Common use of Restrictions on Investments Clause in Contracts

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower; (b) demand deposits, certificates of deposit, bank acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” if rated by Xxxxx’x, and not less than “A-1” if rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 hereto; (e) Investments by the Borrower in a Securitization Entity in connection with Permitted Securitizations, provided that such Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted Securitization; (f) Investments consisting of accounts receivable owing to the Borrower and its Subsidiaries in the ordinary course of business and payable or dischargeable in accordance with customary terms; (g) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).

Appears in 2 contracts

Samples: Revolving Credit Agreement (SeaCube Container Leasing Ltd.), Revolving Credit Agreement (SeaCube Container Leasing Ltd.)

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Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so-called “overseas private investment corporations”); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’x, and not less than “A-1A 1” if rated by S&P; (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter in connection with the acquisition and development of Permitted Properties by the Borrower in a Securitization Entity in connection with Permitted Securitizationsor any Wholly-owned Subsidiary of the Borrower, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in Real Estate Assets under Development (including all development costs) will not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment; and Investments are used exclusively in raw land intended to be developed by the Borrower or any Wholly-owned Subsidiary of the Borrower for use as a Permitted Property, provided that the purpose aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Borrower for which the Borrower has any funding obligation) and other related assets newly financed or Refinanced under such Permitted SecuritizationWholly-owned Subsidiary at any time in raw land will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment; (f) any Investments consisting now or hereafter made in any Wholly-owned Subsidiary; and Investments now or hereafter made in any Partially-Owned Entity (or other Person for which the Borrower has any funding obligation) so long as such Investment is made in connection with Permitted Properties and provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in any Partially-Owned Entity (or other such Person) will not exceed twenty percent (20%) of the Consolidated Gross Asset Value at the time of any such Investment; and (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business;; and (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (lh) Investments by the Borrower in Mortgage Notes, provided that the aggregate investment in such Mortgage Notes will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment. In no event shall the aggregate of Investments made pursuant to subclauses (e), (f), (g) and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 (h) above exceed twenty-five percent (25%) of Consolidated Gross Asset Value at any time outstanding so long as neither time. Notwithstanding the foregoing, the Trust shall be permitted to make and maintain Investments in the Borrower nor and the Trust shall contribute to the Borrower, promptly upon, and in any event within 3 Business Days of, the Trust’s receipt thereof, 100% of its other Restricted Subsidiaries is required to make additional Investments the aggregate proceeds received by the Trust in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 offering of stock or debt in the aggregate; and Trust (n) shares net of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities fees and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that expenses customarily incurred in such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oofferings).

Appears in 2 contracts

Samples: Senior Secured Term Loan Agreement (First Potomac Realty Trust), Senior Secured Term Loan Agreement (First Potomac Realty Trust)

Restrictions on Investments. The Borrower Obligors will not, and will not permit any of its Restricted Subsidiaries Subsidiary to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrowerpurchase; (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” "P 1" if rated by Xxxxx’xXxxxx'x, not less than "A1" if rated by S&P and not less than “A-1” "F1" if rated by S&PFitch; (d) Investments existing on the date of Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 10.3 hereto; (e) Investments by so long as no Default or Event of Default has occurred and is continuing or would occur after giving effect thereto, acquisitions of Real Estate consisting of self storage facilities, warehouses and mini-warehouses and the Borrower in a Securitization Entity in connection with Permitted Securitizationsequity of Persons whose primary operations consist of the ownership, provided development, operation and management of self storage facilities, warehouses and mini-warehouses; provided, however that (i) the Obligors shall not, and shall not permit any Subsidiary to, acquire any such Investments are used exclusively Real Estate without the prior written consent of the Required Holders if the environmental investigation for such Real Estate determines that the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases potential environmental remediation costs and other related assets newly financed environmental liabilities associated with such Real Estate exceed $200,000; and (ii) the Obligors shall not permit any of their Subsidiaries which is not a Subsidiary Guarantor, or Refinanced under which does not become a Subsidiary Guarantor, or which is not a Qualified Subsidiary, to acquire any Unencumbered Property, and in all cases such Permitted SecuritizationSubsidiary Guarantor or Qualified Subsidiary shall be a wholly owned Subsidiary of SALP or Sovran; (f) any Investments consisting now or hereafter made in any Subsidiary; (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries in the Borroweradvances to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business; (ih) any other Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising made in the ordinary course of business and consistent with past business practices in a manner with prior practices, in an aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) 20,000,000 outstanding at any time outstandingtime; (i) interest rate xxxxxx in connection with Debt; (j) shares of so-called "money market funds" registered with the SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest principally in marketable direct or guaranteed obligations of the United States of America and agencies and instrumentalities thereof, and have total assets in excess of $50,000,000; (k) Investments pursuant to transactions consisting of Distributions permitted under §9.5.1;Section 10.7(a) hereof; and (l) Investments by consisting of the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries Sovran Treasury Stock not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; 25% (mby value) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities consolidated assets of Sovran, for purposes of Regulations U and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction X of the Administrative Agent to provide to the Administrative Agent, for the benefit Board of Governors of the Lenders and Federal Reserve System. For the Administrative Agentavoidance of doubt, a first priority perfected security interest, free Sovran Treasury Stock shall not be deemed to constitute an asset of all Liens the Obligors for any other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o)purpose hereunder.

Appears in 2 contracts

Samples: Note Purchase Agreement (Sovran Acquisition LTD Partnership), Note Purchase Agreement (Sovran Self Storage Inc)

Restrictions on Investments. The Neither the Borrower nor the Parent will, nor will not, and will not either of them permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the BorrowerBorrower or its Subsidiary; (b) marketable direct obligations of any of the following: Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency or instrumentality of the United States of America; (c) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000100,000,000.00; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000.00 will not exceed $200,000.00; (cd) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that State which at the time of purchase have been are rated and the ratings for which are by Xxxxx’x Investors Service, Inc. or by Standard & Poor’s Corporation at not less than “P-1P 1” if then rated by Xxxxx’xXxxxx’x Investors Service, Inc., and not less than “A-1” A 1”, if then rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretoStandard & Poor’s Corporation; (e) Investments mortgage-backed securities guaranteed by the Borrower in a Securitization Entity in connection with Permitted SecuritizationsGovernment National Mortgage Association, provided that such Investments are used exclusively for the purpose of financing Federal National Mortgage Association or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Federal Home Loan Mortgage Corporation and other related assets newly financed mortgage-backed bonds which at the time of purchase are rated by Xxxxx’x Investors Service, Inc. or Refinanced under such Permitted Securitizationby Standard & Poor’s Corporation at not less than “Aa” if then rated by Xxxxx’x Investors Service, Inc. and not less than “AA” if then rated by Standard & Poor’s Corporation; (f) Investments consisting of accounts receivable owing to the Borrower repurchase agreements having a term not greater than ninety (90) days and its Subsidiaries fully secured by securities described in the ordinary course foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (c) or with financial institutions or other corporations having total assets in excess of business and payable or dischargeable in accordance with customary terms$500,000,000.00; (g) Investments by shares of so-called “money market funds” registered with the Borrower and its Restricted Subsidiaries SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest principally in investments described in the Borrower, any foregoing subsections (a) through (f) and have total assets in excess of its Restricted Subsidiaries or in the Capital Stock of any Person$50,000,000.00; (h) Investments received the acquisition of fee interests by the Borrower or its Subsidiaries in connection with the bankruptcy or reorganization of(i) Real Estate which is utilized for income-producing office, or settlement of delinquent accounts industrial, manufacturing, distribution, retail, medical/healthcare, data center and disputes with, customers, lessees and suppliers arising flex properties located in the ordinary course continental United States or the District of businessColumbia and businesses and investments incidental thereto, and (ii) subject to the restrictions set forth in this §8.3, the acquisition of Land Assets to be developed for the foregoing purposes; (i) Investments constituting expenditures for any purchase by Borrower in Subsidiaries that are directly or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of indirectly one hundred percent (100%) owned by the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic LeaseBorrower; (j) Investments constituting loans and advances to officers and employees in Land Assets, provided that the aggregate Investment therein shall not exceed five percent (5%) of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstandingConsolidated Total Asset Value; (k) Investments pursuant to transactions permitted under in Mortgage Receivables secured by properties of the type described in §9.5.18.3(h)(i), provided that the aggregate Investment therein shall not exceed five percent (5%) of Consolidated Total Asset Value; (l) Investments by in non-wholly owned Subsidiaries and Unconsolidated Affiliates, provided that the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries aggregate Investment therein shall not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any exceed ten percent (10%) of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000Consolidated Total Asset Value; (m) other Investments in Construction in Progress for properties of the type described in §8.3(h)(i), provided that the aggregate construction and development budget for Construction in Progress (including land) shall not exceeding $5,000,000 in the aggregateexceed ten percent (10%) of Consolidated Total Asset Value; and (n) shares Investments by Parent in Second Lien Mortgage Receivables and Mezzanine Loans, provided that the aggregate Investment therein shall not exceed five percent (5%) of money market funds that are subject to Consolidated Total Asset Value. Notwithstanding the risk limiting conditions of Rule 2a-7 or any successor rule foregoing, in no event shall the aggregate value of the Securities holdings of the Borrower, any Guarantor and Exchange Commission under their Subsidiaries in the Investments described in §8.3(j)-(n) exceed thirty percent (30%) of Consolidated Total Asset Value at any time. For the purposes of this §8.3, a property shall be considered Construction in Progress until the issuance of a permanent certificate of occupancy for such property or phase thereof. For the purposes of this §8.3, the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to Borrower, any Guarantor or their Subsidiaries in any Unconsolidated Affiliates will equal (without duplication) the Administrative Agent, for the benefit sum of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) such Person’s pro rata share of amounts Construction in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor AgreementProgress of their Unconsolidated Affiliates, plus (ii) such Person’s pro rata share of proceeds of Collateral, and their Unconsolidated Affiliate’s Investment in Land Assets; plus (iii) such Person’s pro rata share of any other Investments referred to in §9.3(o)valued at the lower of GAAP book value or market value.

Appears in 2 contracts

Samples: Credit Agreement (Gladstone Commercial Corp), Credit Agreement (Gladstone Commercial Corp)

Restrictions on Investments. The Borrower No Borrower, Guarantor, or Subsidiary will not, and will not permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrowerpurchase; (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” "P 1" if rated by Xxxxx’xMxxxx'x, and not less than “A-1” "A 1" if rated by S&P; (d) Investments existing on the Closing Restatement Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 9.3(d) hereto; (e) So long as no Default or Event of Default has occurred and is continuing or would occur after giving effect thereto, acquisitions of Real Estate consisting of self storage facilities, warehouses and mini-warehouses and the equity of Persons whose primary operations consist of the ownership, development, operation and management of self storage facilities, warehouses and mini-warehouses; provided, however that (i) the Borrowers shall not, and shall not permit any Guarantor or any of its Subsidiaries to, acquire any such Real Estate without the prior written consent of the Administrative Agent if the environmental investigation for such Real Estate determines that the potential environmental remediation costs and other environmental liabilities associated with such Real Estate exceed $200,000; and (ii) the Borrowers shall not permit any of their Subsidiaries which is not a Borrower or a Guarantor, or which does not become a Borrower or a Guarantor, to acquire any Unencumbered Property, and in all cases such Guarantor shall be a wholly-owned Subsidiary of SALP or Sovran; (i) any Investments now or hereafter made in any Subsidiary other than a Designated Subsidiary; (ii) any Investments now or hereafter made in all Designated Subsidiaries identified in clauses (a) through (e) of the definition of "Designated Subsidiaries," in the aggregate not to exceed the lesser of (x) 1.5% of Gross Asset Value or (y) $15,000,000, at any time; and (iii) Investments in each of the Designated Subsidiaries identified in clauses (f) through (o) of the definition of "Designated Subsidiaries," in an amount (including assumed debt) not greater than that set forth for such Designated Subsidiary in Schedule 7.19, provided, that, in the case of each Designated Subsidiary described in this clause (iii): (A) when the mortgage debt of such Designated Subsidiary is repaid, whether at maturity or pursuant to a prepayment right or obligation, the Borrowers shall cause such Designated Subsidiary either (1) to execute and deliver a Subsidiary Guaranty required by § 8.14 in connection therewith, or (2) transfer all of the Borrower in a Securitization Entity property of such Designated Subsidiary to one of the Borrowers, and (B) the Borrowers will not permit any of such Designated Subsidiaries (1) to refinance or extend the maturity of any of the mortgage debt assumed by it in connection with Permitted Securitizationsthe Cornerstone Acquisition, provided that such Investments are used exclusively for or (2) to incur any additional mortgage debt, or (3) to engage in any activity other than the purpose ownership and operation of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted Securitizationthe property acquired by it in the Cornerstone Acquisition; (fg) Investments consisting in respect of (i) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (ii) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (giii) Investments by the Borrower and its Restricted Subsidiaries in the Borroweradvances to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (iv) prepaid expenses made in the ordinary course of business; (ih) any other Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising made in the ordinary course of business and consistent with past business practices in a manner with prior practices, in an aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) 10,000,000 outstanding at any time outstandingtime; (i) a Hedge Agreement or other interest rate hxxxxx in connection with Indebtedness; (j) shares of so-called "money market funds" registered with the SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest principally in marketable direct or guaranteed obligations of the United States of America and agencies and instrumentalities thereof, and have total assets in excess of $50,000,000; (k) Investments pursuant to transactions consisting of Distributions permitted under §9.5.19.7(a) hereof; (l) Investments by consisting of the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries Sovran Treasury Stock not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; 25% (mby value) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities consolidated assets of Sovran, for purposes of Regulations U and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction X of the Administrative Agent to provide to the Administrative Agent, for the benefit Board of Governors of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments Federal Reserve System (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o7.17 hereof). For the avoidance of doubt, Sovran Treasury Stock shall not be deemed to constitute an asset of the Borrowers for any other purpose hereunder.

