Common use of Investments in Clause in Contracts

Investments in. (A) any individual Real Property (other than the Ala Moana Center and Property related thereto) which do not exceed seven percent (7%) of the Capitalization Value after giving effect to such Investments of the Borrower and its Subsidiaries; (B) any single Person owning Property or any portfolio of Properties (other than the Homart Portfolio and the Ivanhoe Portfolio of the Borrower) which do not exceed twenty percent (20%) of the Capitalization Value after giving effect to such Investments of the Borrower and its Subsidiaries, it being understood that no Investment in any individual Person will be permitted if the Borrower's allocable share of the Investment of such Person in any individual Property would exceed the limitation described in clause (A) above; (C) joint ventures and Subsidiaries that are not Consolidated Subsidiaries (including, without limitation, such Subsidiaries in the Homart Portfolio of the Borrower) which, in the aggregate, do not exceed fifty percent (50%) of the Capitalization Value after giving effect to such Investments of the Borrower and its Subsidiaries; (D) Real Estate Under Construction which, in the aggregate, does not exceed fifteen percent (15%) of the Capitalization Value after giving effect to such Investments of the Borrower and its Subsidiaries (provided, however, that, for purposes of this clause (D) only, the term Real Estate Under Construction shall not include any Construction Asset which is at least eighty percent (80%) leased, and provided further that, for purposes of this clause (D), any portion of a Construction Asset which is under an unconditional (except for customary closing conditions) binding contract of sale to an "anchor tenant" shall be deemed to be leased); and (E) Inactive Assets which, in the aggregate, do not exceed eight percent (8%) of the Capitalization Value after giving effect to such Investments of the Borrower and its Subsidiaries; provided, however, that the Investments of the Borrower and its Subsidiaries described in clauses (D) and (E) above shall not together exceed fifteen percent (15%) of the Capitalization Value after giving effect to such Investments of the Borrower and its Subsidiaries; and

Investments in. (Ai) any individual Real Property (other than the Ala Moana Center and Property related thereto) which do not exceed seven percent (7%) of the Capitalization Value after giving effect to such Investments of the Borrower Credit Party and its Subsidiaries; (Bii) any single Person owning Property or any portfolio of Properties (other than the Homart Portfolio and the Ivanhoe Portfolio of the BorrowerPortfolio) which do not exceed twenty percent (20%) of the Capitalization Value after giving effect to such Investments of the Borrower Credit Party and its Subsidiaries, it being understood that no Investment in any individual Person will be permitted if the BorrowerCredit Party's allocable share of the Investment of such Person in any individual Property would exceed the limitation described in clause (A) above; (Ciii) joint ventures and Subsidiaries that are not Consolidated Subsidiaries (including, without limitation, such Subsidiaries in the Homart Portfolio of the BorrowerCredit Party) which, in the aggregate, do not exceed fifty percent (50%) of the Capitalization Value after giving effect to such Investments of the Borrower Credit Party and its Subsidiaries; (Div) Real Estate Under Construction which, in the aggregate, does not exceed fifteen percent (15%) of the Capitalization Value after giving effect to such Investments of the Borrower Credit Party and its Subsidiaries (provided, -------- however, that, for purposes of this clause (D) only, the term Real Estate Under ------- Construction shall not include any Construction Asset which is at least eighty percent (80%) leased, and provided further that, for purposes of this clause ---------------- (D), any portion of a Construction Asset which is under an unconditional (except for customary closing conditions) a binding contract of sale to an "anchor tenant" shall be deemed to be leased); and (Ev) Inactive Assets which, in the aggregate, do not exceed eight percent (8%) of the Capitalization Value after giving effect to such Investments of the Borrower Credit Party and its Subsidiaries; provided, however, that ----------------- the Investments of the Borrower Credit Party and its Subsidiaries described in clauses (D) and (E) above shall not together exceed fifteen percent (15%) of the Capitalization Value after giving effect to such Investments of the Borrower Credit Party and its Subsidiaries; and

