Undeveloped Land. The Borrower and its Subsidiaries will not own Undeveloped Land acquired at any time after the Closing Date to the extent that the value of all such Undeveloped Land (which value shall be determined based upon the respective purchase price for each Property so acquired) exceeds $15,000,000 in the aggregate; provided, however, for purposes of this Section 8.19, any Undeveloped Land acquired at any time after the Closing Date with the proceeds received from a Disposition of Undeveloped Land permitted in accordance with this Agreement shall not be included in the valuation for purposes of compliance with this Section 8.19. The Borrower and its Subsidiaries will not acquire any Undeveloped Land to the extent the aggregate fair market value (which value shall be determined based upon the respective purchase price for each Property so acquired) of such Undeveloped Land exceeds $5,000,000 at any time after the Closing Date unless such Undeveloped Land is, at the time of such acquisition, zoned for the use for which such land is intended to be used by the Borrower.
Appears in 5 contracts
Samples: Credit Agreement (Petro Distributing, Inc.), Credit Agreement (Petro Financial Corp), Credit Agreement (Petro Stopping Centers L P)