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc), Revolving Credit and Term Loan Agreement (Sovran Acquisition LTD Partnership)

Restrictions on Investments. The Neither the Borrower nor the Guarantors will, nor will not, and will not they permit any of its Restricted their respective Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower, such Guarantor or such Subsidiary; (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000100,000,000; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000 will not exceed $200,000; (c) repurchase agreements having a term not greater than ninety (90) days and fully secured by securities commonly known as “commercial paper” issued by a corporation organized and existing under described in the laws foregoing subsection (a) or (b) with banks described in the foregoing subsection (b) or with financial institutions or other corporations having total assets in excess of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” if rated by Xxxxx’x, and not less than “A-1” if rated by S&P$500,000,000; (d) Investments existing on shares of so-called “money market funds” registered with the Closing Date hereof SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest principally in its Subsidiaries, joint ventures investments described in the foregoing subsections (a) through (c) and partnerships or listed on Schedule 9.3 heretohave total assets in excess of $50,000,000; (e) Investments by the Borrower in a Securitization Entity in connection with Permitted Securitizations, provided that such Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted Securitizationits Wholly Owned Subsidiaries; (f) Investments consisting of accounts receivable owing to the Borrower and its Subsidiaries by REIT in the ordinary course of business Borrower, in its Wholly Owned Subsidiaries and payable other Subsidiaries (provided that any interest in such Subsidiaries not owned by REIT shall be owned directly or dischargeable in accordance with customary termsindirectly by Borrower); (g) Investments the acquisition of fee interests or long-term ground lease interests by the REIT, Borrower and its Restricted or their respective Subsidiaries in the Borrower(i) Real Estate which are Stabilized Properties utilized for income-producing multifamily Real Estate and (ii) acquisitions of multifamily properties or condominium projects to be converted to multifamily properties which have certificates of occupancy but are not yet Stabilized Properties but which are expected to become Stabilized Properties within twenty-four (24) months following acquisition, any of its Restricted Subsidiaries or in each case located in the Capital Stock of any Personcontinental United States and businesses and investments incidental thereto (including ancillary attached retail); (h) Investments received by the REIT, Borrower or their respective Subsidiaries in connection with Unimproved Land; provided that the bankruptcy or reorganization of, or settlement aggregate Investments therein shall not at any time exceed ten percent (10%) of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of businessConsolidated Total Asset Value at any time; (i) Investments constituting expenditures for by the REIT, Borrower or their respective Subsidiaries in Development Properties which are being developed as income-producing multifamily properties; provided that the aggregate Investments therein shall not at any purchase or other acquisition time exceed fifteen percent (15%) of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic LeaseConsolidated Total Asset Value; (j) Investments constituting loans and advances to officers and employees of by the REIT, Borrower or its their respective Subsidiaries arising in non-Wholly Owned Subsidiaries and Unconsolidated Entities; provided that the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding Investments therein shall not to exceed Five Million Dollars ($5,000,000) at any time outstandingexceed fifteen percent (15%) of Consolidated Total Asset Value; (k) Investments pursuant to transactions permitted under §9.5.1by the REIT, Borrower or their respective Subsidiaries in Mortgage Notes; provided that the aggregate Investment therein shall not at any time exceed five percent (5%) of Consolidated Total Asset Value; (l) Investments by the REIT, Borrower and its Restricted or their respective Subsidiaries in Unrestricted Subsidiaries Stock Investments; provided that the aggregate Investments therein shall not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any exceed five percent (5%) of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000;Consolidated Total Asset Value; and (m) Investments by the REIT, Borrower or their respective Subsidiaries in Real Estate other than Real Estate described in §8.3(g), (h) and (i); provided that the aggregate Investments therein shall not exceeding $5,000,000 at any time exceed five percent (5%) of Consolidated Total Asset Value. Notwithstanding the foregoing, in no event shall the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered aggregate Investments permitted by under clauses (h), (i), (j), (k), (l) and (m) of this §9.3 only if all actions have been taken to 8.3 exceed twenty-five percent (25%) of Consolidated Total Asset Value at any time. Notwithstanding the satisfaction of foregoing, in no event shall the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders aggregate Investments by REIT and the Administrative Agent, a first priority perfected security interest, free of all Liens its Subsidiaries (other than Permitted Liens, in all of such Investments through Borrower and its Subsidiaries) permitted under this §8.3 exceed twenty percent (i20%) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o)Consolidated Total Asset Value at any time.

Appears in 2 contracts

Samples: Term Loan Agreement (Mid-America Apartments, L.P.), Term Loan Agreement (Mid-America Apartments, L.P.)

Restrictions on Investments. The Borrower will notNone of the Borrower, and will not permit BPI, or any of its Restricted their respective Subsidiaries to, will make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one two (12) year years from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so called “overseas private investment corporations”); (b) (x) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000, (y) mutual funds and (z) other Investments which are rated by S&P as BBB or better or by Xxxxx’x as Baa2 or better; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’x, and not less than “A-1A 1” if rated by S&P; (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships the SEC Filings or listed on Schedule 9.3 heretoin the financial statements referred to in §7.4; (e) other Investments by the Borrower in a Securitization Entity hereafter in connection with the acquisition and development of Permitted Securitizations, provided that such Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases Properties and other related assets newly financed or Refinanced under such Permitted SecuritizationReal Estate Assets (other than with respect to Real Estate Assets Under Development which are covered by clause (f), below, and subject to any applicable limitations contained in clause (l) below); (f) Investments consisting in Development Costs in Real Estate Assets Under Development; (g) Investments in Subsidiaries (other than Wholly-owned Subsidiaries) and/or Partially-Owned Entities (other than with respect to Development Costs in Real Estate Assets under Development which are covered by clause (f), above), including, without limitation, preferred equity investments in and loans to such Subsidiaries and Partially-Owned Entities; (h) any Investments now or hereafter made in any Wholly-owned Subsidiary; (i) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business; (ij) shares of so-called “money market funds” registered with the SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest principally in marketable direct or guaranteed obligations of the United States of America and agencies and instrumentalities thereof, and have total assets in excess of $50,000,000; (k) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of made by the Borrower and its Subsidiaries prepared in accordance with GAAP businesses which are not in the business of commercial real estate so long as such businesses have real estate related purposes or such Investments are in connection with any permitted Synthetic Lease; (j) a real estate related transaction, including, without limitation, Investments constituting loans in Mezzanine Loans, Mortgages, contracts for the management of real estate assets for third parties unrelated to the Borrower, and advances to officers swaps, capped calls, xxxxxx and employees of other derivatives and similar or dissimilar hedging instruments entered into by the Borrower or its Subsidiaries arising in the ordinary course of business for the purpose of mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by the Borrower, or changes in the value of securities issued by the Borrower, and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1as an investment for purposes of speculation; (l) Investments made, directly or indirectly, by the Borrower in Real Estate Assets which are not office properties (including as “office properties” for such purpose, office, industrial, research and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at development, technology and laboratory properties and other properties and facilities which are ancillary to any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection such property investment, mixed-use properties that include office and retail and/or residential space and mixed-use developments that contain one or more office buildings and one or more buildings with any Unrestricted Subsidiaries thatretail and/or residential space (collectively, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oProperties”)).

Appears in 2 contracts

Samples: Credit Agreement (Boston Properties LTD Partnership), Credit Agreement (Boston Properties LTD Partnership)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from or any country which is a member of the date of purchase by the BorrowerOECD; (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of (i) United States or Canadian banks having total assets in excess of $1,000,000,000 or (ii) a commercial bank organized under the laws of any other country which is a member of the OECD, or a political subdivision of such country, and having total assets in excess of $1,000,000,000, provided that such bank is acting through a branch or agency located in the country in which its is organized or another country which is a member of the OECD; (ci) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America denominated in Dollars, euros, British pounds sterling or any state thereof that Canadian dollars which at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’x, and not less than “A-1A 1” if rated by S&P; and (ii) securities commonly known as “short-term bank notes” issued by any Lender denominated in Dollars or any such other currency which at the time of purchase have been rated and the ratings for which are not less than “P 2” if rated by Xxxxx’x, and not less than “A 2” if rated by S&P; (d) Investments existing on the Closing Effective Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 6.3 hereto; (e) Investments with respect to Indebtedness permitted by §6.1(k) hereof so long as such entities remain Subsidiaries of the Borrower in a Securitization Entity in connection with Permitted Securitizations, provided that such Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted SecuritizationBorrower; (f) Investments consisting taxable or tax-exempt securities which at the time of accounts receivable owing to purchase have been rated and the Borrower ratings for which are not less than A 3 if rated by Xxxxx’x, and its Subsidiaries in the ordinary course of business and payable or dischargeable in accordance with customary termsnot less than A- if rated by S&P; (g) Investments by consisting of loans and advances to employees of the Borrower and its Restricted Subsidiaries in or any Subsidiary of the Borrower, any of its Restricted Subsidiaries or not exceeding $10,000,000 in the Capital Stock of aggregate at any Personone time outstanding; (h) Investments received options to invest in connection with or to lease real property to be used in the bankruptcy operations of the Borrower or reorganization of, any Subsidiary of the Borrower; (i) guaranties by endorsement of negotiable instruments for deposit or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising collection or similar transactions effected in the ordinary course of business; (i) Investments constituting expenditures for the Borrower’s or any purchase or other acquisition Subsidiary’s guaranty of the Indebtedness of any asset which would be classified as a fixed Subsidiary or capital asset on a consolidated balance sheet the Borrower, and (ii) any other Investments by the Borrower or any Subsidiary of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees Subsidiary of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).;

Appears in 2 contracts

Samples: Credit Agreement (Staples Inc), Credit Agreement (Staples Inc)

Restrictions on Investments. The No Borrower will notshall purchase or acquire, and will not permit or make any commitment therefor, any Capital Stock, or other obligations of its Restricted Subsidiaries toany other Person, or make or permit commit to exist make any acquisition under 8.4, or make or commit to remain outstanding make any Investment except Investments advance, loan, guarantee, assumption of debt, extension of credit or capital contribution to or any other investment in: (a) , any other Person, other than: marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower; (b) purchase; demand deposits, insured deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks or Eligible Foreign Lenders having total assets unimpaired capital and surplus in excess of $1,000,000,000; (c) 1,000,000,000 or, in the case of a Lender under this Agreement, $250,000,000; securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” "P 1" if rated by Xxxxx’xXxxxx'x Investors Service, Inc., and not less than “A-1” "A 1" if rated by S&P; (d) Investments existing on Standard and Poor's Rating Group; extensions of credit in the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 hereto; (e) Investments by the Borrower in a Securitization Entity in connection with Permitted Securitizations, provided that such Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted Securitization; (f) Investments consisting nature of accounts receivable owing to or notes receivable arising from the Borrower and its Subsidiaries in the ordinary course sale or lease of business and payable goods or dischargeable in accordance with customary terms; (g) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising services in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset ; investments existing on a consolidated balance sheet of the Borrower date hereof and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting listed on Schedule 8.3; loans and advances and equity investments by any Borrower to officers and another existing Borrower; investments permitted under 8.4; loans to employees of the Borrower Parent for the purpose of financing such employees' acquisition of equity of the Parent (through the exercise of stock options or its Subsidiaries arising otherwise) or for relocation, travel and entertainment costs and expenses in the ordinary course of business and in a manner with prior practices, in an aggregate principal amount outstanding not to exceed Five Million Dollars ($5,000,000) 5,000,000 at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by ; the Borrower Evergreen Shares and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding the Evergreen Option; provided that the Parent may only exercise the Evergreen Option so long as neither the Borrower nor sum of the total cash consideration paid by the Parent for the Evergreen Shares and any additional shares of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to Evergreen acquired by the Parent resulting from the exercise of the Evergreen Option does not exceed twelve million dollars ($40,000,000; (m12,000,000) other Investments not exceeding $5,000,000 in the aggregate; and investments in trust funds securing closure and post- closure obligations of any Borrower relating to any landfill owned or operated by such Borrower; and formation and funding of a Receivables SPV in connection with a Permitted Receivables Transaction in an amount not to exceed $1,000,000. in addition to investments permitted under clauses (na) shares through (k) above, other investments not otherwise permitted hereunder in an aggregate amount not to exceed the greater of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts ($40,000,000 and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and two percent (iii2%) of Investments referred to in §9.3(oConsolidated Total Assets, at any time outstanding; provided, that none of the Borrowers shall make any investments under clauses (i)., (k) or (l) above unless both before and after giving effect thereto there does not exist a Default or Event of Default and no Default or Event of Default would be created by the making of such investment ..

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Waste Connections Inc/De)

Restrictions on Investments. The Neither the Borrower nor the Guarantors will, nor will not, and will not they permit any of its Restricted their respective Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower, such Guarantor or such Subsidiary; (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000100,000,000; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000 will not exceed $200,000; (c) repurchase agreements having a term not greater than ninety (90) days and fully secured by securities commonly known as “commercial paper” issued by a corporation organized and existing under described in the laws foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (b) or with financial institutions or other corporations having total assets in excess of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” if rated by Xxxxx’x, and not less than “A-1” if rated by S&P$500,000,000; (d) Investments existing on shares of so-called “money market funds” registered with the Closing Date hereof SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest principally in its Subsidiaries, joint ventures investments described in the foregoing subsections (a) through (d) and partnerships or listed on Schedule 9.3 heretohave total assets in excess of $50,000,000; (e) Investments by the Borrower in a Securitization Entity in connection with Permitted Securitizations, provided that such Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted Securitizationits Wholly Owned Subsidiaries; (f) Investments consisting of accounts receivable owing to the Borrower and its Subsidiaries by REIT in the ordinary course of business Borrower, in its Wholly Owned Subsidiaries and payable other Subsidiaries (provided that any interest in such Subsidiaries not owned by REIT shall be owned directly or dischargeable in accordance with customary termsindirectly by Borrower); (g) Investments the acquisition of fee interests or long-term ground lease interests by the REIT, Borrower and its Restricted or their respective Subsidiaries in the Borrower(i) Real Estate which are Stabilized Properties utilized for income-producing multifamily Real Estate and (ii) acquisitions of multifamily properties or condominium projects to be converted to multifamily properties which have certificates of occupancy but are not yet Stabilized Properties but which are expected to become Stabilized Properties within twenty-four (24) months following acquisition, any of its Restricted Subsidiaries or in each case located in the Capital Stock of any Personcontinental United States and businesses and investments incidental thereto (including ancillary attached retail); (h) Investments received by the REIT, Borrower or their respective Subsidiaries in connection with Unimproved Land; provided that the bankruptcy or reorganization of, or settlement aggregate Investments therein shall not at any time exceed ten percent (10%) of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of businessConsolidated Total Asset Value at any time; (i) Investments constituting expenditures for by the REIT, Borrower or their respective Subsidiaries in Development Properties which are being developed as income-producing multifamily properties; provided that the aggregate Investments therein shall not at any purchase or other acquisition time exceed fifteen percent (15%) of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic LeaseConsolidated Total Asset Value; (j) Investments constituting loans and advances to officers and employees of by the REIT, Borrower or its their respective Subsidiaries arising in non-Wholly Owned Subsidiaries and Unconsolidated Entities; provided that the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding Investments therein shall not to exceed Five Million Dollars ($5,000,000) at any time outstandingexceed fifteen percent (15%) of Consolidated Total Asset Value; (k) Investments pursuant to transactions permitted under §9.5.1by the REIT, Borrower or their respective Subsidiaries in Mortgage Notes; provided that the aggregate Investment therein shall not at any time exceed five percent (5%) of Consolidated Total Asset Value; (l) Investments by the REIT, Borrower and its Restricted or their respective Subsidiaries in Unrestricted Subsidiaries Stock Investments; provided that the aggregate Investments therein shall not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any exceed five percent (5%) of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000;Consolidated Total Asset Value; and (m) Investments by the REIT, Borrower or their respective Subsidiaries in Real Estate other than Real Estate described in §8.3(g), (h) and (i); provided that the aggregate Investments therein shall not exceeding $5,000,000 at any time exceed five percent (5%) of Consolidated Total Asset Value. Notwithstanding the foregoing, in no event shall the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered aggregate Investments permitted by under clauses (h), (i), (j), (k), (l) and (m) of this §9.3 only if all actions have been taken to 8.3 exceed twenty-five percent (25%) of Consolidated Total Asset Value at any time. Notwithstanding the satisfaction of foregoing, in no event shall the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders aggregate Investments by REIT and the Administrative Agent, a first priority perfected security interest, free of all Liens its Subsidiaries (other than Permitted Liens, in all of such Investments through Borrower and its Subsidiaries) permitted under this §8.3 exceed twenty percent (i20%) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o)Consolidated Total Asset Value at any time.

