Common use of Certain Permitted Investments Clause in Contracts

Certain Permitted Investments. The Borrower shall not, and shall not permit any Subsidiary to, make any Investment in or otherwise own the following items which would cause the aggregate value of such holdings of the Borrower and such other Subsidiaries to exceed the following percentages of Total Asset Value at any time: (a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries and Investments in Subsidiaries that own Non-Controlled Properties, such that the aggregate value of such Investments determined in a manner consistent with the definition of Total Asset Value or, if not contemplated under the definition of Total Asset Value, as determined in accordance with GAAP, exceeds 15% of Total Asset Value; (b) Mortgage Receivables such that the aggregate book value exceeds 7.5% of Total Asset Value; and (c) Construction Budget for all real property under construction such that the aggregate exceeds 15% of Total Asset Value. (d) Unimproved Land such that the aggregate value of such Unimproved Land, calculated on the basis of cost, exceeds 5% of Total Asset Value. (e) Investments in Persons (other than Investments in Subsidiaries and Unconsolidated Affiliates) such that the aggregate value of such Investments, calculated on the basis of cost, exceeds 5% of Total Asset Value. In addition to the foregoing limitations, the aggregate value of the Investments and other items subject to the limitations in the preceding clauses (a) through (e) shall not exceed 30% of Total Asset Value.

Certain Permitted Investments. The Parent and the Borrower shall not, and shall not permit any Subsidiary to, make any Investment in or otherwise own the following items which would cause the aggregate value of such holdings of the Parent, the Borrower and such other Subsidiaries to exceed the following percentages of Total Asset Value at any timeapplicable limits set forth below: (a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries and Investments in Subsidiaries that own Non-Controlled PropertiesSubsidiaries, such that the aggregate value of such Investments (determined in a manner consistent with the definition of Total Asset Value or, if not contemplated under the definition of Total Asset Value, as determined in accordance with GAAP, ) exceeds 1520% of Total Asset ValueValue at any time; (b) Mortgage Receivables raw land, such that the aggregate current book value of all raw land exceeds 7.5% of Total Asset Value; and (c) Construction Budget for all real property under construction such that the aggregate exceeds 1510% of Total Asset Value. (dc) Unimproved Land such that the aggregate value of such Unimproved Land, calculated on the basis of cost, exceeds 5% of Total Asset Value. (e) Investments in Persons real property under construction (other than Investments in Subsidiaries and Unconsolidated Affiliatesreal property which is at least 80% pre-leased) such that the aggregate value of Construction Budget for all such Investments, calculated on the basis of cost, real property exceeds 515% of Total Asset Value at any time; and (d) Properties leased under ground leases by the Parent, the Borrower or any Subsidiary, as lessee, such that the current value (determined in accordance with the applicable provisions of the term “Total Asset Value”) of such Properties exceeds 10.0% of Total Asset Value at any time. In addition to the foregoing limitations, the aggregate value of all of the Investments and other items subject to the limitations in the preceding clauses (a) through (e) d), without duplication, shall not exceed 3035% of Total Asset ValueValue at any time.

Certain Permitted Investments. The Parent and the Borrower shall not, and shall not permit any Subsidiary to, make any Investment in or otherwise own the following items which would cause the aggregate value of such holdings of the Parent, the Borrower and such other Subsidiaries to exceed the following percentages of Total Asset Value at any timeapplicable limits set forth below: (a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries and Investments in Subsidiaries that own Non-Controlled PropertiesSubsidiaries, such that the aggregate value of such Investments (determined in a manner consistent with the definition of Total Asset Value or, if not contemplated under the definition of Total Asset Value, as determined in accordance with GAAP, ) exceeds 1525.0% of Total Asset ValueValue at any time; (b) Mortgage Receivables Development Properties, such that the aggregate current book value of all such Development Properties exceeds 7.520.0% of Total Asset Value at any time; (c) Unimproved Land, such that the current book value of all Unimproved Land exceeds 10.0% of Total Asset Value; and (cd) Construction Budget for all real property under construction Mortgage Receivables, such that the aggregate exceeds 15% of Total Asset Value. (d) Unimproved Land such that the aggregate value of such Unimproved Land, calculated on the basis of cost, Mortgage Receivables exceeds 5% of Total Asset Value. (e) Investments in Persons (other than Investments in Subsidiaries and Unconsolidated Affiliates) such that the aggregate value of such Investments, calculated on the basis of cost, exceeds 510.0% of Total Asset Value. In addition to the foregoing limitations, the aggregate value of all of the Investments and other items subject to the limitations in the preceding clauses (a) through (ed) shall not exceed 3030.0% of Total Asset ValueValue at any time.

Certain Permitted Investments. The Borrower shall not, and shall not permit any Subsidiary to, make any Investment in or otherwise own the following items which would cause the aggregate value of such holdings of the Borrower and such other Subsidiaries to exceed the following percentages of Total Asset Value at any timeapplicable limits set forth below: (a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries and Investments in Subsidiaries that own Non-Controlled Properties, such that the aggregate value of such Investments (determined in a manner consistent with the definition of Total Asset Value or, if not contemplated under the definition of Total Asset Value, as determined in accordance with GAAP, ) exceeds 1530.0% of Total Asset ValueValue at any time; (b) Mortgage Receivables Receivables, such that the aggregate book value of all such Mortgage Receivables exceeds 7.510.0% of Total Asset ValueValue at any time; and (c) Construction Budget for all real property under construction such that the aggregate Construction Budget for all such real property exceeds 1515.0% of Total Asset Value. (d) Unimproved Land such that the aggregate value of such Unimproved Land, calculated on the basis of cost, exceeds 5% of Total Asset Value. (e) Investments in Persons (other than Investments in Subsidiaries and Unconsolidated Affiliates) such that the aggregate value of such Investments, calculated on the basis of cost, exceeds 5% of Total Asset ValueValue at any time. In addition to the foregoing limitations, the aggregate value of all of the Investments and other items subject to the limitations in the preceding clauses (a) through (ec) shall not exceed 3030.0% of Total Asset ValueValue at any time.

