Common use of Certain Permitted Investments Clause in Contracts

Certain Permitted Investments. The Borrowers shall not, and shall not permit any other Loan Party or any other Subsidiary to, make any Investment in or otherwise own the following items which would cause the aggregate value of such holdings of the Borrowers, the other Loan Parties and the other Subsidiaries to exceed the applicable limits set forth below: (a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries, such that the aggregate value of such Investments (determined in a manner consistent with the definition of Capitalized Value or, if not contemplated under the definition of Capitalized Value, as determined in accordance with GAAP) exceeds 25.0% of Capitalized Value at any time; (b) Unimproved Land, such that the current book value of all Unimproved Land exceeds 10.0% of Capitalized Value; (c) real property under construction such that the aggregate Construction Budget for all such real property exceeds 15.0% of Capitalized Value at any time; (d) Mortgage Receivables and other promissory notes, such that the aggregate book value of all such Mortgage Receivables and promissory notes exceeds 10.0% of Capitalized Value at any time; and (e) Properties leased under ground leases by any Borrower or any Subsidiary, as lessee, such that the current value (determined in accordance with the applicable provisions of the term “Capitalized Value”) of such Properties exceeds 20.0% of Capitalized Value at any time. In addition to the foregoing limitations, the aggregate value of the items subject to the limitations in the preceding clauses (a) through (e) shall not exceed 40.0% of Capitalized Value at any time, and clauses (b) through (e) shall not exceed 20.0% of Capitalized Value at any time.

Certain Permitted Investments. The Borrowers Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, make any Investment in or otherwise own the following items which would cause the aggregate value of such holdings of the BorrowersParent, the Borrower, the other Loan Parties and the other Subsidiaries to exceed the applicable limits set forth below: (a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries, such that the aggregate value of such Investments (determined in a manner consistent with the definition of Capitalized Value or, if not contemplated under the definition of Capitalized Value, as determined in accordance with GAAP) exceeds 25.0to exceed 15.0% of Capitalized Consolidated Adjusted Asset Value at any time; (b) Unimproved Landraw land, such that the current book value of all Unimproved Land raw land as a percentage of Consolidated Adjusted Asset Value exceeds 10.05.0% of Capitalized Valueat any time; (c) real property under construction such that the aggregate Construction Budget for all such real property as a percentage of Consolidated Adjusted Asset Value exceeds 15.07.5% of Capitalized Value at any time; (d) Mortgage Receivables and other promissory notesProperties leased under ground leases by the Parent or any of its Subsidiaries, as lessee, such that the aggregate book value of all such Mortgage Receivables and promissory notes Properties (determined in accordance with the applicable provisions of the definition of Consolidated Adjusted Asset Value) exceeds 10.07.5% of Capitalized Consolidated Adjusted Asset Value at any time; and (e) Properties leased under ground leases by any Borrower or any Subsidiary, as lesseeMortgage Receivables and Investments in Persons (other than Investments in Subsidiaries and Unconsolidated Affiliates), such that the current aggregate value (determined in accordance with the applicable provisions of the term “Capitalized Value”) of such Properties Mortgage Receivables and Investments exceeds 20.05.0% of Capitalized Consolidated Adjusted Asset Value at any time. In addition to the foregoing limitations, (i) the aggregate value of all of the items subject to the limitations in the preceding clauses (a) through (e) shall not exceed 40.025.0% of Capitalized Consolidated Adjusted Asset Value at any time, time and (ii) the aggregate value of all of the items subject to the limitations in the preceding clauses (b) through (e) shall not exceed 20.015.0% of Capitalized Consolidated Adjusted Asset Value at any time.