Appears in 1 contract

Samples: Credit Agreement (Mid America Apartment Communities Inc)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so called “overseas private investment corporations”); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (ci) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’x, and not less than “A-1A 1” if rated by S&P and (ii) investments, classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have a rating of not less than “P 1” if rated by Xxxxx’x, and not less than “A 1” if rated by S&P;, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a) and (b) above. (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter made in connection with the acquisition and development of Permitted Properties by the Borrower in a Securitization Entity in connection with Permitted Securitizationsor any Wholly-Owned Subsidiary of the Borrower, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-Owned Subsidiary at any time in Real Estate Assets under Development (including all development costs) will not exceed twenty percent (20%) of the Consolidated Gross Asset Value at the time of any such Investment; and Investments are used exclusively in raw land intended to be developed by the Borrower or any Wholly-Owned Subsidiary of the Borrower for use as a Permitted Property, provided that the purpose aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Borrower for which the Borrower has any funding obligation) and other related assets newly financed or Refinanced under such Permitted SecuritizationWholly-Owned Subsidiary at any time in raw land will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment; (f) any Investments consisting now or hereafter made in (i) any Wholly-Owned Subsidiary and (ii) any Subsidiary (other than a Wholly-Owned Subsidiary) or Partially-Owned Entity so long as, in the case of clause (ii), such Investment is made in connection with Permitted Properties and provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) at any time in Partially-Owned Entities will not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment; and (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business;; and (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (lh) Investments by the Borrower in Structured Finance Investments, provided that the aggregate investments in such Structured Finance Investments shall not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment, and its Restricted Subsidiaries further provided that with respect to any such Investment in Unrestricted Subsidiaries not exceeding $40,000,000 mezzanine loans or preferred equity, the documents governing the terms of such Investments shall be delivered to the Agent promptly upon the Agent’s request therefor. In no event shall the aggregate of Investments made pursuant to subclauses (e), (f) and (h) above exceed thirty percent (30%) of Consolidated Gross Asset Value at any time outstanding so long as neither time. Notwithstanding the foregoing, the Trust shall be permitted to make and maintain Investments in the Borrower nor and the Trust shall contribute to the Borrower, promptly upon, and in any event within 3 Business Days of, the Trust’s receipt thereof, 100% of its other Restricted Subsidiaries is required to make additional Investments the aggregate proceeds received by the Trust in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 offering of stock or debt in the aggregate; and Trust (n) shares net of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities fees and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that expenses customarily incurred in such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oofferings).

Appears in 1 contract

Samples: Revolving Credit Agreement (First Potomac Realty Trust)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) (i) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the Borrower; United States of America such as securities in so-called “overseas private investment corporations”) and (bii) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (i) preferred stock or public bonds issued by companies listed on a nationally recognized exchange and having a rating of at least AAA, and (ii) shares in public REITs so long as such REIT is listed on a nationally recognized exchange and has a rating of at least AAA, provided that the aggregate investments in all such items described in clauses (i) and (ii) above will not at any time exceed five percent (5%) of the Fair Market Value of Real Estate Assets, and provided, further, that no such investment shall be outstanding for longer than ninety (90) days; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’x, and not less than “A-1A 1” if rated by S&P; (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter in connection with the acquisition and development of Permitted Properties by the Borrower in a Securitization Entity in connection with Permitted Securitizationsor any Wholly-owned Subsidiary of the Borrower, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by the Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in Real Estate Assets under Development (including all development costs) will not exceed twenty percent (20%) of the Fair Market Value of Real Estate Assets at the time of any such Investment, and provided, further, that Investments are used exclusively for in unimproved Land may at no time exceed fifteen percent (15%) of the purpose Fair Market Value of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted SecuritizationReal Estate Assets; (f) (i) any Investments consisting now or hereafter made in any Wholly-owned Subsidiary; and (ii) Investments now or hereafter made in any Partially-Owned Entity (or other Person for which the Borrower has any funding obligation) so long as such Investment is made in connection with Permitted Properties and provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in any Partially-Owned Entity (or other such Person) will not exceed thirty percent (30%) of the Fair Market Value of Real Estate Assets at the time of any such Investment; and (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business;. (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (lh) Investments by the Borrower in Mortgage Notes, provided that the aggregate investment in such Mortgage Notes will not exceed twenty percent (20%) of the Fair Market Value of Real Estate Assets at the time of any such Investment. In no event shall the aggregate of Investments (1) made pursuant to subclauses (a), (b) or (c) above (or otherwise in marketable securities to the extent permitted under this §9.3) exceed ten percent (10%) of the Fair Market Value of Real Estate Assets, and its Restricted Subsidiaries (2) made pursuant to subclauses (a), (b), (c), (d) to the extent relating to any of the types of Investments otherwise described in Unrestricted Subsidiaries not exceeding $40,000,000 this clause (2), (e) to the extent relating to Real Estate Assets Under Development, (f)(ii), or (h) exceed thirty percent (30%) of the Fair Market Value of Real Estate Assets at any time outstanding so long as neither time. Notwithstanding the foregoing, the Trust shall be permitted to make and maintain Investments in the Borrower nor and the Trust shall contribute to the Borrower, promptly upon, and in any event within three (3) Business Days of, the Trust’s receipt thereof, 100% of its other Restricted Subsidiaries is required to make additional Investments the aggregate proceeds received by the Trust in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 offering of stock or debt in the aggregate; and Trust (n) shares net of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities fees and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that expenses customarily incurred in such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oofferings).

Appears in 1 contract

Samples: Term Loan Agreement (Whitestone REIT)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments by Borrower and its Subsidiaries (other than WASH, WASH Manager, Xxxxx Avenue Holdings and, except as expressly permitted below, Property Owner) in: (a) Investments by Borrower and its permitted Subsidiaries in marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the BorrowerBorrower or its Subsidiary; (b) Investments by Borrower and its permitted Subsidiaries in marketable direct obligations of any of the following: Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency or instrumentality of the United States of America; (c) Investments by Borrower and its permitted Subsidiaries in demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000100,000,000; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000 will not exceed $200,000; (cd) Investments by Borrower and its permitted Subsidiaries in securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that State which at the time of purchase have been are rated and the ratings for which are by Xxxxx'x Investors Service, Inc. or by Standard & Poor's Corporation at not less than “P-1” "P 1" if then rated by Xxxxx’xXxxxx'x Investors Service, Inc., and not less than “A-1” "A 1", if then rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretoStandard & Poor's Corporation; (e) Investments by Borrower and its permitted Subsidiaries in mortgage-backed securities guaranteed by the Borrower in a Securitization Entity in connection with Permitted SecuritizationsGovernment National Mortgage Association, provided that such Investments are used exclusively for the purpose of financing Federal National Mortgage Association or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Federal Home Loan Mortgage Corporation and other related assets newly financed mortgage-backed bonds which at the time of purchase are rated by Xxxxx'x Investors Service, Inc. or Refinanced under such Permitted Securitizationby Standard & Poor's Corporation at not less than "Aa" if then rated by Xxxxx'x Investors Service, Inc. and not less than "AA" if then rated by Standard & Poor's Corporation; (f) Investments consisting of accounts receivable owing to the by Borrower and its permitted Subsidiaries in repurchase agreements having a term not greater than 90 days and fully secured by securities described in the ordinary course foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (c) or with financial institutions or other corporations having total assets in excess of business and payable or dischargeable in accordance with customary terms$500,000,000; (g) Investments by the Borrower and its Restricted permitted Subsidiaries in the Borrower, any shares of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection so-called "money market funds" registered with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission SEC under the Investment Company Act of 19401940 which maintain a level per-share value, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, invest principally in all of such Investments (i) of amounts investments described in the Borrower’s collection accounts foregoing subsections (a) through (f) and investments thereof) as provided have total assets in the Intercreditor Agreement, (ii) excess of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).$50,000,000;

Appears in 1 contract

Samples: Mezzanine Loan Agreement (Wellsford Real Properties Inc)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so-called “overseas private investment corporations”); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’xMxxxx’x, and not less than “A-1A 1” if rated by S&P; (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter in connection with the acquisition and development of Permitted Properties by the Borrower or any Wholly-owned Subsidiary of the Borrower, provided that (i) the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in Real Estate Assets under Development (including all development costs) will not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment, and (ii) no Investment may be made in any Real Estate Asset Under Development until such Real Estate Asset is at least 70% leased or will provide a Securitization Entity positive operating cash flow (determined in accordance with GAAP) based upon the Leases that have duly executed and delivered in connection with such Real Estate Asset; and Investments in raw land intended to be developed by the Borrower or any Wholly-owned Subsidiary of the Borrower for use as a Permitted SecuritizationsProperty, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Investments are used exclusively for Wholly-owned Subsidiary at any time in raw land will not exceed five percent (5%) of the purpose Consolidated Gross Asset Value at the time of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under any such Permitted SecuritizationInvestment; (f) any Investments consisting now or hereafter made in any Wholly-owned Subsidiary; and Investments now or hereafter made in any Partially-Owned Entity (or other Person for which the Borrower has any funding obligation) so long as such Investment is made in connection with Permitted Properties and provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in any Partially-Owned Entity (or other such Person) will not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment; and (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business;. (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (lh) Investments by the Borrower in Mortgage Notes, provided that the aggregate investment in such Mortgage Notes will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment. In no event shall the aggregate of Investments made pursuant to subclauses (e), (f), (g) and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 (h) above exceed twenty-five percent (25%) of Consolidated Gross Asset Value at any time outstanding so long as neither time. Notwithstanding the foregoing, the Trust shall be permitted to make and maintain Investments in the Borrower nor and the Trust shall contribute to the Borrower, promptly upon, and in any event within 3 Business Days of, the Trust’s receipt thereof, 100% of its other Restricted Subsidiaries is required to make additional Investments the aggregate proceeds received by the Trust in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 offering of stock or debt in the aggregate; and Trust (n) shares net of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities fees and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that expenses customarily incurred in such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oofferings).

Appears in 1 contract

Samples: Revolving Credit Agreement (First Potomac Realty Trust)

Restrictions on Investments. The Borrower will notNone of the Borrower, and will not permit BPI, or any of its Restricted their respective Subsidiaries to, will make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one two (12) year years from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so-called “overseas private investment corporations”); (b) (x) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000, (y) mutual funds and (z) other Investments which are rated by S&P as BBB or better or by Xxxxx’x as Baa2 or better; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’x, and not less than “A-1A 1” if rated by S&P; (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships the SEC Filings or listed on Schedule 9.3 heretoin the financial statements referred to in §7.4; (e) other Investments by the Borrower in a Securitization Entity hereafter in connection with the acquisition and development of Permitted Securitizations, provided that such Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases Properties and other related assets newly financed or Refinanced under such Permitted SecuritizationReal Estate Assets (other than with respect to Real Estate Assets Under Development which are covered by clause (f), below, and subject to any applicable limitations contained in clause (l) below); (f) subject at all times to the restrictions set forth in the last paragraph of this §9.3, Investments consisting in Development Costs in Real Estate Assets Under Development, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time as Development Costs in Real Estate Assets Under Development (and without regard to any obligations of the Borrower or such Subsidiary to provide funds which have not yet been invested) will not exceed twenty-five percent (25%) of the Consolidated Total Adjusted Asset Value at the time of any such Investment; (g) Investments in Subsidiaries (other than Wholly-owned Subsidiaries) and/or Partially-Owned Entities (other than with respect to Development Costs in Real Estate Assets under Development which are covered by clause (f), above) provided that the value of such Investments in Partially-Owned Entities (calculated in the manner set forth in the definition of Fair Market Value of Real Estate Assets) shall never constitute more than twenty-five percent (25%) of the Consolidated Total Adjusted Asset Value at the time of any such Investment; (h) any Investments now or hereafter made in any Wholly-owned Subsidiary; (i) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of so-called “money market funds that are subject to funds” registered with the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission SEC under the Investment Company Act of 19401940 which maintain a level per-share value, invest principally in marketable direct or guaranteed obligations of the United States of America and agencies and instrumentalities thereof, and have total assets in excess of $50,000,000; (k) subject at all times to the restrictions set forth in the last paragraph of this §9.3, Investments made by the Borrower in businesses which are not in the business of commercial real estate so long as amended. provided, however, that such businesses have real estate related purposes or such Investments will be considered are in connection with a real estate related transaction, including, without limitation, Investments permitted in Mezzanine Loans, Mortgages, contracts for the management of real estate assets for third parties unrelated to the Borrower, provided that the aggregate amounts actually invested by the Borrower in such businesses shall not exceed ten percent (10%) of the Consolidated Total Adjusted Asset Value at the time of each such Investment; and (l) subject to the restrictions set forth in the last paragraph of this §9.3 only if all actions have been taken 9.3, Investments made, directly or indirectly, by the Borrower in Real Estate Assets which are not office properties, provided that the aggregate amounts actually invested by the Borrower in such non-office properties which are not ancillary or related to the satisfaction office properties, shall not exceed fifteen percent (15%) of the Administrative Agent to provide to Consolidated Total Adjusted Asset Value at the Administrative Agent, for the benefit time of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of each such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o)Investment.

