Common use of General Partner Activities Clause in Contracts

General Partner Activities. The General Partner agrees that, generally, all business activities of the General Partner, including activities pertaining to the acquisition, development, ownership of or investment in real properties or other property, shall be conducted through the Partnership or one or more Subsidiary Partnerships; provided, however, that the General Partner may make direct acquisitions or undertake business activities if such acquisitions or activities are made in connection with the issuance of Additional Securities by the General Partner or the business activity has been approved by a majority of the Independent Directors. If, at any time, the General Partner acquires material assets (other than Partnership Units or other assets on behalf of the Partnership), the definition of “REIT Common Shares Amount” may be adjusted, as reasonably determined by the General Partner, to reflect only the fair market value of a REIT Common Share attributable to the General Partner’s Partnership Units and other assets held on behalf of the Partnership.

General Partner Activities. The General Partner agrees that, generally, all business activities of the General Partner, including activities pertaining to the acquisition, development, ownership of or investment in real properties property or other property, shall be conducted through the Partnership or one or more Subsidiary PartnershipsSubsidiaries of the Partnership; provided, however, that the General Partner may make direct acquisitions or undertake business activities if such acquisitions or activities are made in connection with the issuance of Additional Securities by the General Partner or the business activity has been approved by a majority of the Independent Directors. If, at any time, the General Partner acquires material assets (other than Partnership Units or other assets on behalf of the Partnership)) without transferring such assets to the Partnership, the definition of “REIT Common Shares Amount” may be adjusted, as reasonably determined by the General Partner, to reflect only the fair market value of a REIT Common Share attributable to the General Partner’s Partnership Units and other assets held on behalf of the Partnership.

General Partner Activities. The General Partner agrees that, generally, all business activities of the General Partner, including activities pertaining to the acquisition, development, ownership of or investment in real properties or other property, shall be conducted through the Partnership or one or more Subsidiary Partnerships; provided, however, that the General Partner may make direct acquisitions or undertake business activities if such acquisitions or activities are made in connection with the issuance of Additional Securities by the General Partner or the business activity has been approved by a majority of the Independent Directors. If, at any time, the General Partner acquires material assets (other than Partnership Units or other assets on behalf of the Partnership), the definition of “REIT Common Shares Amount” may be adjusted, as reasonably determined by the General Partner, to reflect only the fair market value of a Class A REIT Common Share attributable to the General Partner’s Partnership Units and other assets held on behalf of the Partnership.

General Partner Activities. The General Partner agrees that, generally, all business activities of the General Partner, including activities pertaining to the acquisition, development, ownership of of, or investment in in, real properties or other property, shall be conducted through the Partnership or one or more Subsidiary Partnerships; provided, however, that the General Partner may make direct acquisitions or undertake business activities if such acquisitions or activities are made in connection with the issuance of Additional Securities by the General Partner or the business activity has been approved by a majority of the Independent Directors. If, at any time, the General Partner acquires material assets (other than Partnership Units or other assets on behalf of the Partnership), the definition of “REIT Common Shares Amount” may be adjusted, as reasonably determined by the General Partner, to reflect only the fair market value of a REIT Common Share attributable to the General Partner’s Partnership Units and other assets held on behalf of the Partnership.

General Partner Activities. The General Partner agrees that, generally, all business activities of the General Partner, including activities pertaining to the acquisition, development, ownership of or investment in real properties or other property, shall be conducted through the Partnership or one or more Subsidiary Partnerships; provided, however, that the General Partner may make direct acquisitions or undertake business activities if such acquisitions or activities are made in connection with the issuance of Additional Securities by the General Partner or the business activity has been approved by a majority of the Independent Directors. If, at any time, the General Partner acquires material assets (other than Partnership Units or other assets on behalf of the Partnership), the definition of “REIT Common Shares Amount” may be adjusted, as reasonably determined by the General Partner, to reflect only the fair market value of a REIT Common Share attributable to the General Partner’s Partnership Units and other assets held on behalf of the Partnership.

General Partner Activities. The General Partner agrees that, generally, all business activities of the General Partner, including activities pertaining to the acquisition, development, ownership of or investment in real hotel properties or other property, shall be conducted through the Partnership or one or more Subsidiary Partnerships; provided, however, that the General Partner may make direct acquisitions or undertake business activities if such acquisitions or activities are made in connection with the issuance of Additional Securities by the General Partner or the business activity has been approved by a majority of the Independent DirectorsTrustees. If, at any time, the General Partner acquires material assets (other than Partnership Units or other assets on behalf of the Partnership), the definition of “REIT Common Shares Amount” may be adjusted, as reasonably determined by the General Partner, to reflect only the fair market value of a REIT Common Share attributable to the General Partner’s Partnership Units and other assets held on behalf of the Partnership.