating company,” as defined in such regulation (a “REOC”).
REOC Status. The Company is intended to be a "real estate operating company" (a "REOC") as that term is defined in 29 C.F.R. Section 2510.3-101(e). The Member will conduct the affairs and operations of the Company in such a manner that the Company will qualify as an REOC.
REOC Status. Allow the Partnership to lose its status as an "operating company" under U. S. Department of Labor Regulation Section 2510.3-101, 29 C.F.R. ss.2550.3-101.
REOC Status. Purchaser warrants and represents to each Partner ----------- that the Limited Partnership is a "real estate operating company," within the meaning of the regulations issued by the United States Department of Labor at section 2510.3-101 of part 2510 of chapter XXV, title 29 of the United States Code of Federal Regulations.
REOC Status. The Company shall conduct its business in such fashion that the representations made in Section 3.18 of this Agreement remain true and correct after the Closing Date. The Company covenants and warrants that it will comply with all requirements, and take all actions and cause its subsidiaries to take all actions necessary, to maintain its status as a "real estate operating company" as such term is defined in 29 C.F.R. Section 2510.3-101. Specifically, but without limitation, the Company covenants that it has or it will establish an "annual valuation period", which will be an annual period of no more than 90 days that will begin no later than the anniversary of the REOC Qualification Date, and that on at least one day within each annual valuation period, the Company will maintain the investment of at least 50 percent of its assets (other than short-term investments pending long-term commitment or distribution to investors), valued at cost, in real estate which is under active development or management by the Company as described above. The Company also covenants to devote substantial resources to the management of the real estate it owns, and continuously to remain actively engaged in the management or development of real estate in the ordinary course of its business. The Company agrees to cooperate with Buyer and to furnish such additional information as may be reasonably requested by Buyer to evidence the actions indicated above.
REOC Status. The Company and the Operating Partnership have been organized and operated in conformity with the requirements for qualification as a “real estate operating company” (a “REOC”) under ERISA, and the current and proposed method of operation of the Company, the Operating Partnership and its subsidiaries will enable the Company to meet the requirements for qualification as a REOC under ERISA; the Company agrees to use its reasonable best efforts to continue to qualify as a REOC for all subsequent years, neither the Company nor the Operating Partnership knows of any event that could reasonably be expected to cause the Company to fail to qualify as a REOC at any time.
REOC Status. BPP shall conduct its business in such fashion that the representations made in Section 3.2(q) of this Agreement remain true and correct after the Closing Date. BPP covenants and warrants that it will comply with all requirements, and take all actions and cause it subsidiaries to take all actions necessary, to maintain its status as a "real estate operating company" as such term is defined in 29 C.F.R. Section 2510.3-101. Specifically, but without limitation, BPP covenants that it has or it will establish an "annual valuation period", which will be an annual period of no more than 90 days that will begin no later than the anniversary of the REOC Qualification Date, and that on at least one day within each annual valuation period, BPP will maintain the investment of at least 50 percent of its assets (other than short-term investments pending long-term commitment or distribution to investors), valued at cost, in real estate which is under active development or management by BPP as described above. BPP also covenants to devote substantial resources to the management of the real estate it owns, and continuously to remain actively engaged in the management or development of real estate in the ordinary course of its business. BPP agrees to cooperate with the Contributors and to furnish such additional information as may be reasonably requested by the Contributors to evidence the actions indicated above.