Appears in 1 contract

Samples: Revolving Credit Agreement (Boston Properties Inc)

Restrictions on Investments. The Neither the Borrower nor the Parent will, nor will not, and will not either of them permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: : (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower; Borrower or its Subsidiary; (b) marketable direct obligations of any of the following: Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency or instrumentality of the United States of America; (c) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; 100,000,000.00; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000.00 will not exceed $200,000.00; (cd) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that State which at the time of purchase have been are rated and the ratings for which are by Xxxxx’x Investors Service, Inc. or by Standard & Poor’s Corporation at not less than “P-1P 1” if then rated by Xxxxx’xXxxxx’x Investors Service, Inc., and not less than “A-1” A 1”, if then rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 hereto; Standard & Poor’s Corporation; (e) Investments mortgage-backed securities guaranteed by the Borrower in a Securitization Entity in connection with Permitted SecuritizationsGovernment National Mortgage Association, provided that such Investments are used exclusively for the purpose of financing Federal National Mortgage Association or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Federal Home Loan Mortgage Corporation and other related assets newly financed mortgage-backed bonds which at the time of purchase are rated by Xxxxx’x Investors Service, Inc. or Refinanced under such Permitted Securitization; by Standard & Poor’s Corporation at not less than “Aa” if then rated by Xxxxx’x Investors Service, Inc. and not less than “AA” if then rated by Standard & Poor’s Corporation; (f) Investments consisting of accounts receivable owing to the Borrower repurchase agreements having a term not greater than ninety (90) days and its Subsidiaries fully secured by securities described in the ordinary course foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (c) or with financial institutions or other corporations having total assets in excess of business and payable or dischargeable in accordance with customary terms; $500,000,000.00; (g) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, any shares of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection so-called “money market funds” registered with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission SEC under the Investment Company Act of 19401940 which maintain a level per-share value, as amended. provided, however, that such Investments will be considered Investments permitted invest principally in investments described in the foregoing subsections (a) through (f) and have total assets in excess of $50,000,000.00; (h) the acquisition of fee interests by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, Borrower or its Subsidiaries in all of such Investments (i) of amounts Real Estate which is utilized for income-producing office, industrial, manufacturing, distribution, retail, medical/healthcare, data center and flex properties located in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).continental United States or the

Appears in 1 contract

Samples: Credit Agreement (Gladstone Commercial Corp)

Restrictions on Investments. The Neither the Borrower nor the Parent will, nor will not, and will not either of them permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the BorrowerBorrower or its Subsidiary; (b) marketable direct obligations of any of the following: Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency or instrumentality of the United States of America; (c) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000100,000,000.00; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000.00 will not exceed $200,000.00; (cd) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that State which at the time of purchase have been are rated and the ratings for which are by Xxxxx’x Investors Service, Inc. or by Standard & Poor’s Corporation at not less than “P-1P 1” if then rated by Xxxxx’xXxxxx’x Investors Service, Inc., and not less than “A-1” A 1”, if then rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretoStandard & Poor’s Corporation; (e) Investments mortgage-backed securities guaranteed by the Borrower in a Securitization Entity in connection with Permitted SecuritizationsGovernment National Mortgage Association, provided that such Investments are used exclusively for the purpose of financing Federal National Mortgage Association or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Federal Home Loan Mortgage Corporation and other related assets newly financed mortgage-backed bonds which at the time of purchase are rated by Xxxxx’x Investors Service, Inc. or Refinanced under such Permitted Securitizationby Standard & Poor’s Corporation at not less than “Aa” if then rated by Xxxxx’x Investors Service, Inc. and not less than “AA” if then rated by Standard & Poor’s Corporation; (f) Investments consisting of accounts receivable owing to the Borrower repurchase agreements having a term not greater than ninety (90) days and its Subsidiaries fully secured by securities described in the ordinary course foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (c) or with financial institutions or other corporations having total assets in excess of business and payable or dischargeable in accordance with customary terms$500,000,000.00; (g) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, any shares of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection so-called “money market funds” registered with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission SEC under the Investment Company Act of 19401940 which maintain a level per-share value, as amended. provided, however, that such Investments will be considered Investments permitted invest principally in investments described in the foregoing subsections (a) through (f) and have total assets in excess of $50,000,000.00; (h) the acquisition of fee interests by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, Borrower or its Subsidiaries in all of such Investments (i) of amounts Real Estate which is utilized for income-producing office, industrial, manufacturing, distribution, retail, medical/healthcare, data center and flex properties located in the Borrower’s collection accounts (continental United States or the District of Columbia and businesses and investments thereof) as provided in the Intercreditor Agreementincidental thereto, and (ii) subject to the restrictions set forth in this §8.3, the acquisition of proceeds Land Assets to be developed for the foregoing purposes; (i) Subsidiaries that are directly or indirectly one hundred percent (100%) owned by the Borrower or Parent; (j) Land Assets, provided that the aggregate Investment therein shall not exceed seven and one-half percent (7.5%) of CollateralConsolidated Total Asset Value; (k) Mortgage Receivables secured by properties of the type described in §8.3(h)(i), Second Lien Mortgage Receivables and Mezzanine Loans, provided that the aggregate Investment therein shall not exceed seven and one-half percent (7.5%) of Consolidated Total Asset Value; (l) in non-wholly owned Subsidiaries, Consolidated Affiliates and Unconsolidated Affiliates, provided that the aggregate Investment therein shall not exceed twenty percent (20%) of Consolidated Total Asset Value; and (m) Construction in Progress for properties of the type described in §8.3(h)(i), provided that the aggregate construction and development budget for Construction in Progress (including land) shall not exceed ten percent (10%) of Consolidated Total Asset Value. Notwithstanding the foregoing, in no event shall the aggregate value of the holdings of the Borrower, any Guarantor and their Subsidiaries in the Investments described in §8.3(j)-(m) exceed thirty-five percent (35%) of Consolidated Total Asset Value at any time. For the purposes of this §8.3, a property shall be considered Construction in Progress until the issuance of a permanent certificate of occupancy for such property or phase thereof. For the purposes of this §8.3, the Investment of the Borrower, any Guarantor or their Subsidiaries in any Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s pro rata share of Construction in Progress of their Unconsolidated Affiliates, plus (ii) such Person’s pro rata share of their Unconsolidated Affiliate’s Investment in Land Assets; plus (iii) such Person’s pro rata share of any other Investments referred to in §9.3(o)valued at the lower of GAAP book value or market value.

Appears in 1 contract

Samples: Credit Agreement (Gladstone Commercial Corp)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so-called “overseas private investment corporations”); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1”P 1” if rated by Xxxxx’xMxxxx’x, and not less than “A-1A 1” if rated by S&P; (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter in connection with the acquisition and development of Permitted Properties by the Borrower in a Securitization Entity in connection with Permitted Securitizationsor any Wholly-owned Subsidiary of the Borrower, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in Real Estate Assets under Development (including all development costs) will not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment; and Investments are used exclusively in raw land intended to be developed by the Borrower or any Wholly-owned Subsidiary of the Borrower for use as a Permitted Property, provided that the purpose aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Borrower for which the Borrower has any funding obligation) and other related assets newly financed or Refinanced under such Permitted SecuritizationWholly-owned Subsidiary at any time in raw land will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment; (f) any Investments consisting now or hereafter made in any Wholly-owned Subsidiary; and Investments now or hereafter made in any Partially-Owned Entity (or other Person for which the Borrower has any funding obligation) so long as such Investment is made in connection with Permitted Properties and provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in any Partially-Owned Entity (or other such Person) will not exceed twenty percent (20%) of the Consolidated Gross Asset Value at the time of any such Investment; and (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business;. (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (lh) Investments by the Borrower in Mortgage Notes, provided that the aggregate investment in such Mortgage Notes will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment. In no event shall the aggregate of Investments made pursuant to subclauses (e), (f), (g) and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 (h) above exceed twenty-five percent (25%) of Consolidated Gross Asset Value at any time outstanding so long as neither time. Notwithstanding the foregoing, the Trust shall be permitted to make and maintain Investments in the Borrower nor and the Trust shall contribute to the Borrower, promptly upon, and in any event within 3 Business Days of, the Trust’s receipt thereof, 100% of its other Restricted Subsidiaries is required to make additional Investments the aggregate proceeds received by the Trust in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 offering of stock or debt in the aggregate; and Trust (n) shares net of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities fees and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that expenses customarily incurred in such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oofferings).

Appears in 1 contract

Samples: Secured Term Loan Agreement (First Potomac Realty Trust)

Restrictions on Investments. The Borrower will notNone of the Borrower, and will not permit BPI, or any of its Restricted their respective Consolidated Subsidiaries to, will make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and the Consolidated Subsidiaries only, Investments in: (a) : marketable direct or guaranteed obligations of the United States of America that mature within one two (12) year years from the date of purchase (including investments in securities guaranteed by the Borrower; (b) United States such as securities in so-called "overseas private investment corporations"); demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) ; securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” "P l" if rated by Xxxxx’xXxxxx'x, and not less than “A-1” "A 1" if rated by S&P; (d) ; Investments existing on the Closing Date and listed in the SEC Filings or in the financial statements referred to in Section 4.4 hereof; other Investments hereafter in connection with the acquisition and development of Permitted Properties by the Borrower or any Wholly-owned Subsidiary of the Borrower, PROVIDED that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time as Development Costs in Real Estate Assets Under Development (and without regard to any obligations of the Borrower or such Consolidated Subsidiary to provide funds which have not yet been invested) will not exceed twenty-five percent (25%) of the Fair Market Value of Real Estate Assets at the time of any such Investment; subject at all times to the restrictions of Section 6.7 hereof and subject to what is permitted in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 hereto; clause (e) above, so long as no Event of Default has occurred and is continuing or would occur after giving effect thereto, Investments (i) in Real Estate Assets, (ii) in interests in Partially-Owned Real Estate Holding Entities, (iii) in the stock of or other beneficial interests in Persons whose primary operations consist of the ownership, development, operation or management of Real Estate Assets or the ownership of Mortgages, or (iv) consisting of the acquisition of (A) contracts for the management of real estate assets for third parties unrelated to the Borrower, or (B) Mortgages, PROVIDED that the aggregate fair market value of Borrower's and any such Consolidated Subsidiary's interest in such other businesses (excluding management and development businesses except to the extent of amounts actually invested by the Borrower or any such Consolidated Subsidiary therein) does not exceed twenty-five percent (25%) of the Consolidated Total Adjusted Asset Value at the time of any such Investment; 57 any Investments now or hereafter made in a Securitization Entity any Wholly-owned Subsidiary; Investments in connection with Permitted Securitizationsrespect of (l) equipment, provided that such Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases inventory and other related assets newly financed or Refinanced under such Permitted Securitization; tangible personal property acquired in the ordinary course of business, (f2) Investments consisting of current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of so-called "money market funds that are subject to funds" registered with the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission SEC under the Investment Company Act of 19401940 which maintain a level per-share value, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction invest principally in marketable direct or guaranteed obligations of the Administrative Agent to provide to United States and agencies and instrumentalities thereof, and have total assets in excess of $50,000,000; and Investments made by the Administrative AgentBorrower in businesses which are not in the business of commercial real estate so long as such businesses have real estate related purposes, for PROVIDED that the benefit aggregate amounts actually invested by the Borrower in such businesses shall not exceed two percent (2%) of the Lenders Consolidated Total Adjusted Asset Value at the time of each such Investment. Notwithstanding the foregoing, BPI shall be permitted to make and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments maintain (i) of amounts Investments in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) Investments in the Borrower's Consolidated Subsidiaries (including, without limitation, in Boston Properties LLC), PROVIDED that BPI's percentage equity interest in any such Subsidiary shall not exceed 1%, (iii) Investments which exist as of proceeds the date of Collateralthis Agreement and are set forth on Schedule 6.3, and (iiiiv) other Investments which would be permitted by the terms of Investments referred this Agreement, including Section 5.7 above. The Borrower shall cause BPI to contribute to the Borrower, promptly upon, and in §9.3(oany event within 3 Business Days of, BPI's receipt thereof, 100% of the aggregate proceeds received by BPI in connection with any offering of stock or debt in BPI (net of fees and expenses customarily incurred in such offerings).

Appears in 1 contract

Samples: Credit Agreement (Boston Properties Inc)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower; (b) demand deposits, certificates of deposit, bank acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” if rated by Xxxxx’x, and not less than “A-1” if rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 hereto; (e) Investments by the Borrower in a CLIF and Additional Securitization Entity Entities in connection with Permitted Securitizations, provided that such Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted Securitization; (f) Investments consisting of accounts receivable owing to the Borrower and its Subsidiaries in the ordinary course of business and payable or dischargeable in accordance with customary terms; (g) one or more term loans made by the Borrower to Seacastle Operating Company Ltd. (either directly or indirectly through Seacastle, Inc.) the proceeds of which are used by Seacastle Operating Company Ltd. solely for the purpose of permanently reducing the principal amount of the loans then outstanding to Seacastle Operating Company Ltd., as borrower under and pursuant to the Seacastle Credit Agreement, provided that (both immediately prior to and after giving effect to each such term loan) (i) no Default or Event of Default is continuing on the date of such term loan; (ii) each of Seacastle Inc. and Seacastle Operating Company Ltd. are (x) solvent and (y) not in default under the Seacastle Credit Agreement on the date of such term loan; and (iii) no bankruptcy or insolvency proceeding under any applicable law exists with respect to either Seacastle Inc. or Seacastle Operating Company Ltd. on the date of each such term loan; (h) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, Borrower or any of its Restricted Subsidiaries or in the Capital Stock of any Personthereof; (hi) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (ij) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (jk) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (kl) Investments pursuant to transactions permitted under §9.5.1; (lm) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (mn) other Investments not exceeding $5,000,000 in the aggregate; and (no) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).

Appears in 1 contract

Samples: Revolving Credit Agreement (SeaCube Container Leasing Ltd.)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so-called “overseas private investment corporations”); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’x, and not less than “A-1A 1” if rated by S&P; (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter in connection with the acquisition and development of Permitted Properties by the Borrower in a Securitization Entity in connection with Permitted Securitizationsor any Wholly-owned Subsidiary of the Borrower, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in Real Estate Assets under Development (including all development costs) will not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment; and Investments are used exclusively in raw land intended to be developed by the Borrower or any Wholly-owned Subsidiary of the Borrower for use as a Permitted Property, provided that the purpose aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Borrower for which the Borrower has any funding obligation) and other related assets newly financed or Refinanced under such Permitted SecuritizationWholly-owned Subsidiary at any time in raw land will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment; (f) any Investments consisting now or hereafter made in any Wholly-owned Subsidiary; and Investments now or hereafter made in any Partially-Owned Entity (or other Person for which the Borrower has any funding obligation) so long as such Investment is made in connection with Permitted Properties and provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in any Partially-Owned Entity (or other such Person) will not exceed twenty percent (20%) of the Consolidated Gross Asset Value at the time of any such Investment; and (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business;; and (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (lh) Investments by the Borrower in Mortgage Notes, provided that the aggregate investment in such Mortgage Notes will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment. In no event shall the aggregate of Investments made pursuant to subclauses (e), (f), (g) and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 (h) above exceed twenty-five percent (25%) of Consolidated Gross Asset Value at any time outstanding so long as neither time. Notwithstanding the foregoing, the Trust shall be permitted to make and maintain Investments in the Borrower nor and the Trust shall contribute to the Borrower, promptly upon, and in any event within 3 Business Days of, the Trust’s receipt thereof, 100% of its other Restricted Subsidiaries is required to make additional Investments the aggregate proceeds received by the Trust in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 offering of stock or debt in the aggregate; and Trust (n) shares net of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities fees and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that expenses customarily incurred in such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oofferings).