Certain Permitted Investments. The Parent and the Borrower shall not, and shall not permit any Subsidiary to, make any Investment in or otherwise own the following items which would cause the aggregate value of such holdings of the Parent, the Borrower and such other Subsidiaries to exceed the following percentages of Total Asset Value at any timeapplicable limits set forth below: (a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries and Investments in Subsidiaries that own Non-Controlled PropertiesSubsidiaries, such that the aggregate value of such Investments determined in a manner consistent accordance with the definition GAAP exceeds 30.0% of Total Asset Value or, if not contemplated under the definition of Total Asset Value, as determined in accordance with GAAP, exceeds 15% of Total Asset Valueat any time; (b) Mortgage Receivables Structured Finance Investments, such that the aggregate book value of all such Structured Finance Investments exceeds 7.515.0% of Total Asset Value; andValue at any time; (c) Construction Budget for all real property under construction such that the aggregate Construction Budget for all such real property exceeds 1510.0% of Total Asset ValueValue at any time. (d) Unimproved Land Properties that are developed but that are not office properties, such that the aggregate value of such Unimproved Land, calculated (based on the basis lower of cost, cost or market price determined in accordance with GAAP) of all such Properties exceeds 510.0% of Total Asset Value.Value at any time; and (e) other Investments in Persons (other than Investments in Subsidiaries and Unconsolidated Affiliates) not otherwise permitted under Section 9.5., such that the aggregate value of all such Investments, calculated on the basis of cost, Investments exceeds 510.0% of Total Asset Value. In addition to the foregoing limitations, the aggregate value of all of the Investments and other items subject to the limitations in the preceding clauses (a) through (e) shall not exceed 3040.0% of Total Asset ValueValue at any time.

Certain Permitted Investments. The Parent and the Borrower shall not, and shall not permit any Subsidiary to, make any Investment in or otherwise own the following items which would cause the aggregate value of such holdings of the Parent, the Borrower and such other Subsidiaries to exceed the following percentages of Total Asset Value at any timeapplicable limits set forth below: (a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries and Investments in Subsidiaries that own Non-Controlled PropertiesSubsidiaries, such that the aggregate value of such Investments determined in a manner consistent accordance with the definition GAAP exceeds 30.0% of Total Asset Value or, if not contemplated under the definition of Total Asset Value, as determined in accordance with GAAP, exceeds 15% of Total Asset Valueat any time; (b) Mortgage Receivables Structured Finance Investments, such that the aggregate book value of all such Structured Finance Investments exceeds 7.515.0% of Total Asset Value; andValue at any time; (c) Construction Budget for all real property under construction such that the aggregate Construction Budget for all such real property exceeds 1510.0% of Total Asset Value.Value at any time; (d) Unimproved Land Properties that are developed but that are not office properties, such that the aggregate value of such Unimproved Land, calculated (based on the basis lower of cost, cost or market price determined in accordance with GAAP) of all such Properties exceeds 510.0% of Total Asset Value.Value at any time; and (e) other Investments in Persons (other than Investments in Subsidiaries and Unconsolidated Affiliates) not otherwise permitted under Section 9.5., such that the aggregate value of all such Investments, calculated on the basis of cost, Investments exceeds 510.0% of Total Asset Value. In addition to the foregoing limitations, the aggregate value of all of the Investments and other items subject to the limitations in the preceding clauses (a) through (e) shall not exceed 3040.0% of Total Asset ValueValue at any time.

Certain Permitted Investments. The Parent and the Borrower shall not, and shall not permit any Subsidiary to, make any Investment in or otherwise own the following items which would cause the aggregate value of such holdings of the Parent, the Borrower and such other Subsidiaries to exceed the following percentages of Total Asset Value at any timeapplicable limits set forth below: (a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries and Investments in Subsidiaries that own Non-Controlled PropertiesSubsidiaries, such that the aggregate value of such Investments determined in a manner consistent accordance with the definition GAAP exceeds 30.0% of Total Asset Value or, if not contemplated under the definition of Total Asset Value, as determined in accordance with GAAP, exceeds 15% of Total Asset Valueat any time; (b) Mortgage Receivables Structured Finance Investments, such that the aggregate book value of all such Structured Finance Investments exceeds 7.520.0% of Total Asset Value; andValue at any time; (c) Construction Budget for all real property under construction such that the aggregate Construction Budget for all such real property exceeds 1510.0% of Total Asset ValueValue at any time. (d) Unimproved Land Properties that are developed but that are not office properties, such that the aggregate value of such Unimproved Land, calculated (based on the basis lower of cost, cost or market price determined in accordance with GAAP) of all such Properties exceeds 510.0% of Total Asset Value.Value at any time; and (e) other Investments in Persons (other than Investments in Subsidiaries and Unconsolidated Affiliates) not otherwise permitted under Section 9.5., such that the aggregate value of all such Investments, calculated on the basis of cost, Investments exceeds 510.0% of Total Asset Value. In addition to the foregoing limitations, the aggregate value of all of the Investments and other items subject to the limitations in the preceding clauses (a) through (e) shall not exceed 3045.0% of Total Asset ValueValue at any time.