ANY CLASS
OF, OR PARTNERSHIP OR OTHER OWNERSHIP INTERESTS OF ANY TYPE IN, ANY SUBSIDIARY.
SECTION 3.14.
REIT QUALIFICATION.
THE BORROWER HAS ELECTED TO BE TAXED AS A
"REAL ESTATE INVESTMENT TRUST" UNDER THE CODE.
THE BORROWER HAS QUALIFIED AS A
"REAL ESTATE INVESTMENT TRUST" UNDER THE CODE FOR ITS TAXABLE YEAR ENDED
DECEMBER 31, 2005.
THE BORROWER'S PRESENT AND CONTEMPLATED OPERATIONS, ASSETS
AND INCOME WILL ENABLE THE BORROWER TO MEET THE REQUIREMENTS FOR QUALIFICATION
AND TAXATION AS A "REAL ESTATE INVESTMENT TRUST" UNDER THE CODE.
SECTION 3.15.
USE OF PROCEEDS; MARGIN REGULATIONS.
THE PROCEEDS OF THE LOANS
ARE TO BE USED SOLELY FOR GENERAL CORPORATE PURPOSES AND FOR GENERAL WORKING
CAPITAL NEEDS NOT IN CONTRAVENTION OF ARTICLE VI.
NOT MORE THAN 25% OF THE
ASSETS OF THE BORROWER AND ITS SUBSIDIARIES ON A CONSOLIDATED BASIS CONSISTS OF
ANY MARGIN STOCK, AND NO PART OF THE PROCEEDS OF ANY LOAN WILL BE USED TO BUY OR
CARRY ANY MARGIN STOCK IN VIOLATION OF REGULATION U.
NEITHER
31
THE BORROWER NOR ANY SUBSIDIARY IS GENERALLY ENGAGED IN THE BUSINESS OF BUYING
OR SELLING MARGIN STOCK OR EXTENDING CREDIT FOR THE PURPOSE OF BUYING OR
CARRYING MARGIN STOCK.
SECTION 3.16.
INSURANCE.
THE PROPERTIES OF THE BORROWER AND ITS SUBSIDIARIES
ARE INSURED WITH FINANCIALLY SOUND AND REPUTABLE INSURANCE COMPANIES NOT
AFFILIATES OF THE BORROWERS, IN SUCH AMOUNTS, WITH SUCH DEDUCTIBLES AND COVERING
SUCH RISKS AS ARE CUSTOMARILY CARRIED BY COMPANIES ENGAGED IN SIMILAR BUSINESSES
IN LOCALITIES WHERE THE BORROWER OR ITS APPLICABLE SUBSIDIARY OPERATES.
SECTION 3.17.
LABOR MATTERS.
EXCEPT AS, IN THE AGGREGATE, COULD NOT REASONABLY
BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT:
(A) THERE ARE NO STRIKES OR
OTHER LABOR DISPUTES AGAINST THE BORROWER OR ANY OF ITS SUBSIDIARIES PENDING OR,
TO THE KNOWLEDGE OF THE BORROWER, THREATENED; (B) HOURS WORKED BY AND PAYMENT
MADE TO EMPLOYEES OF THE BORROWER OR ANY OF ITS SUBSIDIARIES HAVE NOT BEEN IN
VIOLATION OF THE FAIR LABOR STANDARDS ACT OR ANY OTHER APPLICABLE LAW DEALING
WITH SUCH MATTERS; AND (C) THERE ARE NO COMPLAINTS OR CHARGES AGAINST THE
BORROWER OR ANY OF ITS SUBSIDIARIES PENDING OR, TO THE KNOWLEDGE OF THE
BORROWER, THREATENED TO BE FILED WITH ANY GOVERNMENTAL AUTHORITY OR ARBITRATOR
BASED ON, ARISING OUT OF, IN CONNECTION WITH, OR OTHERWISE RELATING TO THE
EMPLOYMENT OR TERMINATION OF EMPLOYMENT BY THE BORROWER OF ANY INDIVIDUAL WHICH
COULD REASONABLY BE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT.
SECTION 3.18.
BROKERS' FEES.
NEITHER THE BORROWER NOR ANY SUBSIDIARY HAS ANY
OBLIGATION TO ANY PERSON IN RESPECT OF ANY FINDER'S, BROKER'S, INVESTMENT
BANKING OR OTHER SIMILAR FEE IN CONNECTION WITH THE TRANSACTIONS.
SECTION 3.19.
RANKING.
THE INDEBTEDNESS OF THE BORROWER HEREUNDER AND ALL OF
THE OBLIGATIONS HEREUNDER CONSTITUTE SENIOR, UNCONDITIONAL AND UNSUBORDINATED
INDEBTEDNESS OF THE BORROWER AND RANK AT LEAST PARI PASSU IN PRIORITY OF PAYMENT
WITH ALL OTHER PRESENT AND FUTURE UNSECURED AND UNSUBORDINATED OBLIGATIONS OF
THE BORROWER.
ARTICLE IV
CONDITIONS
SECTION 4.01.
EFFECTIVE DATE.
THE OBLIGATIONS OF THE LENDERS TO MAKE LOANS
HEREUNDER