Xxxxxx REIT definition
Examples of Xxxxxx REIT in a sentence
When determining the Applicable Margin and compliance by the Borrower with any financial covenant contained in any of the Loan Documents, one hundred percent (100%) of the financial attributes of a consolidated Affiliate of Xxxxxx REIT shall be included and only the Ownership Share of Xxxxxx REIT of the financial attributes of an Unconsolidated Affiliate shall be included.
Neither Xxxxxx REIT nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments that would be required to be set forth in its financial statements or notes thereto, except as referred to or reflected or provided for in said financial statements.
The Borrower shall cause Xxxxxx REIT to maintain its status as a REIT under the Internal Revenue Code.
The Borrower shall cause Xxxxxx REIT to maintain at least one class of common shares of Xxxxxx REIT having trading privileges on the New York Stock Exchange or NYSE Amex Equities or which is subject to price quotations on The NASDAQ Stock Market’s National Market System.
Subject to Section 9.5, if the applicable financial statements of Xxxxxx REIT are timely and publicly available electronically on the website of Xxxxxx REIT or the SEC, then the Borrower shall be deemed to have met the delivery requirements of this Section 9.1.
Subject to Section 9.5, if the applicable financial statements of Xxxxxx REIT are timely and publicly available electronically on the website of Xxxxxx REIT or the SEC, then the Borrower shall be deemed to have met the delivery requirements of this Section 9.2.
Such financial statements (including in each case related schedules and notes) are complete and correct in all material respects and present fairly, in accordance with GAAP consistently applied throughout the periods involved, the consolidated financial position of Xxxxxx REIT and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flow for such periods (subject, as to interim statements, to changes resulting from normal year-end audit adjustments).
The Borrower shall not permit the ratio of (i) Secured Indebtedness of Xxxxxx REIT and its Subsidiaries, on a consolidated basis (which shall include Xxxxxx REIT’s Ownership Share of Unconsolidated Affiliates in accordance with Section 1.2), to (ii) Total Asset Value, to exceed 0.55 to 1.00, at any time.
The foregoing distributions shall not be affected by any requirement or provision contained in this Agreement that the Company be operated in a manner so that Xxxxxx REIT continues to qualify as a REIT.
This Section is intended solely to preserve the rights of the Administrative Agent and the other Guarantied Parties hereunder to the maximum extent that would not cause the obligations of any Guarantor (other than Xxxxxx REIT) hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Guarantied Parties that would not otherwise be available to such Person under the Avoidance Provisions.