Investments in. (Ai) any individual Real Property (other than the Ala Moana Center and Property related thereto) which do not exceed seven percent (7%) of the Capitalization Value after giving effect to such Investments of GGP, Inc., the Borrower Loan Party, and its their Subsidiaries; (Bii) any single Person owning Property or any portfolio of Properties (other than the Homart Portfolio and the Ivanhoe Portfolio of the BorrowerPartnership) which do not exceed twenty percent (20%) of the Capitalization Value after giving effect to such Investments of GGP, Inc., the Borrower Loan Party, and its their Subsidiaries, it being understood that no Investment in any individual Person will be permitted if GGP, Inc.'s and the BorrowerLoan Party's allocable share of the Investment of such Person in any individual Property would exceed the limitation described in clause (Ai) above; (Ciii) joint ventures and Subsidiaries that are not Consolidated Subsidiaries (including, without limitation, such Subsidiaries in the Homart Portfolio of the BorrowerPartnership) which, in the aggregate, do not exceed fifty percent (50%) of the Capitalization Value after giving effect to such Investments of GGP, Inc., the Borrower Loan Party, and its their Subsidiaries; (Div) Real Estate Under Construction which, in the aggregate, does not exceed fifteen percent (15%) of the Capitalization Value after giving effect to such Investments of GGP, Inc., the Borrower Loan Party, and its their Subsidiaries (provided, however, that, for purposes of this clause (Div) only, the term Real Estate Under Construction shall not include any Construction Asset which is at least eighty percent (80%) leased, and provided further that, for purposes of this clause (Div), any portion of a Construction Asset which is under an unconditional (except for customary closing conditions) a binding contract of sale to an "anchor tenant" shall be deemed to be leased); and (Ev) Inactive Assets which, in the aggregate, do not exceed eight percent (8%) of the Capitalization Value after giving effect to such Investments of GGP, Inc., the Borrower Loan Party, and its their Subsidiaries; provided, however, that the Investments of GGP, Inc., the Borrower Loan Party, and its their Subsidiaries described in clauses clause (D) and (Eiv) above and this clause (v) shall not together exceed fifteen percent (15%) of the Capitalization Value after giving effect to such Investments of GGP, Inc., the Borrower Loan Party and its their Subsidiaries; and

Investments in. (Ai) any individual Real Property (other than the Ala Moana Center and Property related thereto) which do not exceed seven percent (7%) of the Capitalization Value after giving effect to such Investments of the Borrower and its Subsidiaries; (Bii) any single Person owning Property or any portfolio of Properties (other than the Homart Portfolio and the Ivanhoe Portfolio of the Borrower) which do not exceed twenty percent (20%) of the Capitalization Value after giving effect to such Investments of the Borrower and its Subsidiaries, it being understood that no Investment in any individual Person will be permitted if the Borrower's allocable share of the Investment of such Person in any individual Property would exceed the limitation described in clause (A) above; (Ciii) joint ventures and Subsidiaries that are not Consolidated Subsidiaries (including, without limitation, such Subsidiaries in the Homart Portfolio of the Borrower) which, in the aggregate, do not exceed fifty percent (50%) of the Capitalization Value after giving effect to such Investments of the Borrower and its Subsidiaries; (Div) Real Estate Under Construction which, in the aggregate, does not exceed fifteen percent (15%) of the Capitalization Value after giving effect to such Investments of the Borrower and its Subsidiaries (provided, however, that, for purposes of this clause (D) only, the term Real Estate Under Construction shall not include any Construction Asset which is at least eighty percent (80%) leased, and provided further that, for purposes of this clause (D), any portion of a Construction Asset which is under an unconditional (except for customary closing conditions) a binding contract of sale to an "anchor tenant" shall be deemed to be leased); and (Ev) Inactive Assets which, in the aggregate, do not exceed eight percent (8%) of the Capitalization Value after giving effect to such Investments of the Borrower and its Subsidiaries; provided, however, that the Investments of the Borrower and its Subsidiaries described in clauses (D) and (E) above shall not together exceed fifteen percent (15%) of the Capitalization Value after giving effect to such Investments of the Borrower and its Subsidiaries; and