Except for Permitted Investments the Borrower will not, and will not permit any of its Subsidiaries, directly or indirectly, to make or acquire any Investment or incur any liabilities (including contingent obligations) for or in connection with any Investment; provided, however, that (other than (a) Restricted Cash to the extent cash collateralizing any letters of credit set forth under the heading “Letters of Credit” on Schedule 3.19 as of the Closing Date and any letters of credit permitted under clause (j) of the definition of Permitted Indebtedness (in each case for so long as such amounts cash collateralizing such letters of credit are not in excess of 105% of the face amount of such letters of credit for letters of credit issued in the United States, and 115% of the face amount of such letters of credit for letters of credit issued outside of the United States), (b) amounts on deposit as of the Closing Date in the Borrower’s Bank of America account XXX454 (for so long as such amounts are required by Bank of America to cash collateralize Borrower’s obligations in respect of Bank of America’s treasury services for the Borrower and not in excess of any such amounts as of the Closing Date) and (c) up to $75,000 of Restricted Cash on deposit in the Borrower’s Deposit Account with Xxxxx Fargo referenced in clause (t) of the definition of Permitted Liens) Borrower shall not have Permitted Investments consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts, Securities Accounts or Commodity Accounts in the United States unless Borrower and the applicable securities intermediary or bank have entered into Control Agreements with Agent governing such Permitted Investments in order to perfect (or further establish) the Agent’s Liens in such Permitted Investments.
Except for Permitted Investments the Borrower will not, directly or indirectly, (a) purchase or otherwise acquire or own any stock or other securities of any other Person, or (b) make or permit to be outstanding any loan or advance (other than trade advances in the ordinary course of business) or enter into any arrangement to provide funds or credit, to any other Person.
Except for Permitted Investments purchase, ------------ ----------- invest in or otherwise acquire or hold securities, including, without limitation, capital stock and evidences of indebtedness of, or make loans or advances to, or enter into any arrangement for the purpose of providing funds or credit to, any other Person (other than existing loans to certain officers and stockholders as set forth on SCHEDULE 4.17). -------------
Except for Permitted Investments. Borrower shall not engage in any line of business other than development, ownership, operation and management of apartment, retail and commercial properties, asset management and business activities incidental thereto.
Except for Permitted Investments neither Borrower nor any Subsidiary (a) is a general partner in any partnership or a member in any joint venture, (b) owns or holds the assets, stocks, bonds, notes or other securities other than as disclosed on Exhibit 5.16 or in the financial statements delivered to the Bank pursuant to Section 5.8, nor (c) is a party to any agreement relating to commodity futures, financial futures or similar investments.
Except for Permitted Investments neither the Borrower nor the Guarantors shall consolidate with or merge into any other Person, or permit another Person to merge into the Borrower or any Guarantor, or acquire substantially all of the assets of any other Person, whether in one or a series of transactions; provided, however, that a Guarantor shall be permitted to consolidate with or merge into another Guarantor or the Borrower, so long as the Borrower shall be the surviving corporation, upon providing the Lenders with prior written notice thereof.
Except for Permitted Investments. Borrower ----------- will not make any Investment, and Borrower will not permit any Subsidiary of Borrower to make any Investment.
Except for Permitted Investments the Obligors shall not, directly or indirectly make, acquire, or incur any liabilities (including contingent obligations) for or in connection with (a) the acquisition of the securities (whether debt or equity) of, or other interests in, a Person, (b) loans, advances, capital contributions, or transfers of property to a Person, or (c) the acquisition of all or substantially all of the properties or assets of a Person.
Except for Permitted Investments. Borrower shall keep Borrower's principal bank accounts with banks agreed upon between Borrower and Bank.
