Common use of Certain Permitted Investments of Obligors, etc Clause in Contracts

Certain Permitted Investments of Obligors, etc. The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, make any Investment in or otherwise own or hold the following items (whether through the Borrower, an Obligor, a Subsidiary of the Borrower or an Obligor, or their respective Unconsolidated Affiliates) which would cause the aggregate value of such holdings of the Borrower, such Subsidiaries and the other Obligors to exceed the percentage of Total Asset Value set forth below at any time: (a) Investments in Unimproved Land shall not exceed five percent (5%) of Total Asset Value; (b) Investments in Mortgage Receivables shall not exceed ten percent (10%) of Total Asset Value; (c) Investments in Unconsolidated Affiliates shall not exceed twenty percent (20%) of Total Asset Value; (d) the aggregate Construction Budget for Construction-in-Process shall not exceed fifteen percent (15%) of Total Asset Value; (e) Investments made in Properties that are not primarily either office or industrial Properties shall not exceed ten percent (10%) of Total Asset Value; (f) Investments in respect of Equity Interests (other than Equity Interests of Subsidiaries) shall not exceed five percent (5%) of Total Asset Value; and (g) Investments made in properties not located in a State of the United States of America or the District of Columbia shall not exceed five percent (5%) of Total Asset Value. Notwithstanding the foregoing, in no event shall the aggregate value of the holdings of the Borrower, any other Obligor and their Subsidiaries in the Investments described in clauses (a) through (g) exceed thirty percent (30%) of Total Asset Value at any time. For the purposes of this Section 9.3, a Property shall be considered Construction-in-Process until the issuance of a permanent certificate of occupancy for such Property or phase thereof. For the purposes of this Section 9.3, the Investment of the Borrower, any other Obligor or their Subsidiaries in any Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s pro rata share of Construction-in-Process of their Unconsolidated Affiliates, plus (ii) such Person’s pro rata share of their Unconsolidated Affiliate’s Investment in Unimproved Land; plus (iii) such Person’s pro rata share of any other Investments valued at the lower of GAAP book value or market value.

Certain Permitted Investments of Obligors, etc. The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, make any Investment in or otherwise own or hold the following items (whether through the Borrower, an Obligor, a Subsidiary of the Borrower or an Obligor, or their respective Unconsolidated Affiliates) which would cause the aggregate value of such holdings of the Borrower, such Subsidiaries and the other Obligors to exceed the percentage of Total Asset Value set forth below at any time: (a) Investments in Unimproved Land shall not exceed five percent (5%) of Total Asset Value; (b) Investments in Mortgage Receivables shall not exceed ten percent (10%) of Total Asset Value; (c) Investments in Unconsolidated Affiliates shall not exceed twenty percent (20%) of Total Asset Value; (d) the aggregate Construction Budget for Construction-in-Process shall not exceed fifteen percent (15%) of Total Asset Value; (e) Investments made in Properties that are not primarily either office or industrial Properties shall not exceed ten percent (10%) of Total Asset Value; (f) Investments in respect of Equity Interests (other than Equity Interests of SubsidiariesSubsidiaries or Unconsolidated Affiliates) shall not exceed five percent (5%) of Total Asset Value; and (g) Investments made in properties not located in a State of the United States of America or the District of Columbia shall not exceed five percent (5%) of Total Asset Value. Notwithstanding the foregoing, in no event shall the aggregate value of the holdings of the Borrower, any other Obligor and their Subsidiaries in the Investments described in clauses (a) through (g) exceed thirty percent (30%) of Total Asset Value at any time. For the purposes of this Section 9.3, a Property shall be considered Construction-in-Process until the issuance of a permanent certificate of occupancy for such Property or phase thereof. For the purposes of this Section 9.3, the Investment of the Borrower, any other Obligor or their Subsidiaries in any Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s pro rata share of Construction-in-Process of their Unconsolidated Affiliates, plus (ii) such Person’s pro rata share of their Unconsolidated Affiliate’s Investment in Unimproved Land; plus (iii) such Person’s pro rata share of any other Investments valued at the lower of GAAP book value or market value.

