Common use of Consolidated Total Capitalization Clause in Contracts

Consolidated Total Capitalization. As of any date of determination, with respect to MCRC, the Borrower and their respective Subsidiaries determined on a consolidated basis in accordance with GAAP; the sum (without double-counting) of (a) Consolidated Capitalized NOI PLUS (b) the value of Unrestricted Cash and Cash Equivalents (excluding until forfeited or otherwise entitled to be retained by the Borrower or its Subsidiaries, tenant security and other restricted deposits), PLUS (c) the aggregate costs incurred and paid to date by the Borrower and its Subsidiaries with respect to Construction-In-Process, PLUS (d) the value of Indebtedness of third parties to the Borrower and its Subsidiaries for borrowed money which is secured by mortgage liens in real estate (valued in accordance with GAAP at the book value of such Indebtedness and not then more than 90 days past due or declared by the Borrower or its Subsidiary to be past due), PLUS (e) the actual net cash investment by the Borrower and its Subsidiaries in any Opportunity Funds (wherein such Opportunity Fund (x) does not have any Indebtedness that is then more than 90 days past due or (y) has not been declared to be in default of any monetary or material monetizable obligations), PLUS (f) the book value of Unimproved Non-Income Producing Land PLUS (g) the value of Eligible Cash 1031 Proceeds; PROVIDED that the value of all permitted investments included within Consolidated Total Capitalization (other -8- than Eligible Cash 1031 Proceeds) shall not exceed the limitations set forth in Section 9.8 hereof.

Consolidated Total Capitalization. As of any date of determination, with respect to MCRC, the Borrower and their respective Subsidiaries determined on a consolidated basis in accordance with GAAP; , the sum (without double-counting) of (a) Consolidated Capitalized NOI PLUS (other than with respect to (1) Acquisition Properties and (2) Real Estate with a negative Consolidated Capitalized NOI), plus (b) the cost of all Acquisition Properties, plus (c) the value of Unrestricted Cash and Cash Equivalents (excluding until forfeited or otherwise entitled to be retained by the Borrower or its Subsidiaries, tenant security and other restricted deposits), PLUS plus (cd) the aggregate costs incurred and paid to date by the Borrower and its Subsidiaries with respect to Construction-In-Process, PLUS plus (de) the value of Indebtedness of third parties to the Borrower and its Subsidiaries for borrowed money which is secured by mortgage liens in on real estate (valued in accordance with GAAP at the book value of such Indebtedness and not then more than 90 days past due or declared by the Borrower or its relevant Subsidiary to be past due), PLUS plus (ef) the actual net cash investment by the Borrower and its Subsidiaries in any Opportunity Funds Other Investments or Newco Investment (wherein such Opportunity Fund any Other Investment or Newco Investment (x) does not have any Indebtedness that is then more than 90 days past due or (y) has not been declared to be in default of any monetary or material monetizable obligations), PLUS plus (fg) the book value of Unimproved Non-Income Producing Land PLUS plus (gh) the value of Eligible Cash 1031 Proceeds; PROVIDED provided that the value of all permitted investments included within Consolidated Total Capitalization (other -8- than Eligible Cash 1031 Proceeds) shall not exceed the limitations set forth in Section §9.8 hereof.

Consolidated Total Capitalization. As of any date of determination, with respect to MCRC, the Borrower and their respective Subsidiaries determined on a consolidated basis in accordance with GAAP; the sum (without double-counting) of (a) Consolidated Capitalized NOI PLUS plus (b) the value of Unrestricted Cash and Cash Equivalents (excluding until forfeited or otherwise entitled to be retained by the Borrower or its Subsidiaries, tenant security and other restricted deposits), PLUS plus (c) the aggregate costs incurred and paid to date by the Borrower and its Subsidiaries with respect to Construction-In-Process, PLUS plus (d) the value of Indebtedness of third parties to the Borrower and its Subsidiaries for borrowed money which is secured by mortgage liens in real estate (valued in accordance with GAAP at the book value of such Indebtedness and not then more than 90 days past due or declared by the Borrower or its Subsidiary to be past due), PLUS plus (e) the actual net cash investment by the Borrower and its Subsidiaries in any Opportunity Funds Other Investments (wherein such Opportunity Fund Other Investment (x) does not have any Indebtedness that is then more than 90 days past due or (y) has not been declared to be in default of any monetary or material monetizable obligations), PLUS plus (f) the book value of Unimproved Non-Income Producing Land PLUS plus (g) the value of Eligible Cash 1031 Proceeds; PROVIDED provided that the value of all permitted investments included within Consolidated Total Capitalization (other -8- than Eligible Cash 1031 Proceeds) shall not exceed the limitations set forth in Section §9.8 hereof.