Construction Investments. The Company and its Subsidiaries shall not permit the Construction Investments of the Company and its Subsidiaries to exceed twenty-five percent (25%) of Gross Real Estate Investments. In addition, neither the Company nor any Subsidiary shall make a Construction Investment for a Facility unless (i) there is included in the terms thereof an agreement for the conversion of the Company's or such Subsidiary's interests in the Facility upon the completion thereof into full ownership, a mortgage interest or majority partnership interest and (ii), if a mortgage interest, the Company or a Subsidiary of the Company shall receive or retain a first Lien in such Facility and otherwise satisfy all Legal Requirements.
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Samples: Revolving Credit Agreement (Meditrust Corp), Revolving Credit Agreement (Meditrust), Revolving Credit Agreement (Meditrust Corp)
Construction Investments. The Company and its Subsidiaries shall not permit the Construction Investments of the Company and its Subsidiaries to exceed twentyseventeen and one-five half percent (2517.5%) of Gross Real Estate Investments. In addition, neither the Company nor any Subsidiary shall make a Construction Investment for a Facility unless (i) there is included in the terms thereof an agreement for the conversion of the Company's or such Subsidiary's interests in the Facility upon the completion thereof into full ownership, a mortgage interest or majority partnership interest and (ii), if a mortgage interest, the Company or a Subsidiary of the Company shall receive or retain a first Lien in such Facility and otherwise satisfy all Legal Requirements.
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Construction Investments. The Company and its Subsidiaries shall not permit the its and its Subsidiaries' Construction Investments of the Company and its Subsidiaries to exceed twentyseventeen and one-five half percent (2517.5%) of its Gross Real Estate Investments. In addition, neither the Company nor any Subsidiary shall make a Construction Investment for a Facility unless (i) there is included in the terms thereof an agreement for the conversion of the Company's or such Subsidiary's interests in the Facility upon the completion thereof into full ownership, a mortgage interest or majority partnership interest and (ii), if a mortgage interest, the Company or a Subsidiary of the Company shall receive or retain a first Lien in such Facility and otherwise satisfy all Legal Requirements.. 66 57
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