Certain Permitted Investments. The Borrowers Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, make any Investment in or otherwise own the following items which would cause the aggregate value of such holdings of the Borrowers, the other Loan Parties Borrower and the such other Subsidiaries to exceed the applicable limits set forth below: (a) Investments in Unconsolidated Affiliates and other Persons that are not SubsidiariesWholly Owned Subsidiaries (other than Subsidiaries that are Guarantors and the Xxxxxxx OP (and Wholly Owned Subsidiaries of the Xxxxxxx OP) so long as the Borrower owns at least 66-2/3% of the Equity Interests issued by the Xxxxxxx OP), such that the aggregate value of such Investments (determined in a manner consistent with the definition of Capitalized Combined Total Asset Value or, if not contemplated under the definition of Capitalized Combined Total Asset Value, as determined in accordance with GAAP) exceeds 25.020.0% of Capitalized Combined Total Asset Value at any time; (b) Unimproved LandMortgage Receivables, such that the current aggregate book value of all Unimproved Land such Mortgage Receivables exceeds 10.0% of Capitalized ValueCombined Total Asset Value at any time; (c) real property under construction such that the aggregate Construction Budget for all such real property exceeds 15.0% of Capitalized Value at any time; (d) Mortgage Receivables and other promissory notes, such that the aggregate book value of all such Mortgage Receivables and promissory notes exceeds 10.0% of Capitalized Combined Total Asset Value at any time; and (ed) Properties leased under ground leases by any Borrower or any Subsidiary, as lesseeUnimproved Land, such that the current book value (determined in accordance with the applicable provisions of the term “Capitalized Value”) of such Properties all Unimproved Land exceeds 20.05.0% of Capitalized Combined Total Asset Value at any time. In addition to the foregoing limitations, the aggregate value of all of the items subject to the limitations in the preceding clauses (a) through (ed) shall not exceed 40.035.0% of Capitalized Value at any time, and clauses (b) through (e) shall not exceed 20.0% of Capitalized Combined Total Asset Value at any time.

Certain Permitted Investments. The Borrowers Borrower and the Guarantors shall not, and shall not permit any other Loan Party or any other Subsidiary of their Subsidiaries to, (a) make any Investment in Securitization Investments after the Agreement Date and (b) make any Investment, or otherwise own the following items items, which would cause the aggregate value of such holdings of the BorrowersBorrower, the other Loan Parties Guarantors and the other such Subsidiaries to exceed the applicable limits set forth below: (ai) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries, such that the aggregate book value of such Investments (determined in a manner consistent with the definition of Capitalized Value or, if not contemplated under the definition of Capitalized Value, as determined in accordance with GAAP) GAAP exceeds 25.015.0% of Capitalized Total Asset Value at any time; (bii) Mezzanine Investments, Securitization Investments, and Mortgage Receivables (including without limitation, Eligible Mortgage Notes Receivable) such that the aggregate book value of all such Mezzanine Investments, Securitization Investments, and Mortgage Receivables, collectively, exceeds 12.5% of Total Asset Value at any time; provided that the aggregate book value of Mezzanine Investments and Securitization Investments, collectively, shall not exceed 5.0% of Total Asset Value at any time; and (iii) Unimproved LandLand and the aggregate Construction Budget for all real property, such that the current book value of Unimproved Land and the aggregate Construction Budget for all real property, collectively, exceeds 10.0% of Total Asset Value at any time; provided that the current book value of all Unimproved Land exceeds 10.0shall not exceed 5.0% of Capitalized Value; (c) real property under construction such that the aggregate Construction Budget for all such real property exceeds 15.0% of Capitalized Value at any time; (d) Mortgage Receivables and other promissory notes, such that the aggregate book value of all such Mortgage Receivables and promissory notes exceeds 10.0% of Capitalized Total Asset Value at any time; and (eiv) Properties leased under ground leases by Investments in Equity Interests of any Borrower or any Subsidiary, as lessee, Person (other than their respective Subsidiaries and Unconsolidated Affiliates) such that the current value (determined such Investments in accordance with the applicable provisions of the term “Capitalized Value”) of such Properties Equity Interests exceeds 20.05.0% of Capitalized Total Asset Value at any time. In addition to the foregoing limitations, the aggregate value of all of the items subject to the limitations in the preceding clauses (ab)(ii) through (e) shall not exceed 40.0% of Capitalized Value at any time, and clauses (b) through (eb)(iv) shall not exceed 20.0% of Capitalized Total Asset Value at any time.