Appears in 1 contract

Samples: Secured Term Loan Agreement (First Potomac Realty Trust)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the BorrowerBorrower or its Subsidiary; (b) marketable direct obligations of any of the following: Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency or instrumentality of the United States of America; (c) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000100,000,000; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000 will not exceed $2,500,000; (cd) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that State which at the time of purchase have been are rated and the ratings for which are by Moodx'x Xxxestors Service, Inc. or by Standard & Poor's Corporation at not less than “P-1” "P 1" if then rated by Xxxxx’xMoodx'x Xxxestors Service, Inc., and not less than “A-1” "A 1", if then rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretoStandard & Poor's Corporation; (e) Investments mortgage-backed securities guaranteed by the Borrower in a Securitization Entity in connection with Permitted SecuritizationsGovernment National Mortgage Association, provided that such Investments are used exclusively for the purpose of financing Federal National Mortgage Association or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Federal Home Loan Mortgage Corporation and other related assets newly financed mortgage-backed bonds which at the time of purchase are rated by Moodx'x Xxxestors Service, Inc. or Refinanced under such Permitted Securitizationby Standard & Poor's Corporation at not less than "Aa" if then rated by Moodx'x Xxxestors Service, Inc. and not less than "AA" if then rated by Standard & Poor's Corporation; (f) Investments consisting of accounts receivable owing to the Borrower repurchase agreements having a term not greater than 90 days and its Subsidiaries fully secured by securities described in the ordinary course foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (c) or with financial institutions or other corporations having total assets in excess of business and payable or dischargeable in accordance with customary terms$500,000,000; (g) Investments by shares of so-called "money market funds" registered with the Borrower and its Restricted Subsidiaries SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest principally in investments described in the Borrower, any foregoing subsections (a) through (f) and have total assets in excess of its Restricted Subsidiaries or in the Capital Stock of any Person$50,000,000; (h) Investments received Subject to the provisions of Section 9.6 hereof, investments in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts fee interests in Real Estate utilized principally for Retail Uses including earnxxx xxxey deposits relating thereto and disputes with, customers, lessees and suppliers arising in the ordinary course of businesstransaction costs; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet in Affiliates of the Borrower the accounts of which are not consolidated with the accounts of Borrower or other entities the accounts of which are not consolidated with the accounts of Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Leasemortgages and notes receivables (including notes receivable from Subsidiaries and Affiliates), provided that in no event shall such Investments (including the principal amount payable pursuant to such notes) exceed twenty percent (20%) of the Borrower's Consolidated Total Assets. Investments described in Section 8.3(i) shall not be included for the purpose of the foregoing limit. For the purposes hereof, notes receivable from Subsidiaries and Affiliates shall be valued at face value subject to impairment; (j) Investments constituting loans in mortgages and advances to officers and employees of the Borrower or its notes receivables from Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments that are wholly-owned by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000Borrower; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).

Appears in 1 contract

Samples: Revolving Credit Agreement (Excel Realty Trust Inc)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so-called “overseas private investment corporations”); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’x, and not less than “A-1A 1” if rated by S&P and (ii) investments, classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have a rating of not less than “P 1” if rated by Xxxxx’x, and not less than “A 1” if rated by S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a) and (b) above; (d) Investments existing on the Closing Amendment No. 5 Effective Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter made in connection with the acquisition and development of Investment Permitted Properties by the Borrower in a Securitization Entity in connection with Permitted Securitizationsor any Wholly-Owned Subsidiary of the Borrower, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-Owned Subsidiary at any time in Real Estate Assets Under Development (including all development costs) will not exceed twenty percent (20%) of the Consolidated Gross Asset Value at the time of any such Investment; and Investments are used exclusively in raw land intended to be developed by the Borrower or any Wholly-Owned Subsidiary of the Borrower for use as an Investment Permitted Property, provided that the purpose aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Borrower for which the Borrower has any funding obligation) and other related assets newly financed or Refinanced under such Permitted SecuritizationWholly-Owned Subsidiary at any time in raw land will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment; (f) any Investments consisting now or hereafter made in (i) any Wholly-Owned Subsidiary and (ii) any Subsidiary (other than a Wholly-Owned Subsidiary) or Partially-Owned Entity so long as, in the case of clause (ii), such Investment is made in connection with Investment Permitted Properties and provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) at any time in Partially-Owned Entities will not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment; (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business;; and (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (lh) Investments by the Borrower in Structured Finance Investments, provided that the aggregate investments in such Structured Finance Investments shall not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment, and its Restricted Subsidiaries further provided that with respect to any such Investment in Unrestricted Subsidiaries not exceeding $40,000,000 mezzanine loans or preferred equity, the documents governing the terms of such Investments shall be delivered to the Agent promptly upon the Agent’s request therefor. In no event shall the aggregate of Investments made pursuant to subclauses (e), (f)(ii) and (h) above exceed thirty percent (30%) of Consolidated Gross Asset Value at any time outstanding so long as neither time. Notwithstanding the foregoing, the Trust shall be permitted to make and maintain Investments in the Borrower nor and the Trust shall contribute to the Borrower, promptly upon, and in any event within 3 Business Days of, the Trust’s receipt thereof, 100% of its other Restricted Subsidiaries is required to make additional Investments the aggregate proceeds received by the Trust in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 offering of stock or debt in the aggregate; and Trust (n) shares net of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities fees and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that expenses customarily incurred in such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oofferings).

Appears in 1 contract

Samples: Secured Term Loan Agreement (First Potomac Realty Trust)

Restrictions on Investments. The Neither the Borrower nor the Parent will, nor will not, and will not either of them permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the BorrowerBorrower or its Subsidiary; (b) marketable direct obligations of any of the following: Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency or instrumentality of the United States of America; (c) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000100,000,000.00; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000.00 will not exceed $200,000.00; (cd) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that State which at the time of purchase have been are rated and the ratings for which are by Xxxxx’x Investors Service, Inc. or by Standard & Poor’s Corporation at not less than “P-1P 1” if then rated by Xxxxx’xXxxxx’x Investors Service, Inc., and not less than “A-1” A 1”, if then rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretoStandard & Poor’s Corporation; (e) Investments mortgage-backed securities guaranteed by the Borrower in a Securitization Entity in connection with Permitted SecuritizationsGovernment National Mortgage Association, provided that such Investments are used exclusively for the purpose of financing Federal National Mortgage Association or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Federal Home Loan Mortgage Corporation and other related assets newly financed mortgage-backed bonds which at the time of purchase are rated by Xxxxx’x Investors Service, Inc. or Refinanced under such Permitted Securitizationby Standard & Poor’s Corporation at not less than “Aa” if then rated by Xxxxx’x Investors Service, Inc. and not less than “AA” if then rated by Standard & Poor’s Corporation; (f) Investments consisting of accounts receivable owing to the Borrower repurchase agreements having a term not greater than ninety (90) days and its Subsidiaries fully secured by securities described in the ordinary course foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (c) or with financial institutions or other corporations having total assets in excess of business and payable or dischargeable in accordance with customary terms$500,000,000.00; (g) Investments by shares of so-called “money market funds” registered with the Borrower and its Restricted Subsidiaries SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest principally in investments described in the Borrower, any foregoing subsections (a) through (f) and have total assets in excess of its Restricted Subsidiaries or in the Capital Stock of any Person$50,000,000.00; (h) Investments received the acquisition of fee interests by the Borrower or its Subsidiaries in connection with the bankruptcy or reorganization of(i) Real Estate which is utilized for income-producing office, or settlement of delinquent accounts industrial, manufacturing, distribution, retail, medical/healthcare, data center and disputes with, customers, lessees and suppliers arising flex properties located in the ordinary course continental United States or the District of businessColumbia and businesses and investments incidental thereto, and (ii) subject to the restrictions set forth in this §8.3, the acquisition of Land Assets to be developed for the foregoing purposes; (i) Investments constituting expenditures for any purchase Subsidiaries that are directly or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of indirectly one hundred percent (100%) owned by the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic LeaseParent; (j) Investments constituting loans and advances to officers and employees Land Assets, provided that the aggregate Investment therein shall not exceed five percent (5%) of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstandingConsolidated Total Asset Value; (k) Investments pursuant to transactions permitted under Mortgage Receivables secured by properties of the type described in §9.5.18.3(h)(i), provided that the aggregate Investment therein shall not exceed five percent (5%) of Consolidated Total Asset Value; (l) Investments by in non-wholly owned Subsidiaries, Consolidated Affiliates and Unconsolidated Affiliates, provided that the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries aggregate Investment therein shall not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any exceed twenty percent (20%) of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000Consolidated Total Asset Value; (m) other Investments Construction in Progress for properties of the type described in §8.3(h)(i), provided that the aggregate construction and development budget for Construction in Progress (including land) shall not exceeding $5,000,000 in the aggregateexceed ten percent (10%) of Consolidated Total Asset Value; and (n) shares Second Lien Mortgage Receivables and Mezzanine Loans, provided that the aggregate Investment therein shall not exceed two and one-half percent (2.5%) of money market funds that are subject to Consolidated Total Asset Value. Notwithstanding the risk limiting conditions of Rule 2a-7 or any successor rule foregoing, in no event shall the aggregate value of the Securities holdings of the Borrower, any Guarantor and Exchange Commission under their Subsidiaries in the Investments described in §8.3(j)‑(n) exceed thirty-five percent (35%) of Consolidated Total Asset Value at any time. For the purposes of this §8.3, a property shall be considered Construction in Progress until the issuance of a permanent certificate of occupancy for such property or phase thereof. For the purposes of this §8.3, the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to Borrower, any Guarantor or their Subsidiaries in any Unconsolidated Affiliates will equal (without duplication) the Administrative Agent, for the benefit sum of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) such Person’s pro rata share of amounts Construction in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor AgreementProgress of their Unconsolidated Affiliates, plus (ii) such Person’s pro rata share of proceeds of Collateral, and their Unconsolidated Affiliate’s Investment in Land Assets; plus (iii) such Person’s pro rata share of any other Investments referred to in §9.3(o)valued at the lower of GAAP book value or market value.

Appears in 1 contract

Samples: Credit Agreement (Gladstone Commercial Corp)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) (i) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the Borrower; United States of America such as securities in so-called “overseas private investment corporations”) and (bii) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (i) preferred stock or public bonds issued by companies listed on a nationally recognized exchange and having a rating of at least AAA, and (ii) shares in public REITs so long as such REIT is listed on a nationally recognized exchange and has a rating of at least AAA, provided that the aggregate investments in all such items described in clauses (i) and (ii) above will not at any time exceed five percent (5%) of the Fair Market Value of Real Estate Assets, and provided, further, that no such investment shall be outstanding for longer than 90 days; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1”P 1” if rated by Xxxxx’xXxxxx'x, and not less than “A-1A 1” if rated by S&P; (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter in connection with the acquisition and development of Permitted Properties by the Borrower in a Securitization Entity in connection with Permitted Securitizationsor any Wholly-owned Subsidiary of the Borrower, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in Real Estate Assets under Development (including all development costs) will not exceed twenty percent (20%) of the Fair Market Value of Real Estate Assets at the time of any such Investment, and provided, further, that Investments are used exclusively for in unimproved Land may at no time exceed fifteen percent (15%) of the purpose Fair Market Value of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted SecuritizationReal Estate Assets; (f) (i) any Investments consisting now or hereafter made in any Wholly-owned Subsidiary; and (ii) Investments now or hereafter made in any Partially-Owned Entity (or other Person for which the Borrower has any funding obligation) so long as such Investment is made in connection with Permitted Properties and provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in any Partially-Owned Entity (or other such Person) will not exceed thirty percent (30%) of the Fair Market Value of Real Estate Assets at the time of any such Investment; and (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business;. (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (lh) Investments by the Borrower in Mortgage Notes, provided that the aggregate investment in such Mortgage Notes will not exceed twenty percent (20%) of the Fair Market Value of Real Estate Assets at the time of any such Investment. In no event shall the aggregate of Investments (1) made pursuant to subclauses (a), (b) or (c) above (or otherwise in marketable securities to the extent permitted under this §9.3) exceed ten percent (10%) of the Fair Market Value of Real Estate Assets, and its Restricted Subsidiaries (2) made pursuant to subclauses (a), (b), (c), (d) to the extent relating to any of the types of Investments otherwise described in Unrestricted Subsidiaries not exceeding $40,000,000 this clause (2), (e) to the extent relating to Real Estate Assets under Development, (f)(ii), or (h) exceed thirty percent (30%) of the Fair Market Value of Real Estate Assets at any time outstanding so long as neither time. Notwithstanding the foregoing, the Trust shall be permitted to make and maintain Investments in the Borrower nor and the Trust shall contribute to the Borrower, promptly upon, and in any event within 3 Business Days of, the Trust’s receipt thereof, 100% of its other Restricted Subsidiaries is required to make additional Investments the aggregate proceeds received by the Trust in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 offering of stock or debt in the aggregate; and Trust (n) shares net of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities fees and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that expenses customarily incurred in such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oofferings).

Appears in 1 contract

Samples: Revolving Credit Agreement (Hartman Commercial Properties Reit)

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Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so called “overseas private investment corporations”); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (ci) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’x, and not less than “A-1A 1” if rated by S&P and (ii) investments, classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have a rating of not less than “P 1” if rated by Xxxxx’x, and not less than “A 1” if rated by S&P;, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a) and (b) above. (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter made in connection with the acquisition and development of Permitted Properties by the Borrower in a Securitization Entity in connection with Permitted Securitizationsor any Wholly-Owned Subsidiary of the Borrower, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-Owned Subsidiary at any time in Real Estate Assets under Development (including all development costs) will not exceed twenty percent (20%) of the Consolidated Gross Asset Value at the time of any such Investment; and Investments are used exclusively in raw land intended to be developed by the Borrower or any Wholly-Owned Subsidiary of the Borrower for use as a Permitted Property, provided that the purpose aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Borrower for which the Borrower has any funding obligation) and other related assets newly financed or Refinanced under such Permitted SecuritizationWholly-Owned Subsidiary at any time in raw land will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment; (f) any Investments consisting now or hereafter made in (i) any Wholly-Owned Subsidiary and (ii) any Subsidiary (other than a Wholly-Owned Subsidiary) or Partially-Owned Entity so long as, in the case of clause (ii), such Investment is made in connection with Permitted Properties and provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) at any time in Partially-Owned Entities will not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment; and (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business;; and (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (lh) Investments by the Borrower in Structured Finance Investments, provided that the aggregate investments in such Structured Finance Investments shall not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment, and its Restricted Subsidiaries further provided that with respect to any such Investment in Unrestricted Subsidiaries not exceeding $40,000,000 mezzanine loans or preferred equity, the documents governing the terms of such Investments shall be delivered to the Agent promptly upon the Agent’s request therefor. In no event shall the aggregate of Investments made pursuant to subclauses (e), (f)(ii) and (h) above exceed thirty percent (30%) of Consolidated Gross Asset Value at any time outstanding so long as neither time. Notwithstanding the foregoing, the Trust shall be permitted to make and maintain Investments in the Borrower nor and the Trust shall contribute to the Borrower, promptly upon, and in any event within 3 Business Days of, the Trust’s receipt thereof, 100% of its other Restricted Subsidiaries is required to make additional Investments the aggregate proceeds received by the Trust in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 offering of stock or debt in the aggregate; and Trust (n) shares net of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities fees and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that expenses customarily incurred in such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oofferings).