Certain Permitted Investments of Obligors, etc. The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, make any Investment in or otherwise own or hold the following items (whether through the Borrower, an Obligor, a Subsidiary of the Borrower or an Obligor, or their respective Unconsolidated Affiliates) which would cause the aggregate value of such holdings of the Borrower, such Subsidiaries and the other Obligors to exceed the percentage of Total Asset Value set forth below at any time: (a) Investments in Unimproved Land shall not exceed five percent (5%) of Total Asset Value; (b) Investments in Mortgage Receivables shall not exceed ten percent (10%) of Total Asset Value; (c) Investments in Unconsolidated Affiliates shall not exceed twenty percent (20%) of Total Asset Value; (d) the aggregate Construction Budget for Construction-in-Process shall not exceed fifteen percent (15%) of Total Asset Value; (e) Investments made in Properties that are not primarily either office or industrial Properties shall not exceed ten percent (10%) of Total Asset Value; (f) Investments in respect of Equity Interests (other than Equity Interests of SubsidiariesSubsidiaries or Unconsolidated Affiliates) shall not exceed five percent (5%) of Total Asset Value; and (g) Investments made in properties not located in a State of the United States of America or the District of Columbia shall not exceed five percent (5%) of Total Asset Value. Notwithstanding the foregoing, in no event shall the aggregate value of the holdings of the Borrower, any other Obligor and their Subsidiaries in the Investments described in clauses (a) through (g) exceed thirty percent (30%) of Total Asset Value at any time. For the purposes of this Section 9.3, a Property shall be considered Construction-in-Process Construction‑in‑Process until the issuance of a permanent certificate of occupancy for such Property or phase thereof. For the purposes of this Section 9.3, the Investment of the Borrower, any other Obligor or their Subsidiaries in any Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s 's pro rata share of Construction-in-Process of their Unconsolidated Affiliates, plus (ii) such Person’s 's pro rata share of their Unconsolidated Affiliate’s 's Investment in Unimproved Land; plus (iii) such Person’s 's pro rata share of any other Investments valued at the lower of GAAP book value or market value.

Certain Permitted Investments of Obligors, etc. The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, make any Investment in or otherwise own or hold the following items (whether through the Borrower, an Obligor, a Subsidiary of the Borrower or an Obligor, or their respective Unconsolidated Affiliates) which would cause the aggregate value of such holdings of the Borrower, such Subsidiaries and the other Obligors to exceed the percentage of Total Asset Value set forth below at any time: (a) Investments in Unimproved Land shall not exceed five percent (5%) of Total Asset Value; (b) Investments in Mortgage Receivables shall not exceed ten percent (10%) of Total Asset Value; (c) Investments in Unconsolidated Affiliates shall not exceed twenty percent (20%) of Total Asset Value; (d) the aggregate Construction Budget for Construction-in-Process shall not exceed fifteen percent (15%) of Total Asset Value;; and (e) Investments made in Properties that are not primarily either office or industrial Properties shall not exceed ten percent (10%) of Total Asset Value; (f) Investments in respect of Equity Interests (other than Equity Interests of Subsidiaries) shall not exceed five percent (5%) of Total Asset Value; and (g) Investments made in properties not located in a State of the United States of America or the District of Columbia shall not exceed five percent (5%) of Total Asset Value. Notwithstanding the foregoing, in no event shall the aggregate value of the holdings of the Borrower, any other Obligor and their Subsidiaries in the Investments described in clauses (a) through (ge) exceed thirty percent (30%) of Total Asset Value at any time. For the purposes of this Section 9.3, a Property shall be considered Construction-in-Process until the issuance of a permanent certificate of occupancy for such Property or phase thereof. For the purposes of this Section 9.3, the Investment of the Borrower, any other Obligor or their Subsidiaries in any Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s pro rata share of Construction-in-Process of their Unconsolidated Affiliates, plus (ii) such Person’s pro rata share of their Unconsolidated Affiliate’s Investment in Unimproved Land; plus (iii) such Person’s pro rata share of any other Investments valued at the lower of GAAP book value or market value.

Certain Permitted Investments of Obligors, etc. The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, make any Investment in or otherwise own or hold the following items (whether through the Borrower, an Obligor, a Subsidiary of the Borrower or an Obligor, or their respective Unconsolidated Affiliates) which would cause the aggregate value of such holdings of the Borrower, such Subsidiaries and the other Obligors to exceed the percentage of Total Asset Value set forth below at any time: (a) Investments in Unimproved Land shall not exceed five percent (5%) of Total Asset Value; (b) Investments in Mortgage Receivables shall not exceed ten percent (10%) of Total Asset Value; (c) Investments in Unconsolidated Affiliates shall not exceed twenty percent (20%) of Total Asset Value; (d) the aggregate Construction Budget for Construction-in-Process shall not exceed fifteen percent (15%) of Total Asset Value; (e) Investments made in Properties that are not primarily either office or industrial Properties shall not exceed ten percent (10%) of Total Asset Value; (f) Investments in respect of Equity Interests (other than Equity Interests of SubsidiariesSubsidiaries or Unconsolidated Affiliates) shall not exceed five percent (5%) of Total Asset Value; and (g) Investments made in properties not located in a State of the United States of America or the District of Columbia shall not exceed five percent (5%) of Total Asset Value. Notwithstanding the foregoing, in no event shall the aggregate value of the holdings of the Borrower, any other Obligor and their Subsidiaries in the Investments described in clauses (a) through (g) exceed thirty percent (30%) of Total Asset Value at any time. For the purposes of this Section 9.3, a Property shall be considered Construction-in-Process until the issuance of a permanent certificate of occupancy for such Property or phase thereof. For the purposes of this Section 9.3, the Investment of the Borrower, any other Obligor or their Subsidiaries in any Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s 's pro rata share of Construction-in-Process of their Unconsolidated Affiliates, plus (ii) such Person’s 's pro rata share of their Unconsolidated Affiliate’s 's Investment in Unimproved Land; plus (iii) such Person’s 's pro rata share of any other Investments valued at the lower of GAAP book value or market value.