Common use of Limitations on Improvements Clause in Contracts

Limitations on Improvements. Permit more than 10% of Total Assets less the aggregate outstanding amount of loans permitted under Section 10.4(e) at such time to be utilized at any one time for the construction of improvements to golf course properties.

Limitations on Improvements. Permit more than 10% of Total Assets less LESS the aggregate outstanding amount of loans permitted under Section 10.4(e) at such time time, to be utilized at any one time for the construction of improvements to golf course properties, provided that compliance by the Credit Parties with this Section 10.11 shall be determined without regard for funds used to construct the renovations and improvements to the Sandpiper Golf Course.

Limitations on Improvements. Permit more than 10% of Total Assets less the aggregate outstanding amount of loans permitted under Section 10.4(e) at such time time, to be utilized at any one time for the construction of improvements to golf course properties, provided that compliance by the Credit Parties with this Section 10.11 shall be determined without regard for funds used to construct the renovations and improvements to the Sandpiper Golf Course.