THE FORMATION Clause Samples

THE FORMATION. The parties hereto agree that the sequence of events constituting the Formation shall be effected as substantially concurrently as possible on the earliest date as may be practicable following the receipt of the approvals specified in Sections 3 and 4, above, but not prior to January 2, 1997.

THE FORMATION. A contract on the purchase of a package tour between the traveler and the tour operator has been concluded and is binding on both parties when the offer is accepted by the traveler. It is a condition that the travel services which will constitute a package tour are purchased at the same time. The tour operator submits a written offer to the traveler and these general terms. The traveler accepts the offer in writing before the deadline indicated in the offer. If the traveler does not accept the offer within this deadline, the tour operator is no longer bound by the offer. The traveler accepts the tour operator's offer on the phone. Before the traveler accepts, the tour operator informs the traveler of the relevant terms of the contract and where the traveler can find these general terms. The agreed terms and these general terms are submitted to the traveler after the contract has been concluded on the phone.

THE FORMATION. It is understood that substantially contemporaneously with the offering and sale of the Firm Shares to the Underwriters, the Company, the Operating Partnership, the prior owners of the Golf Courses (as defined in the Prospectus defined herein) (the "Prior Owners") and certain entities affiliated with the Prior Owners (the "Initial Lessees") will enter into a series of transactions collectively described in the Prospectus as the "Formation Transactions." Such transactions are referred to herein as the "Formation." The documents required to be executed and delivered in order to consummate the Formation, including, without limitation, the documents listed on Schedule B attached hereto, are hereinafter collectively referred to as the "Formation Documents," and each Formation Document constituting an agreement is hereinafter referred to as a "Formation Agreement." For purposes of this Agreement and unless the context requires otherwise, each of the Operating Partnership, GTA GP, Inc., a Maryland corporation ("GTA GP"), and GTA LP, Inc., a Maryland corporation ("GTA LP"), is deemed a "Subsidiary" of the Company.

THE FORMATION. INTER- PRETATION, COMPLIANCE, AND PERFORMANCE OF THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW JERSEY, excluding its conflict of law rules. Any action, demand, claim or counterclaim relating to the terms and provisions of this Agreement, or its breach, shall be commenced in New Jersey in a court of competent jurisdiction. I agree that venue shall exclusively lie in New Jersey. I also agree that any action, demand, claim or counterclaim related to or arising under this Agreement shall be resolved by a judge alone, and I waive and forever renounce the right to a trial before a civil jury.

THE FORMATION. Purchases by the Borrower from the Partnership of the minority joint venture interests retained by the Partnership at the time of the formation;

THE FORMATION. 36 9.1 FORMATION .................................................. 36 9.2 TEPPCO, PEPL AND MAP CONTRIBUTION AND OTHER CONVEYANCES .... 37

THE FORMATION