Applicable Properties definition
Examples of Applicable Properties in a sentence
The Company shall keep adequate books and records at the principal place of business of the Company or at such place as the Company shall determine, showing a true and accurate account of all business transactions arising out of and in connection with the conduct and Business of the Company and, in particular, this Agreement, the use of Investor’s Subscribed Capital, the development and sale of all Applicable Properties, all other assets of the Company, and all Net Investment Returns.
Subject to the terms of the Loan Documents and the provisions of this Agreement, each Operating Borrower shall have the right, at its sole cost and either directly or through Other Borrowers owned by such Operating Borrower, to own, hold, operate, maintain, alter, develop, improve, lease, sell, exchange, mortgage or otherwise dispose of or encumber and otherwise deal with its Applicable Properties in any lawful manner that such Operating Borrower sees fit.
Investor hereby acknowledges and agrees that Investor shall be entitled to receive Profit Participation Allocations under this Agreement solely with respect to the sale of Applicable Properties, which Investor understands will only be the particular residential properties that are developed by the Company using Subscribed Capital invested particularly by Investor.
Borrower shall not sell, transfer, lease (other than in the ordinary course of business and as expressly permitted by the Loan Documents), assign, exchange, contribute, abandon or otherwise dispose of, directly or indirectly (a) any of the Applicable Properties or any interest therein, other than in accordance with Section 4.2; or (b) any of the Applicable Collateral.
Borrower shall not permit the sum of (a) the Gross Revenues during any fiscal quarter from all Applicable Properties that are Stabilized Properties subject to Qualifying Leases plus (b) the Gross Asset Value for such fiscal quarter of all Applicable Properties that are Development Properties subject to Qualifying Leases to exceed 3% of the sum of (i) the Gross Revenues during such fiscal quarter of all Applicable Properties plus the Gross Asset Value for such fiscal quarter of all Applicable Properties.
Each of the Initial Guarantors is organized in the form stated on Schedule 5 and is validly existing and in good standing under the laws of the state of its formation as indicated therein and is qualified to do business in every state where it owns any of the Applicable Properties.
Applicable Properties would include, but not be limited to, CI properties in SLU that, on the effective date of the development agreement, are subject to land use permit applications that would be considered under the South Lake Union Rezone.
Borrower will, and will cause each of the Relevant Subsidiaries to, maintain and preserve in good working order and condition, ordinary wear and tear excepted, all of the Applicable Properties and Applicable Collateral and all of its other properties which are necessary in the ordinary course of business.
Borrower is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and is qualified to do business in each and every state where it owns any of the Applicable Properties.
Section 6.1. If the Merger occurs, the first sentence of Section 6.1 shall read: Borrower is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Washington and is qualified to do business in each and every state where it owns any of the Applicable Properties.