Common use of Investment Concentration/Permitted Investments Clause in Contracts

Investment Concentration/Permitted Investments. Not make, nor permit Parent or any of its Subsidiaries to, make an Investment in or otherwise own the following items which would cause the aggregate value of such holdings (for purposes of this Section 7.12 the value of the holdings described in items (a) through (e) shall be calculated in accordance with GAAP) of Borrower and/or Subsidiaries and/or Parent to exceed at any time ( to be measured quarterly) either an aggregate thirty-five percent (35%) of Gross Asset Values or the specific Gross Asset Values noted below: (a) unimproved real estate, for purposes of this clause (a) unimproved real estate shall not include (i) raw land subject to a ground lease under which Borrower or a Subsidiary is the lessor and a Person not an Affiliate is the lessee; (ii) Properties under development; (iii) land subject to a binding contract of sale under which Borrower or one of its Subsidiaries is the seller and the buyer is not an Affiliate of Borrower and (iv) out-parcels held for lease or sale at Properties which are either completed or where development has commenced, shall not exceed ten percent (10%); (b) developed real estate used primarily for non-retail purposes, other than the real estate located at CBL Center, 0000 Xxxxxxxx Xxxxx Boulevard, Chattanooga, Tennessee and the new office building located at 0000 Xxxxxxxx Xxxxx Boulevard, Chattanooga, Tennessee, shall not exceed ten percent (10%); (c) Investments (which shall be valued at book value determined in accordance with GAAP) in Unconsolidated Affiliates of Borrower or Parent shall not exceed twenty percent (20%); (d) Investments [which shall be valued at the lower of cost or market value, which shall also be limited to ten percent (10%)] in Persons that are neither Subsidiaries nor Unconsolidated Affiliates of Borrower or Parent, excluding publicly traded stock of a real estate company in which Borrower is acquiring a controlling interest which shall be limited to ten percent (10%) with any excess applied to the overall percentage limitation of this subsection (d); and (e) Mortgages in favor of Borrower or Parent, other than (i) Mortgages securing Indebtedness owed to Borrower or any Subsidiary on September 30, 2002, which shall also be limited to ten percent (10%).

Investment Concentration/Permitted Investments. Not make, nor permit Parent or any of its Subsidiaries to, make an Investment in or otherwise own the following items which would cause the aggregate value of such holdings (for purposes of this Section 7.12 the value of the holdings described in items (a) through (e) shall be calculated in accordance with GAAP) of Borrower and/or Subsidiaries and/or Parent to exceed at any time ( to be measured quarterly) either an aggregate thirty-thirty five percent (35%) of Gross Asset Values or the specific Gross Asset Values noted below: (a) unimproved real estate, estate [for purposes of this clause (a) unimproved real estate shall not include (i) raw land subject to a ground lease under which Borrower or a Subsidiary is the lessor and a Person not an Affiliate is the lessee; (ii) Properties under development; (iii) land subject to a binding contract of sale under which Borrower or one of its Subsidiaries is the seller and the buyer is not an Affiliate of Borrower and (iv) out-parcels held for lease or sale at Properties which are either completed or where development has commenced, ] shall not exceed ten percent (10%); (b) developed real estate used primarily for non-retail purposes, purposes [other than the real estate located at CBL Center, 0000 Xxxxxxxx Xxxxx Boulevard, Chattanooga, Tennessee and the new office building located at 0000 Xxxxxxxx Xxxxx Boulevard, Chattanooga, Tennessee, ] shall not exceed ten percent (10%); (c) Investments (which shall be valued at book value determined in accordance with GAAP) in Unconsolidated Affiliates of Borrower or Parent shall not exceed twenty percent (20%); (d) Investments [which shall be valued at the lower of cost or market value, which shall also be limited to ten percent (10%)] in Persons that are neither Subsidiaries nor Unconsolidated Affiliates of Borrower or Parent, Parent [excluding publicly traded stock of a real estate company in which Borrower is acquiring a controlling interest which shall be limited to ten percent (10%) with any excess applied to the overall percentage limitation of this subsection (d)]; and (e) Mortgages in favor of Borrower or Parent, Parent (other than (i) Mortgages securing Indebtedness owed to Borrower or any Subsidiary on September 30, 2002, which shall also be limited to ten percent (10%).

Investment Concentration/Permitted Investments. Not make, nor permit Parent or any of its Subsidiaries to, make an Investment in or otherwise own the following items which would cause the aggregate value of such holdings (for purposes of this Section 7.12 the value of the holdings described in items (a) through (e) shall be calculated in accordance with GAAP) of Borrower and/or Subsidiaries and/or Parent to exceed at any time ( to be measured quarterly) either an aggregate thirty-thirty five percent (35%) of Gross Asset Values or the specific Gross Asset Values noted below: (a) unimproved real estate, for purposes of this clause (a) unimproved real estate shall not include (i) raw land subject to a ground lease under which Borrower or a Subsidiary is the lessor and a Person not an Affiliate is the lessee; (ii) Properties under development; (iii) land subject to a binding contract of sale under which Borrower or one of its Subsidiaries is the seller and the buyer is not an Affiliate of Borrower and (iv) out-parcels held for lease or sale at Properties which are either completed or where development has commenced, shall not exceed ten percent (10%); (b) developed real estate used primarily for non-retail purposes, other than the real estate located at CBL Center, 0000 Xxxxxxxx Xxxxx Boulevard, Chattanooga, Tennessee and the new office building located at 0000 Xxxxxxxx Xxxxx Boulevard, Chattanooga, Tennessee, shall not exceed ten percent (10%); (c) Investments (which shall be valued at book value determined in accordance with GAAP) in Unconsolidated Affiliates of Borrower or Parent shall not exceed twenty percent (20%); (d) Investments [which shall be valued at the lower of cost or market value, which shall also be limited to ten percent (10%)] in Persons that are neither Subsidiaries nor Unconsolidated Affiliates of Borrower or Parent, excluding publicly traded stock of a real estate company in which Borrower is acquiring a controlling interest which shall be limited to ten percent (10%) with any excess applied to the overall percentage limitation of this subsection (d); and (e) Mortgages in favor of Borrower or Parent, other than (i) Mortgages securing Indebtedness owed to Borrower or any Subsidiary on September 30, 2002, which shall also be limited to ten percent (10%).

