Condominium Properties Clause Samples

Condominium Properties. For the purposes of this Section 9.4, (A) Investments in any of items (i) through (vii) of clause (a) above held by a Non-Wholly Owned Subsidiary shall be valued based on the respective pro rata shares of such items owned by PPI, the Borrower and its Wholly Owned Subsidiaries, (B) the Investment in any Unconsolidated Affiliate will equal PPI's, the Borrower's and their respective Wholly Owned Subsidiaries' pro rata shares of (I) the value (determined in the manner set forth in clause (b) of the definition of Gross Asset Value) of the Properties owned by such Unconsolidated Affiliate, (II) the undepreciated GAAP book value of any Construction-in-Process owned by such Unconsolidated Affiliate in the preceding fiscal quarter, and (III) GAAP book value of any Unimproved Land owned by such Unconsolidated Affiliate in the preceding fiscal quarter, (C) Investments in any of the above items (i) through (vii) of clause (a) above held as part of a Mixed-Use Project shall be valued after excluding the value attributable to the Excluded Portion of such Mixed-Use Project and (D) all other Investments will be valued at the lower of undepreciated GAAP book value or market value.