Appears in 1 contract

Samples: Term Loan Agreement (First Potomac Realty Trust)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower; (b) demand deposits, certificates of deposit, bank acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” if rated by Xxxxx’x, and not less than “A-1” if rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 hereto; (e) Investments by the Borrower in a CLIF and Additional Securitization Entity Entities in connection with Permitted Securitizations, provided that such Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases Chassis and other related assets newly financed or Refinanced under such Permitted Securitization; (f) Investments consisting of accounts receivable owing to the Borrower and its Subsidiaries in the ordinary course of business and payable or dischargeable in accordance with customary terms; (g) [Reserved]; (h) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, Borrower or any of its Restricted Subsidiaries or in the Capital Stock of any Personthereof; (hi) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (ij) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (jk) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (kl) Investments pursuant to transactions permitted under §9.5.1; (lm) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (mn) other Investments not exceeding $5,000,000 in the aggregate; and (no) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).

Appears in 1 contract

Samples: Revolving Credit Agreement (Seacastle Inc.)

Restrictions on Investments. The Neither the Borrower nor the Guarantors will, nor will not, and will not they permit any of its Restricted their respective Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1l) year from the date of purchase by the Borrower, such Guarantor or such Subsidiary; (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in in. excess of $1,000,000,000100,000,000; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000 will not exceed $200,000; (c) repurchase agreements having a term not greater than. ninety (90) days and fully secured by securities commonly known as “commercial paper” issued by a corporation organized and existing under described in the laws foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (c) or with financial institutions or other corporations having total assets in excess of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” if rated by Xxxxx’x, and not less than “A-1” if rated by S&P$500,000,000; (d) Investments existing on shares of so-called “money market funds” registered with the Closing Date hereof SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest principally in its Subsidiaries, joint ventures investments described in the foregoing subsections (a) through (d) and partnerships or listed on Schedule 9.3 heretohave total assets in excess of $50,000,000; (e) Investments by the Borrower in a Securitization Entity in connection with Permitted Securitizations, provided that such Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted Securitizationits Wholly-Owned Subsidiaries; (f) Investments consisting of accounts receivable owing to the Borrower and its Subsidiaries by REIT in the ordinary course of business Borrower, in its Wholly Owned Subsidiaries and payable other Subsidiaries (provided that any interest in such Subsidiaries not owned by REIT shall be owned directly or dischargeable in accordance with customary termsindirectly by Borrower); (g) Investments the acquisition of fee interests or long-term ground lease interests by the REIT, Borrower and its Restricted or their respective Subsidiaries in the Borrower(i) Real Estate which are Stabilized Properties utilized for income-producing multifamily Real Estate and (ii) acquisitions of multifamily properties or condominium projects to be converted to multifamily properties which have certificates of occupancy but are not yet Stabilized Properties but which are expected to become Stabilized Properties within twenty-four (24) months following acquisition, any of its Restricted Subsidiaries or in each case located in the Capital Stock of any Personcontinental United States and businesses and investments incidental thereto (including ancillary attached retail); (h) Investments received by the REIT, Borrower or their respective Subsidiaries in connection with Unimproved Land; provided that the bankruptcy or reorganization of, or settlement aggregate Investments therein shall not at any time exceed five percent (5%) of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of businessConsolidated Total Asset Value at any time; (i) Investments constituting expenditures for by the REIT, Borrower or their respective Subsidiaries in Development Properties which are being developed as an income-producing multifamily properties; provided that the aggregate Investments therein shall not at any purchase or other acquisition time exceed ten percent (10%) of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic LeaseConsolidated Total Asset Value; (j) Investments constituting loans and advances to officers and employees of by the REIT, Borrower or its their respective Subsidiaries arising in non-Wholly Owned Subsidiaries and Unconsolidated Entities; provided that the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding Investments therein shall not to exceed Five Million Dollars ($5,000,000) at any time outstandingexceed fifteen percent (15%) of Consolidated Total Asset Value; (k) Investments pursuant to transactions permitted under §9.5.1by the REIT, Borrower or their respective Subsidiaries in Mortgage Notes; provided that the aggregate Investment therein shall not at any time exceed five percent (5%) of Consolidated Total Asset Value; (l) Investments by the REIT, Borrower and its Restricted or their respective Subsidiaries in Unrestricted Subsidiaries Stock Investments; provided that the aggregate Investments therein shall not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any exceed five percent (5%) of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000;Total Asset Value; and (m) other Investments not exceeding $5,000,000 the acquisition by the REIT, Borrower or their respective Subsidiaries of fee interests in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule certain non-multifamily Real Estate, solely as a result of the Securities Merger Transaction. Notwithstanding the foregoing, in no event shall the aggregate investments permitted under clauses (h), (i), (j), (k) and Exchange Commission under the Investment Company Act (l) of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to 8.3 exceed twenty-five percent (25%) of Consolidated Total Asset Value at any time. Notwithstanding the satisfaction of foregoing, in no event shall the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders aggregate Investments by REIT and the Administrative Agent, a first priority perfected security interest, free of all Liens its Subsidiaries (other than Permitted Liens, in all of such Investments through Borrower and its Subsidiaries) permitted under this §8.3 exceed twenty percent (i20%) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o)Consolidated Total Asset Value at any time.

Appears in 1 contract

Samples: Term Loan Agreement (Mid America Apartment Communities Inc)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so called “overseas private investment corporations”); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’x, and not less than “A-1A 1” if rated by S&P; (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter in connection with the acquisition and development of Permitted Properties by the Borrower in a Securitization Entity in connection with Permitted Securitizationsor any Wholly-owned Subsidiary of the Borrower, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in Real Estate Assets under Development (including all development costs) will not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment; and Investments are used exclusively in raw land intended to be developed by the Borrower or any Wholly-owned Subsidiary of the Borrower for use as a Permitted Property, provided that the purpose aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Borrower for which the Borrower has any funding obligation) and other related assets newly financed or Refinanced under such Permitted SecuritizationWholly-owned Subsidiary at any time in raw land will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment; (f) any Investments consisting now or hereafter made in any Wholly-owned Subsidiary; and Investments now or hereafter made in any Partially-Owned Entity (or other Person for which the Borrower has any funding obligation) so long as such Investment is made in connection with Permitted Properties and provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in any Partially-Owned Entity (or other such Person) will not exceed twenty percent (20%) of the Consolidated Gross Asset Value at the time of any such Investment; and (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business;. (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (lh) Investments by the Borrower in Mortgage Notes, provided that the aggregate investment in such Mortgage Notes will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment. In no event shall the aggregate of Investments made pursuant to subclauses (e), (f), (g) and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 (h) above exceed twenty-five percent (25%) of Consolidated Gross Asset Value at any time outstanding so long as neither time. Notwithstanding the foregoing, the Trust shall be permitted to make and maintain Investments in the Borrower nor and the Trust shall contribute to the Borrower, promptly upon, and in any event within 3 Business Days of, the Trust’s receipt thereof, 100% of its other Restricted Subsidiaries is required to make additional Investments the aggregate proceeds received by the Trust in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 offering of stock or debt in the aggregate; and Trust (n) shares net of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities fees and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that expenses customarily incurred in such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oofferings).

Appears in 1 contract

Samples: Revolving Credit Agreement (First Potomac Realty Trust)

Restrictions on Investments. The No Borrower will notshall purchase or acquire, and will not permit or make any commitment therefor, any Capital Stock, or other obligations of its Restricted Subsidiaries toany other Person, or make or permit commit to exist make any acquisition under §8.4, or make or commit to remain outstanding make any Investment except Investments advance, loan, extension of credit or capital contribution to or any other investment in, any other Person, other than: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrowerpurchase; (b) demand deposits, insured deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks or Eligible Foreign Lenders having total assets unimpaired capital and surplus in excess of $1,000,000,0001,000,000,000 or, in the case of a Lender under this Agreement, $250,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’xXxxxx’x Investors Service, Inc., and not less than “A-1A 1” if rated by S&PStandard and Poor’s Rating Group; (d) Investments existing on extensions of credit in the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 hereto; (e) Investments by the Borrower in a Securitization Entity in connection with Permitted Securitizations, provided that such Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted Securitization; (f) Investments consisting nature of accounts receivable owing to or notes receivable arising from the Borrower and its Subsidiaries in the ordinary course sale or lease of business and payable goods or dischargeable in accordance with customary terms; (g) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising services in the ordinary course of business; (ie) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset investments existing on a consolidated balance sheet of the Borrower date hereof and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Leaselisted on Schedule 8.3; (jf) Investments constituting loans and advances and equity investments by any Borrower to officers and another existing Borrower; (g) investments permitted under §8.4; (h) loans to employees of the Borrower Parent for the purpose of financing such employees’ acquisition of equity of the Parent (through the exercise of stock options or its Subsidiaries arising otherwise) or for relocation, travel and entertainment costs and expenses in the ordinary course of business and in a manner with prior practices, in an aggregate principal amount outstanding not to exceed Five Million Dollars ($5,000,000) 5,000,000 at any time outstanding; (i) the Evergreen Shares and the Evergreen Option; provided that the Parent may only exercise the Evergreen Option so long as the sum of the total cash consideration paid by the Parent for the Evergreen Shares and any additional shares of Evergreen acquired by the Parent resulting from the exercise of the Evergreen Option does not exceed twelve million dollars ($12,000,000) in the aggregate; (j) Investments in trust funds securing closure and post-closure obligations of any Borrower relating to any landfill owned or operated by such Borrower; and (k) Investments pursuant formation and funding of a Receivables SPV in connection with a Permitted Receivables Transaction in an amount not to transactions permitted under §9.5.1;exceed $1,000,000. (l) in addition to Investments by permitted under clauses (a) through (k) above, other Investments not otherwise permitted hereunder in an aggregate amount not to exceed the Borrower greater of (i) $25,000,000 and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 (ii) two percent (2%) of Consolidated Total Assets, at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000outstanding; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement

Restrictions on Investments. The Neither the Guarantor nor the Borrower will notwill, and neither will not permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: : (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the Borrower; Borrower or the Guarantor, so long as at the time of the making of such Investment, there are no Revolving Credit Loans outstanding except for Eurodollar Rate Loans that are cash collateralized in accordance with the terms of the Cash Collateral Agreement (which cash collateral may be invested in Permitted Cash Collateral Investments); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets the Lenders that mature within thirty (30) days from the date of purchase by the Guarantor, the Borrower or such Subsidiary, so long as at the time of the making of such Investment, there are no Revolving Credit Loans outstanding except for Eurodollar Rate Loans that are cash collateralized in excess accordance with the terms of $1,000,000,000; the Cash Collateral Agreement (which cash collateral may be invested in Permitted Cash Collateral Investments); (c) securities commonly known as "commercial paper" issued by the Lenders or a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” "P 1" if rated by Xxxxx’xMoody's Investors Services, Inc., and not less than “A-1” "A 1" if rated by S&P; Standard and Poor's, so long as at the time of the making of such Investment, there are no Revolving Credit Loans outstanding except for Eurodollar Rate Loans that are cash collateralized in accordance with the terms of the Cash Collateral Agreement (which cash collateral may be invested in Permitted Cash Collateral Investments); (d) Investments existing on the Closing Date date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 hereto; ; (e) Investments consisting of the Guaranty or Investments by the Guarantor or the Borrower in a Securitization Entity Subsidiaries of the Guarantor or the Borrower or Investments by the Guarantor or the Borrower in connection with Permitted Securitizations, provided that such Investments are used exclusively for each other existing on the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted Securitization; Closing Date; (f) Investments consisting of accounts receivable owing loans and advances to the Borrower employees or guarantees of such loans and its Subsidiaries advances for moving, entertainment, travel and other similar expenses in the ordinary course of business and payable or dischargeable in accordance with customary terms; (g) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) 500,000 in the aggregate at any time outstanding; ; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(og).

Appears in 1 contract

Samples: Revolving Credit Agreement (Filenes Basement Corp)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so-called “overseas private investment corporations”); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1”P 1” if rated by Xxxxx’x, and not less than “A-1A 1” if rated by S&P; (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter in connection with the acquisition and development of Permitted Properties by the Borrower in a Securitization Entity in connection with Permitted Securitizationsor any Wholly-owned Subsidiary of the Borrower, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in Real Estate Assets under Development (including all development costs) will not exceed ten percent (10%) of the Consolidated Gross Asset Value at the time of any such Investment; and Investments are used exclusively in raw land intended to be developed by the Borrower or any Wholly-owned Subsidiary of the Borrower for use as a Permitted Property, provided that the purpose aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Borrower for which the Borrower has any funding obligation) and other related assets newly financed or Refinanced under such Permitted SecuritizationWholly-owned Subsidiary at any time in raw land will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment; (f) any Investments consisting now or hereafter made in any Wholly-owned Subsidiary; and Investments now or hereafter made in any Partially-Owned Entity (or other Person for which the Borrower has any funding obligation) so long as such Investment is made in connection with Permitted Properties and provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in any Partially-Owned Entity (or other such Person) will not exceed twenty percent (20%) of the Consolidated Gross Asset Value at the time of any such Investment; and (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business;. (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (lh) Investments by the Borrower in Mortgage Notes, provided that the aggregate investment in such Mortgage Notes will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment. In no event shall the aggregate of Investments made pursuant to subclauses (e), (f), (g) and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 (h) above exceed twenty-five percent (25%) of Consolidated Gross Asset Value at any time outstanding so long as neither time. Notwithstanding the foregoing, the Trust shall be permitted to make and maintain Investments in the Borrower nor and the Trust shall contribute to the Borrower, promptly upon, and in any event within 3 Business Days of, the Trust’s receipt thereof, 100% of its other Restricted Subsidiaries is required to make additional Investments the aggregate proceeds received by the Trust in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 offering of stock or debt in the aggregate; and Trust (n) shares net of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities fees and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that expenses customarily incurred in such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oofferings).

