Common use of Transactions with Partners and Affiliates Clause in Contracts

Transactions with Partners and Affiliates. Neither the Borrower nor any of its Subsidiaries shall directly or indirectly enter into or permit to exist any transaction (including, without limitation, the purchase, sale, lease or exchange of any Property or the rendering of any service) with any Affiliate of the Borrower which is not its Subsidiary, on terms that are determined by the Board of Directors of GGP, Inc. to be less favorable to the Borrower or any of its Subsidiaries, as applicable, than those that might be obtained in an arm's length transaction at the time from Persons who are not such an Affiliate. Nothing contained in this Section 10.4 shall prohibit (a) increases in compensation and benefits for officers and employees of the Borrower or any of its Subsidiaries which are customary in the industry or consistent with the past business practice of the Borrower or such Subsidiary; provided, however, that no Event of Default has occurred and is continuing; (b) payment of customary partners' indemnities; or (c) performance of any obligations arising under the Loan Documents.

Transactions with Partners and Affiliates. Neither the Borrower Credit ----------------------------------------- Party nor any of its Subsidiaries shall directly or indirectly enter into or permit to exist any transaction (including, without limitation, the purchase, sale, lease or exchange of any Property or the rendering of any service) with any Affiliate of the Borrower Credit Party which is not its Subsidiary, on terms that are determined by the Board of Directors of GGP, Inc. to be less favorable to the Borrower Credit Party or any of its Subsidiaries, as applicable, than those that might be obtained in an arm's length transaction at the time from Persons who are not such an Affiliate. Nothing contained in this Section 10.4 shall prohibit (a) ------------ increases in compensation and benefits for officers and employees of the Borrower Credit Party or any of its Subsidiaries which are customary in the industry or consistent with the past business practice of the Borrower Credit Party or such Subsidiary; provided, however, that no Event of Default has occurred and is ------------------ continuing; (b) payment of customary partners' indemnities; or (c) performance of any obligations arising under the Loan Documents.

Transactions with Partners and Affiliates. Neither the Borrower nor any of its Subsidiaries shall directly or indirectly enter into or permit to exist any transaction (including, without limitation, the purchase, sale, lease or exchange of any Property or the rendering of any service) with any Affiliate of the Borrower which is not its Subsidiarya Subsidiary of the Borrower, on terms that are determined by the Board of Directors of GGP, Inc. to be less favorable to the Borrower or any of its Subsidiaries, as applicable, than those that might be obtained in an arm's length transaction at the time from Persons who are not such an Affiliate. Nothing contained in this Section 10.4 shall prohibit (a) increases in compensation and benefits for officers and employees of the Borrower or any of its Subsidiaries which are customary in the industry or consistent with the past business practice of GGP, Inc., the Borrower Loan Party or such Subsidiary; provided, however, that no Event of Default has occurred and is continuing; (b) payment of customary partners' indemnities; or (c) performance of any obligations arising under the Loan Documents.