Investment Concentration/Permitted Investments. Not Borrower shall not make, nor and shall not permit the Parent or any of its Subsidiaries to, make an Investment in or otherwise own the following items which would cause the aggregate value of such holdings (for purposes of this Section 7.12 the value of the holdings described in items (a) through (e) shall be calculated in accordance with GAAP) of Borrower and/or Subsidiaries and/or the Parent to exceed at any time ( to be measured quarterly) either an aggregate thirty-thirty five percent (35%) of Gross Asset Values or the specific Gross Asset Values noted belowValues: (a) unimproved real estate, estate (for purposes of this clause (a) unimproved real estate shall not include (i) raw land subject to a ground lease under which the Borrower or a Subsidiary is the lessor and a Person not an Affiliate is the lessee; (ii) Properties under development; (iii) land subject to a binding contract of sale under which the Borrower or one of its Subsidiaries is the seller and the buyer is not an Affiliate of Borrower and (iv) out-parcels held for lease or sale at Properties which are either completed or where development has commenced, shall not exceed ten percent (10%); (b) developed real estate used primarily for non-retail purposes, purposes (other than the real estate located at CBL Center, 0000 Xxxxxxxx Xxxxx Boulevard, Chattanooga, Tennessee and the new office building located at 0000 Xxxxxxxx Xxxxx Boulevard, Chattanooga, Tennessee, shall not exceed ten percent (10%being constructed adjacent thereto); (c) Investments (which shall be valued at book value determined in accordance with GAAP) in Unconsolidated Affiliates of the Borrower or Parent shall not exceed twenty percent (20%)the Parent; (d) Investments [which shall be valued at the lower of cost or market value, which shall also be limited to ten percent (10%)] in Persons that are neither Subsidiaries nor Unconsolidated Affiliates of the Borrower or the Parent, excluding publicly traded stock of a real estate company in which Borrower is acquiring a controlling interest which shall be limited to ten percent (10%) with any excess applied to the overall percentage limitation of this subsection (d); and (e) and Mortgages in favor of Borrower the Borrower, Lakes Mall or Parent, the Parent (other than (i) Mortgages securing Indebtedness owed to the Borrower or any Subsidiary on September 30, 2002; and (ii) Mortgages on assets owned by the Parent, which shall also be limited to ten percent (10%the Borrower or any Subsidiary).

Investment Concentration/Permitted Investments. Not make, nor permit Parent or any of its Subsidiaries to, make an Investment in or otherwise own the following items which would cause the aggregate value of such holdings (for purposes of this Section 7.12 the value of the holdings described in items (a) through (e) shall be calculated in accordance with GAAP) of Borrower and/or Subsidiaries and/or Parent to exceed at any time ( to be measured quarterly) either an aggregate thirty-thirty five percent (35%) of Gross Asset Values or the specific Gross Asset Values noted below: (a) unimproved real estate, estate [for purposes of this clause (a) unimproved real estate shall not include (i) raw land subject to a ground lease under which Borrower or a Subsidiary is the lessor and a Person not an Affiliate is the lessee; (ii) Properties under development; (iii) land subject to a binding contract of sale under which Borrower or one of its Subsidiaries is the seller and the buyer is not an Affiliate of Borrower and (iv) out-parcels held for lease or sale at Properties which are either completed or where development has commenced, ] shall not exceed ten percent (10%); (b) developed real estate used primarily for non-retail purposes, purposes [other than the real estate located at CBL Center, 0000 Xxxxxxxx Xxxxx Boulevard, Chattanooga, Tennessee and the new office building located at 0000 Xxxxxxxx Xxxxx Boulevard, Chattanooga, Tennessee, ] shall not exceed ten percent (10%); (c) Investments (which shall be valued at book value determined in accordance with GAAP) in Unconsolidated Affiliates of Borrower or Parent shall not exceed twenty percent (20%); (d) Investments [which shall be valued at the lower of cost or market value, which shall also be limited to ten percent (10%)] in Persons that are neither Subsidiaries nor Unconsolidated Affiliates of Borrower or Parent, Parent [excluding publicly traded stock of a real estate company in which Borrower is acquiring a controlling interest which shall be limited to ten percent (10%) with any excess applied to the overall percentage limitation of this subsection (d)]; and (e) Mortgages in favor of Borrower or Parent, Parent (other than (i) Mortgages securing Indebtedness owed to Borrower or any Subsidiary on September 30, 2002, which shall also be limited to ten percent (10%).