Appears in 1 contract

Samples: Revolving Credit Agreement (First Potomac Realty Trust)

Restrictions on Investments. The Neither the Parent Borrower will, nor will not, and will not it permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the BorrowerParent Borrower or its Subsidiary; (b) marketable direct obligations of any of the following: Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency or instrumentality of the United States of America; (c) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000100,000,000; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000 will not exceed $200,000; (cd) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that State which at the time of purchase have been are rated and the ratings for which are by Xxxxx’x Investors Service, Inc. or by Standard & Poor’s Corporation at not less than “P-1P 1” if then rated by Xxxxx’xXxxxx’x Investors Service, Inc., and not less than “A-1” A 1”, if then rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretoStandard & Poor’s Corporation; (e) Investments mortgage-backed securities guaranteed by the Borrower in a Securitization Entity in connection with Permitted SecuritizationsGovernment National Mortgage Association, provided that such Investments are used exclusively for the purpose of financing Federal National Mortgage Association or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Federal Home Loan Mortgage Corporation and other related assets newly financed mortgage-backed bonds which at the time of purchase are rated by Xxxxx’x Investors Service, Inc. or Refinanced under such Permitted Securitizationby Standard & Poor’s Corporation at not less than “Aa” if then rated by Xxxxx’x Investors Service, Inc. and not less than “AA” if then rated by Standard & Poor’s Corporation; (f) Investments consisting repurchase agreements having a term not greater than ninety (90) days and fully secured by securities described in the foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (c) or with financial institutions or other corporations having total assets in excess of accounts receivable owing $500,000,000; (g) shares of so-called “money market funds” registered with the SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest principally in investments described in the foregoing subsections (a) through (f) and have total assets in excess of $50,000,000; (h) the acquisition of fee interests or long-term ground lease interests by Parent Borrower or its Subsidiaries in (i) Real Estate which is utilized for income-producing Data Center Properties located in the continental United States or the District of Columbia and businesses and investments incidental thereto, and (ii) subject to the restrictions set forth in this §8.3, the acquisition of Land Assets to be developed for the foregoing purposes and Development Properties to be used for the purposes set forth in §8.3(h)(i); (i) Investments by Parent Borrower in Wholly Owned Subsidiaries of Parent Borrower; (j) Investments in Land Assets, provided that the aggregate Investment therein shall not exceed the greater of (i) ten percent (10%) of Gross Asset Value or (ii) $125,000,000.00; (k) Investments in International Investments, provided that the aggregate Investment therein shall not exceed the greater of (i) thirty percent (30%) of Gross Asset Value or (ii) $500,000,000.00; (l) Investments in non-wholly owned Subsidiaries and Unconsolidated Affiliates, provided that the aggregate Investment therein shall not exceed ten percent (10%) of Gross Asset Value; and (m) Investments (i) in equipment which will be incorporated into the development of Data Center Properties, (ii) with utility companies to bring critical power to Data Center Properties, and (iii) with fiber optic companies to bring fiber optics to Data Center Properties. Notwithstanding the foregoing, (x) in no event shall the aggregate value of the holdings of Parent Borrower and its Subsidiaries in the ordinary course Investments described in §8.3(j)-(l) exceed forty percent (40%) of business Gross Asset Value at any time and payable (y) in no event shall Parent Borrower or dischargeable in accordance with customary terms; (g) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, any of its Restricted Subsidiaries have any investments in mortgages or in notes receivable. For the Capital Stock purposes of any Person; (h) Investments received in connection with this §8.3, the bankruptcy or reorganization of, or settlement Investment of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Parent Borrower or its Subsidiaries arising in any non-Wholly Owned Subsidiaries and Unconsolidated Affiliates will equal (without duplication) the ordinary course sum of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) such Person’s pro rata share of amounts their Unconsolidated Affiliate’s Investment in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, Land Assets; plus (ii) such Person’s pro rata share of proceeds of Collateral, and (iii) of any other Investments referred to in §9.3(o)valued at the GAAP book value.

Appears in 1 contract

Samples: Credit Agreement (Dupont Fabros Technology, Inc.)

Restrictions on Investments. The Borrower None of the Borrower, any --------------------------- Guarantor, any Operating Subsidiary or any wholly-owned Subsidiary will not, and will not permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one two (12) year years from the date of purchase by the Borrowerpurchase; (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” "P 1" if rated by Xxxxx’xXxxxx'x, and not less than “A-1” "A 1" if rated by S&P; (d) Investments existing on the Closing Date hereof and listed in its Subsidiariesthe SEC Filings or in the financial statements referred to in (S)6.4 hereof, joint ventures and partnerships any other Investments hereafter made with respect to Real Estate Assets held by the Borrower, by any wholly-owned Subsidiary or listed on Schedule 9.3 heretoby any Partially-Owned Real Estate Holding Entity as of the Closing Date (including, without limitation, Investments in any such Partially-Owned Real Estate Holding Entity); (e) So long as no Event of Default has occurred and is continuing or would occur after giving effect thereto, Investments (i) in Real Estate Assets, (ii) in interests in Partially-Owned Real Estate Holding Entities, (iii) in the stock of or other beneficial interests in Persons whose primary operations consist of the ownership, development, operation or management of Real Estate Assets or the ownership of Indebtedness for borrowed money secured by mortgage liens on Real Estate Assets, or (iv) consisting of the Borrower in a Securitization Entity in connection with Permitted Securitizations, provided that such Investments are used exclusively acquisition of (A) contracts for the purpose management of financing Real Estate Assets or Refinancing Containers(B) Indebtedness for borrowed money secured by mortgage liens on Real Estate Assets, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted Securitizationin each case consistent with the provisions of (S)7.27 hereof; (f) any Investments consisting now or hereafter made in the Operating Subsidiaries or any wholly-owned Subsidiary; (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practicesfor travel expenses, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; drawing accounts and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).

Appears in 1 contract

Samples: Revolving Credit Agreement (Beacon Properties L P)

Restrictions on Investments. The Each Borrower will not, and will not permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except the Borrowers and their Restricted Subsidiaries may make or permit to exist or to remain outstanding Investments in: (a) marketable direct or guaranteed obligations of the United States of America or Canada that mature within one (1) year from the date of purchase by the a Borrower; (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks and Canadian banks having total assets in excess of $1,000,000,000; (c) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” "P 1" if rated by Xxxxx’xXxxxx'x, and not less than “A-1” "A 1" if rated by S&P; (d) Investments existing on the Closing Date date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 10.3 hereto; (e) Investments so long as the entities referred to in this paragraph (e) remain Restricted Subsidiaries of a Borrower (i) with respect to Indebtedness permitted by (Section)10.1(h) or (ii) consisting of transfers of assets from (A) the US Borrower in a Securitization Entity in connection with Permitted Securitizationsto the Canadian Borrower or any of the Canadian Guarantors, (B) the Canadian Borrower to the US Borrower or any of the US Guarantors, (C) any of the Canadian Guarantors to the US Borrower or any of the US Guarantors, or (D) any of the US Guarantors to the Canadian Borrower or any of the Canadian Guarantors, provided that such the aggregate amount of Investments are used exclusively for the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted Securitizationthis clause (ii) together with Indebtedness permitted under (Section)10.1(h)(iii) shall not exceed $10,000,000 at any one time; (f) Investments between (i) the US Borrower and any of (A) the US Guarantors, and (B) Quebec (so long as it remains the Canadian Borrower) or (ii) the Canadian Borrower and any of the Canadian Guarantors; (g) Investments consisting of accounts receivable owing loans and advances to the Borrower employees for moving, entertainment, travel and its Subsidiaries other similar expenses in the ordinary course of business and payable or dischargeable in accordance with customary terms; (g) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) 750,000 in the aggregate at any time outstanding; (kh) Investments pursuant to transactions permitted by any of the Borrowers or any of their Restricted Subsidiaries consisting of rights of reimbursement, contribution, subrogation and the like in connection with the joint and several obligations of such Restricted Subsidiaries under §9.5.1the Loan Documents; (li) Other Investments constituting or made in connection with acquisitions by the Borrowers or any Restricted Subsidiary of the Borrowers (with the proceeds of a capital contribution from such Borrower or otherwise) of any other US or Canadian Person, or of any business, division or operating unit of any other US or Canadian Person (whether by way of a purchase of assets or Capital Stock) (each such acquisition satisfying all the conditions and requirements of this paragraph (i) being referred to herein as a "Permitted Acquisition") provided that: (i) after giving effect to such Permitted Acquisition, there remains at least $15,000,000 in unused availability under the Total Commitment; (ii) the aggregate Purchase Price for (A) any one Permitted Acquisition (or group of related acquisitions) shall not exceed $50,000,000, for any U.S. or Canadian Person or any business, division or operating unit of any U.S. or Canadian Person and (B) all such Permitted Acquisitions shall not exceed $100,000,000 in any period of four consecutive fiscal quarters; (iii) such Borrower shall have demonstrated to the reasonable satisfaction of the Administrative Agent (based on, among other things, operating and financial projections and pro forma financial statements delivered to the Administrative Agent and certified by the chief financial officer of such Borrower) that, after giving pro-forma effect to the Permitted Acquisition and the incurrence of any Indebtedness in connection therewith, all covenants contained in (Section)11 would have been satisfied on a pro forma basis as at the end of and for the most recent fiscal quarter, and will be satisfied on a pro forma basis for the next four fiscal quarters ending after the date of such Investment; (iv) with respect to any such Permitted Acquisition: (A) such Borrower shall have delivered to the Administrative Agent reasonable (and, in any event, fifteen (15) days) prior written notice of such acquisition, which notice shall provide the Administrative Agent with a reasonably detailed description of the proposed acquisition, and shall include true and complete copies of (to the extent available at such time but in any event prior to the closing of any such Permitted Acquisition) all instruments and agreements executed or delivered or to be executed or delivered by such Borrower or any of its Restricted Subsidiaries in connection with such acquisition, all of which shall be reasonably satisfactory in form and substance to the Administrative Agent; (B) the business and assets so acquired shall be acquired by such Borrower or any of its Restricted Subsidiaries free and clear of all Liens (other than Permitted Liens) and Indebtedness (other than Indebtedness permitted by (Section)10.1(f) or otherwise consented to in writing by the Required Lenders) and the business so acquired shall be substantially the same line of business as that presently conducted by such Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any or lines of its other Restricted Subsidiaries is required to make additional Investments business reasonably related thereto; (C) no contingent obligations, Indebtedness or liabilities will be incurred or assumed in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments acquisition which could reasonably be expected to exceed $40,000,000have a Material Adverse Effect; (mD) other Investments not exceeding $5,000,000 in the aggregatecase of any acquisition of Capital Stock, (x) the acquired Person shall become a Restricted Subsidiary of a Borrower (or of any existing Restricted Subsidiary of such Borrower) or shall be merged with and into such Borrower or any existing Restricted Subsidiary of such Borrower; and , unless such acquired Person fits within the exception set forth in the last sentence of (n) shares of money market funds that are subject to Section)9.14, such Borrower or the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities applicable Restricted Subsidiary and Exchange Commission under the Investment Company Act of 1940such acquired Person shall have become a Guarantor hereunder, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions shall have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, granted a first priority perfected security interest, free interest or first ranking hypothec over all of all Liens its assets (other than Real Estate unless the Administrative Agent otherwise requests) and shall have otherwise complied with all the applicable provisions of (Section)9.14 and (y) the board of directors (or other applicable governing body) of the acquired Person shall have approved such proposed acquisition; (E) in the case of any acquisition of the business or assets of any Person by the Borrowers or any of their Restricted Subsidiaries, the Borrowers or their applicable Restricted Subsidiaries shall take all actions that are necessary or advisable, under applicable law, to establish and perfect the Administrative Agent's security interest in the Collateral, including such actions that the Administrative Agent may reasonably request; (v) no Default or Event of Default shall exist immediately prior to such Permitted LiensAcquisition or would result from such Permitted Acquisition and provided further that if such Permitted Acquisition would result in a change in control of the acquired Person, such Investment shall have been approved by the board of directors of such Person prior to the making of such Investment; and (vi) with respect to any Permitted Acquisition, any debt instruments or preferred stock evidencing, governing or issued in all connection with such Investment shall be reasonably satisfactory to the Administrative Agent and shall be permitted by this Credit Agreement; (j) Investments consisting of deposits made in connection with a Permitted Acquisition; and (k) Investments by the Borrowers (whether directly or through a Restricted Subsidiary) in any of the Borrowers' Unrestricted Subsidiaries, so long as the aggregate amount of such Investments (i) of amounts made since the Closing Date does not exceed $50,000,000 in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateralaggregate, and (iii) so long as no Default or Event of Investments referred to in §9.3(o)Default shall have occurred and be continuing at the time such Investment is made or would result therefrom.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Genesee & Wyoming Inc)

Restrictions on Investments. The Neither the Borrower nor the Guarantor will, nor will not, and will not either of them permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the BorrowerBorrower or its Subsidiary; (b) marketable direct obligations of any of the following: Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency or instrumentality of the United States of America; (c) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000100,000,000; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000 will not exceed $200,000; (cd) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that State which at the time of purchase have been are rated and the ratings for which are by Moodx'x Xxxestors Service, Inc. or by Standard & Poor's Corporation at not less than “P-1” "P 1" if then rated by Xxxxx’xMoodx'x Xxxestors Service, Inc., and not less than “A-1” "A 1", if then rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretoStandard & Poor's Corporation; (e) Investments mortgage-backed securities guaranteed by the Borrower in a Securitization Entity in connection with Permitted SecuritizationsGovernment National Mortgage Association, provided that such Investments are used exclusively for the purpose of financing Federal National Mortgage Association or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Federal Home Loan Mortgage Corporation and other related assets newly financed mortgage-backed bonds which at the time of purchase are rated by Moodx'x Xxxestors Service, Inc. or Refinanced under such Permitted Securitizationby Standard & Poor's Corporation at not less than "Aa" if then rated by Moodx'x Xxxestors Service, Inc. and not less than "AA" if then rated by Standard & Poor's Corporation; (f) Investments consisting of accounts receivable owing to the Borrower repurchase agreements having a term not greater than 90 days and its Subsidiaries fully secured by securities described in the ordinary course foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (c) or with financial institutions or other corporations having total assets in excess of business and payable or dischargeable in accordance with customary terms$500,000,000; (g) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, any shares of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection so-called "money market funds" registered with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission SEC under the Investment Company Act of 19401940 which maintain a level per-share value, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, invest principally in all of such Investments (i) of amounts investments described in the Borrower’s collection accounts foregoing subsections (a) through (f) and investments thereof) as provided have total assets in the Intercreditor Agreement, (ii) excess of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).$50,000,000;

Appears in 1 contract

Samples: Master Revolving Credit Agreement (Ramco Gershenson Properties Trust)

Restrictions on Investments. The Neither the Borrower nor the Parent will, nor will not, and will not either of them permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the BorrowerBorrower or its Subsidiary; (b) marketable direct obligations of any of the following: Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency or instrumentality of the United States of America; (c) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000100,000,000; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000 will not exceed $200,000; (cd) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that State which at the time of purchase have been are rated and the ratings for which are by Mxxxx’x Investors Service, Inc. or by Standard & Poor’s Corporation at not less than “P-1P 1” if then rated by Xxxxx’xMxxxx’x Investors Service, Inc., and not less than “A-1” A 1”, if then rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretoStandard & Poor’s Corporation; (e) Investments mortgage-backed securities guaranteed by the Borrower in a Securitization Entity in connection with Permitted SecuritizationsGovernment National Mortgage Association, provided that such Investments are used exclusively for the purpose of financing Federal National Mortgage Association or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Federal Home Loan Mortgage Corporation and other related assets newly financed mortgage-backed bonds which at the time of purchase are rated by Mxxxx’x Investors Service, Inc. or Refinanced under such Permitted Securitizationby Standard & Poor’s Corporation at not less than “Aa” if then rated by Mxxxx’x Investors Service, Inc. and not less than “AA” if then rated by Standard & Poor’s Corporation; (f) Investments consisting of accounts receivable owing to the Borrower repurchase agreements having a term not greater than ninety (90) days and its Subsidiaries fully secured by securities described in the ordinary course foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (c) or with financial institutions or other corporations having total assets in excess of business and payable or dischargeable in accordance with customary terms$500,000,000; (g) Investments by shares of so-called “money market funds” registered with the Borrower and its Restricted Subsidiaries SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest principally in investments described in the Borrower, any foregoing subsections (a) through (f) and have total assets in excess of its Restricted Subsidiaries or in the Capital Stock of any Person$50,000,000; (h) Investments received the acquisition of fee interests by the Borrower or its Subsidiaries in connection with the bankruptcy or reorganization of(i) Real Estate which is utilized for income-producing office, or settlement of delinquent accounts industrial, retail, flex and disputes with, customers, lessees and suppliers arising light manufacturing properties located in the ordinary course continental United States or the District of businessColumbia and businesses and investments incidental thereto, and (ii) subject to the restrictions set forth in this §8.3, the acquisition of Land Assets to be developed for the foregoing purposes; (i) Investments constituting expenditures for any purchase by Borrower in Subsidiaries that are directly or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; indirectly one hundred percent (j100%) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments owned by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000Borrower; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).