Certain Permitted Investments. The Borrowers Borrower and the Guarantors shall not, and shall not permit any other Loan Party or any other Subsidiary of their Subsidiaries to, (a) make any Investment in Securitization Investments after the Agreement Date and (b) make any Investment, or otherwise own the following items items, which would cause the aggregate value of such holdings of the BorrowersBorrower, the other Loan Parties Guarantors and the other such Subsidiaries to exceed the applicable limits set forth below: (ai) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries, such that the aggregate book value of such Investments (determined in a manner consistent with the definition of Capitalized Value or, if not contemplated under the definition of Capitalized Value, as determined in accordance with GAAP) GAAP exceeds 25.015.0% of Capitalized Total Asset Value at any time; (bii) Mezzanine Investments, Securitization Investments, and Mortgage Receivables (including without limitation, Eligible Mortgage Notes Receivable) such that the aggregate book value of all such Mezzanine Investments, Securitization Investments, and Mortgage Receivables, collectively, exceeds 10.0% of Total Asset Value at any time; provided that the aggregate book value of Mezzanine Investments and Securitization Investments, collectively, shall not exceed 5.0% of Total Asset Value at any time; and (iii) Unimproved LandLand and the aggregate Construction Budget for all real property, such that the current book value of Unimproved Land and the aggregate Construction Budget for all real property, collectively, exceeds 10.0% of Total Asset Value at any time; provided that the current book value of all Unimproved Land exceeds 10.0shall not exceed 5.0% of Capitalized Value; (c) real property under construction such that the aggregate Construction Budget for all such real property exceeds 15.0% of Capitalized Value at any time; (d) Mortgage Receivables and other promissory notes, such that the aggregate book value of all such Mortgage Receivables and promissory notes exceeds 10.0% of Capitalized Total Asset Value at any time; and (eiv) Properties leased under ground leases by Investments in Equity Interests of any Borrower or any Subsidiary, as lessee, Person (other than their respective Subsidiaries and Unconsolidated Affiliates) such that the current value (determined such Investments in accordance with the applicable provisions of the term “Capitalized Value”) of such Properties Equity Interests exceeds 20.05.0% of Capitalized Total Asset Value at any time. In addition to the foregoing limitations, the aggregate value of all of the items subject to the limitations in the preceding clauses (ab)(ii) through (e) shall not exceed 40.0% of Capitalized Value at any time, and clauses (b) through (eb)(iv) shall not exceed 20.0% of Capitalized Total Asset Value at any time.

Certain Permitted Investments. The Borrowers Borrower and the Guarantors shall not, and shall not permit any other Loan Party or any other Subsidiary of their Subsidiaries to, make any Investment in Investment, or otherwise own the following items items, which would cause the aggregate value of such holdings of the BorrowersBorrower, the other Loan Parties Guarantors and the other such Subsidiaries to exceed the applicable limits set forth below: (a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries, such that the aggregate book value of such Investments (determined in a manner consistent with the definition of Capitalized Value or, if not contemplated under the definition of Capitalized Value, as determined in accordance with GAAP) GAAP exceeds 25.015.0% of Capitalized Value Total Assets at any time; (b) Unimproved LandMortgage Receivables, including without limitation, Eligible Mortgage Notes Receivable, such that the aggregate book value of all such Mortgage Receivables exceeds 10.0% of Total Assets; (c) raw land, such that the current book value of all Unimproved Land raw land exceeds 10.05.0% of Capitalized ValueTotal Assets; (cd) real property under construction such that the aggregate Construction Budget for all such real property exceeds 15.0% of Capitalized Value at any timeTotal Assets; (de) Mortgage Receivables Investments owned by the Borrower on or prior to September 30, 2005, in loans and other interests in securitized pools of promissory notes, mortgage loans, chattel paper, leases or similar financial assets, such that the aggregate value (determined on the basis of lower of cost or fair value) of all such Investments exceeds 5.0% of Total Assets; and (f) Mezzanine Investments, such that the aggregate book value of all such Mortgage Receivables and promissory notes Mezzanine Investments exceeds 10.0% of Capitalized Value at any time; and (e) Properties leased under ground leases by any Borrower or any Subsidiary, as lessee, such that the current value (determined in accordance with the applicable provisions of the term “Capitalized Value”) of such Properties exceeds 20.0% of Capitalized Value at any timeTotal Assets. In addition to the foregoing limitations, the aggregate value of all of the items subject to the limitations in the preceding clauses (a) through ), (b), (c), (e) and (f) shall not exceed 40.030.0% of Capitalized Value at any time, and clauses (b) through (e) shall not exceed 20.0% of Capitalized Value Total Assets at any time.