Appears in 1 contract

Samples: Senior Secured Revolving Credit Agreement (Gladstone Commercial Corp)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so--called “overseas private investment corporations”); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” “ P 1” if rated by Xxxxx’x, and not less than “A-1A 1” if rated by S&P and (ii) investments, classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have a rating of not less than “P 1” if rated by Xxxxx’x, and not less than “A 1” if rated by S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a) and (b) above; (d) Investments existing on the Closing ClosingAmendment No. 5 Effective Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter made in connection with the acquisition and development of Investment Permitted Properties by the Borrower in a Securitization Entity in connection with Permitted Securitizationsor any Wholly-ownedOwned Subsidiary of the Borrower, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-ownedOwned Subsidiary at any time in Real Estate Assets underUnder Development (including all development costs) will not exceed tentwenty percent (1020%) of the Consolidated Gross Asset Value at the time of any such Investment; and Investments are used exclusively in raw land intended to be developed by the Borrower or any Wholly-ownedOwned Subsidiary of the Borrower for use as aan Investment Permitted Property, provided that the purpose aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Borrower for which the Borrower has any funding obligation) and other related assets newly financed or Refinanced under such Permitted SecuritizationWholly-ownedOwned Subsidiary at any time in raw land will not exceed five percent (5%) of the Consolidated Gross Asset Value at the time of any such Investment; (f) any Investments consisting now or hereafter made in (i) any Wholly-ownedOwned Subsidiary; and Investments now or hereafter made in any and (ii) any Subsidiary (other than a Wholly-Owned Subsidiary) or Partially-Owned Entity (or other Person for which the Borrower has any funding obligation) so long as, in the case of clause (ii), such Investment is made in connection with Investment Permitted Properties and provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in any Partially-Owned Entity (or other such Person) Entities will not exceed twentyten percent (2010%) of the Consolidated Gross Asset Value at the time of any such Investment; and (g) Investments in respect of (1) equipment, inventory and other tangible personal property acquired in the ordinary course of business, (2) current trade and customer accounts receivable owing to the Borrower and its Subsidiaries for services rendered in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; , (g3) Investments by the Borrower and its Restricted Subsidiaries advances in the Borrowerordinary course of business to employees for travel expenses, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent drawing accounts and disputes withsimilar expenditures, customers, lessees and suppliers arising (4) prepaid expenses made in the ordinary course of business;. ; and (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (lh) Investments by the Borrower in Mortgage NotesStructured Finance Investments, provided that the aggregate investmentinvestments in such Mortgage Notes willStructured Finance Investments shall not exceed fiveten percent (510%) of the Consolidated Gross Asset Value at the time of any such Investment, and its Restricted Subsidiaries further provided that with respect to any such Investment in Unrestricted Subsidiaries not exceeding $40,000,000 mezzanine loans or preferred equity, the documents governing the terms of such Investments shall be delivered to the Agent promptly upon the Agent’s request therefor. In no event shall the aggregate of Investments made pursuant to subclauses (e), (f), (gii) and (h) above exceed twenty-fivethirty percent (2530%) of Consolidated Gross Asset Value at any time outstanding so long as neither time. Notwithstanding the foregoing, the Trust shall be permitted to make and maintain Investments in the Borrower nor and the Trust shall contribute to the Borrower, promptly upon, and in any event within 3 Business Days of, the Trust’s receipt thereof, 100% of its other Restricted Subsidiaries is required to make additional Investments the aggregate proceeds received by the Trust in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 offering of stock or debt in the aggregate; and Trust (n) shares net of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities fees and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that expenses customarily incurred in such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(oofferings).

Appears in 1 contract

Samples: Secured Term Loan Agreement (First Potomac Realty Trust)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the BorrowerBorrower or its Subsidiary; (b) marketable direct obligations of any of the following: Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency or instrumentality of the United States of America; (c) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000100,000,000; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000 will not exceed $200,000; (cd) securities commonly known as "commercial paper" issued by a corporation organized and existing under the laws of the United States of America or any state thereof that State which at the time of purchase have been are rated and the ratings for which are by Moxxx'x Xnvestors Service, Inc. or by Standard & Poor's Corporation at not less than “P-1” "P 1" if then rated by Xxxxx’xMoxxx'x Xnvestors Service, Inc., and not less than “A-1” "A 1", if then rated by S&P; (d) Investments existing on the Closing Date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretoStandard & Poor's Corporation; (e) Investments mortgage-backed securities guaranteed by the Borrower in a Securitization Entity in connection with Permitted SecuritizationsGovernment National Mortgage Association, provided that such Investments are used exclusively for the purpose of financing Federal National Mortgage Association or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases the Federal Home Loan Mortgage Corporation and other related assets newly financed mortgage-backed bonds which at the time of purchase are rated by Moxxx'x Xnvestors Service, Inc. or Refinanced under such Permitted Securitizationby Standard & Poor's Corporation at not less than "Aa" if then rated by Moxxx'x Xnvestors Service, Inc. and not less than "AA" if then rated by Standard & Poor's Corporation; (f) Investments consisting of accounts receivable owing to the Borrower repurchase agreements having a term not greater than 90 days and its Subsidiaries fully secured by securities described in the ordinary course foregoing subsection (a), (b) or (e) with banks described in the foregoing subsection (c) or with financial institutions or other corporations having total assets in excess of business and payable or dischargeable in accordance with customary terms$500,000,000; (g) Investments by shares of so-called "money market funds" registered with the Borrower and its Restricted Subsidiaries SEC under the Investment Company Act of 1940 which maintain a level per-share value, invest principally in investments described in the Borrower, any foregoing subsections (a) through (f) and have total assets in excess of its Restricted Subsidiaries or in the Capital Stock of any Person$50,000,000; (h) Investments received in connection with the bankruptcy fee interests in Real Estateutilized principally for self-storage facilities or reorganization ofmini-warehouses, or settlement of delinquent accounts including eaxxxxx xoney deposits relating thereto and disputes with, customers, lessees and suppliers arising in the ordinary course of businesstransaction costs; (i) Subject to Section 8.3(l), Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet in wholly-owned Subsidiaries of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic LeaseStorage Trust Guarantor; (j) Investments constituting loans and advances to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).

Appears in 1 contract

Samples: Revolving Credit Agreement (Storage Trust Realty)

Restrictions on Investments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make Make or permit to exist or to remain outstanding any Investment except except, with respect to the Borrower and its Subsidiaries only, Investments in: (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase (including investments in securities guaranteed by the BorrowerUnited States of America such as securities in so-called “overseas private investment corporations”); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets in excess of $1,000,000,000; (c) securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1P 1” if rated by Xxxxx’xMxxxx’x, and not less than “A-1A 1” if rated by S&P; (d) Investments existing on the Closing Date hereof and listed in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 heretothe financial statements referred to in §7.4; (e) other Investments hereafter in connection with the acquisition and development of Permitted Properties by the Borrower or any Wholly-owned Subsidiary of the Borrower, provided that (i) the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Wholly-owned Subsidiary at any time in Real Estate Assets under Development (including all development costs) will not exceed ten percent (10%) of the Consolidated Total Adjusted Asset Value at the time of any such Investment, and (ii) no Investment may be made in any Real Estate Asset Under Development until such Real Estate Asset is at least 70% leased or will provide a Securitization Entity positive operating cash flow (determined in accordance with GAAP) based upon the Leases that have duly executed and delivered in connection with such Real Estate Asset; and Investments in raw land intended to be developed by the Borrower or any Wholly-owned Subsidiary of the Borrower for use as a Permitted SecuritizationsProperty, provided that the aggregate amounts actually invested by Borrower (or if not invested directly by Borrower, actually invested by an Affiliate of the Borrower for which the Borrower has any funding obligation) and such Investments are used exclusively for Wholly-owned Subsidiary at any time in raw land will not exceed five percent (5%) of the purpose Consolidated Total Adjusted Asset Value at the time of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under any such Permitted SecuritizationInvestment; (f) any Investments consisting of accounts receivable owing to now or hereafter made in any Wholly-owned Subsidiary; and Investments now or hereafter made in any Partially-Owned Entity (or other Person for which the Borrower and its Subsidiaries in the ordinary course of business and payable or dischargeable in accordance with customary terms; (ghas any funding obligation) Investments by the Borrower and its Restricted Subsidiaries in the Borrower, any of its Restricted Subsidiaries or in the Capital Stock of any Person; (h) Investments received so long as such Investment is made in connection with Permitted Properties and provided that the bankruptcy aggregate amounts actually invested by Borrower (or reorganization ofif not invested directly by Borrower, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet actually invested by an Affiliate of the Borrower and its Subsidiaries prepared in accordance with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting loans and advances to officers and employees of for which the Borrower or its Subsidiaries arising in the ordinary course of business has any funding obligation) and in a manner with prior practices, in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000) such Wholly-owned Subsidiary at any time outstanding; in any Partially-Owned Entity (kor other such Person) Investments pursuant to transactions permitted under §9.5.1; will not exceed ten percent (l10%) Investments by of the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 Consolidated Total Adjusted Asset Value at the time of any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregateInvestment; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 only if all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a first priority perfected security interest, free of all Liens other than Permitted Liens, in all of such Investments (i) of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).

Appears in 1 contract

Samples: Revolving Credit Agreement (First Potomac Realty Trust)

Restrictions on Investments. The Neither the Guarantor nor the Borrower will notwill, and neither will not permit any of its Restricted Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in:: 61 (a) marketable direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by the BorrowerBorrower or the Guarantor, so long as at the time of the making of such Investment, there are no Revolving Credit Loans outstanding except for Eurodollar Rate Loans that are cash collateralized in accordance with the terms of the Cash Collateral Agreement (which cash collateral may be invested in Permitted Cash Collateral Investments); (b) demand deposits, certificates of deposit, bank bankers acceptances and time deposits of United States banks having total assets the Banks that mature within thirty (30) days from the date of purchase by the Guarantor, the Borrower or such Subsidiary, so long as at the time of the making of such Investment, there are no Revolving Credit Loans outstanding except for Eurodollar Rate Loans that are cash collateralized in excess accordance with the terms of $1,000,000,000the Cash Collateral Agreement (which cash collateral may be invested in Permitted Cash Collateral Investments); (c) securities commonly known as "commercial paper" issued by the Banks or a corporation organized and existing under the laws of the United States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P-1” "P 1" if rated by Xxxxx’xMoodx'x Xxxestors Services, Inc., and not less than “A-1” "A 1" if rated by S&PStandard and Poor's, so long as at the time of the making of such Investment, there are no Revolving Credit Loans outstanding except for Eurodollar Rate Loans that are cash collateralized in accordance with the terms of the Cash Collateral Agreement (which cash collateral may be invested in Permitted Cash Collateral Investments); (d) Investments existing on the Closing Date date hereof in its Subsidiaries, joint ventures and partnerships or listed on Schedule 9.3 SCHEDULE 10.3 hereto; (e) Investments consisting of the Guaranty or Investments by the Guarantor or the Borrower in a Securitization Entity Subsidiaries of the Guarantor or the Borrower or Investments by the Guarantor or the Borrower in connection with Permitted Securitizations, provided that such Investments are used exclusively for each other existing on the purpose of financing or Refinancing Containers, Refrigeration Units, Generators, Chassis, Direct Finance Leases and other related assets newly financed or Refinanced under such Permitted SecuritizationClosing Date; (f) Investments consisting of accounts receivable owing loans and advances to the Borrower employees or guarantees of such loans and its Subsidiaries advances for moving, entertainment, travel and other similar expenses in the ordinary course of business and payable or dischargeable not to exceed $500,000 in accordance with customary termsthe aggregate at any time outstanding; (g) Investments by the Borrower and its Restricted Subsidiaries in a demand deposit located at an Agency Account Institution, provided that the amount of such Investments does not exceed, in the Borroweraggregate, any of its Restricted Subsidiaries or in the Capital Stock of any Person;that amount set forth opposite such Agency Account Institution's name on SCHEDULE 3.2.2(a); and (h) other Investments received in connection with of strategic importance to the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers, lessees and suppliers arising in the ordinary course of business; (i) Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet business plan of the Borrower previously delivered to the Agent and its Subsidiaries prepared the Banks, the amount of which, when combined with all outstanding obligations permitted by sec.10.1(o), shall not exceed $1,000,000 in accordance the aggregate at any one time; PROVIDED, HOWEVER, that, with GAAP or Investments in connection with any permitted Synthetic Lease; (j) Investments constituting the exception of loans and advances referred to officers and employees of the Borrower or its Subsidiaries arising in the ordinary course of business and in a manner with prior practicessec.10.3(d) - (h), in aggregate amount outstanding not to exceed Five Million Dollars ($5,000,000a) at any time outstanding; (k) Investments pursuant to transactions permitted under §9.5.1; (l) Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries not exceeding $40,000,000 at any time outstanding so long as neither the Borrower nor any of its other Restricted Subsidiaries is required to make additional Investments in connection with any Unrestricted Subsidiaries that, if made, would cause such Investments to exceed $40,000,000; (m) other Investments not exceeding $5,000,000 in the aggregate; and (n) shares of money market funds that are subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. provided, however, that such Investments will be considered Investments permitted by this §9.3 sec.10.3 only if such 62 -55- Investments are made through one of the Banks, and all actions have been taken to the satisfaction of the Administrative Agent to provide to the Administrative Agent, for the benefit of the Lenders Banks and the Administrative Agent, a first priority perfected security interest, interest in all of such Investments free of all Liens encumbrances other than Permitted Liens, in all of and (b) such Investments (i) are subject to the terms and conditions of amounts in the Borrower’s collection accounts (and investments thereof) as provided in the Intercreditor Cash Collateral Agreement, (ii) of proceeds of Collateral, and (iii) of Investments referred to in §9.3(o).

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Filenes Basement Corp)

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