This Financing Statement covers Proceeds.

“Total Asset Value” means, at a given time, the sum (without duplication) of all of the following of the Parent and its Consolidated Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis: # cash, Cash Equivalents, plus (b), the quotient of # EBITDA for the four fiscal quarters of the Parent most recently ended, divided by # the Capitalization Rate, plus # the GAAP book value of Properties acquired during the period of four fiscal quarters most recently ended, plus # the GAAP book value of all Development Properties, plus # the GAAP book value of Unimproved Land plus # the GAAP book value of all Mortgage Receivables and other promissory notes and plus # Capitalized Third Party Net Income; provided, however that to the extent that the Total Asset Value attributable to Capitalized Third Party Net Income would exceed 5.0% of Total Asset Value, such excess shall be excluded. The Parent’s Ownership Share of assets held by Unconsolidated Affiliates (excluding assets of the type described in the immediately preceding [clause (a)]) will be included in Total Asset Value calculations consistent with the above described treatment for assets of the Parent and its Consolidated Subsidiaries. For purposes of determining Total Asset Value, EBITDA from Properties acquired or disposed of during the period of four fiscal quarters of the Parent most recently ended shall be excluded. For purposes of determining Total Asset Value, the calculation of EBITDA shall exclude Third Party Net Income. To the extent the amount of Total Asset Value attributable to # Unimproved Land, Equity Interest in Person other than Consolidated Subsidiaries and Mortgage Receivables, in the aggregate, would exceed 20.0% of Total Asset Value, such excess shall be excluded and # Development Properties would exceed 15.0% of Total Asset Value, such excess shall be excluded.

The land use of the land under this agreement is industrial land, and the term of use shall be subject to the "Contract for the Transfer of the Right to Use State-owned Construction Land", and the land use shall not be changed.

"Real Property" means land, rights in land (including leasehold interests) and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land.

“Agricultural Land” means land owned in fee by Holdings or its Subsidiaries which is located in the State of Hawaii and zoned exclusively for agricultural purposes, but excluding watershed land, conservation land and pastureland.

land (including, without limitation, land under water).

"Land Sub-Lease Agreement" means a land sub-lease agreement to be entered into between the Lessor and the Company to supersede and replace the Land Sub-Lease Framework Agreement, pursuant to which, among other things, the Company shall lease and obtain the Land Use Rights in respect of the Site land from the Lessor for the purposes of the Project.

If Party A fails to start construction on time after obtaining the land use right of the planned land, or fails to complete and put into production on time after starting construction, resulting in the land being idle for more than one year, if there is a land idle fee. The land idle fee shall not be included in the investment budget.

"Land Use Rights" means the land use right certificate issued in the name of the Company permitting (among other things) the Company to use the Site land for the duration of the Term for the Project, including to construct and operate the Plant.

the Land and all infrastructure improvements for the future development of the Land, including grading and the installation of utilities (collectively, the “Infrastructure Improvements”) and all buildings, structures, additions, and improvements now or hereafter located on the Land or belonging thereto (collectively, along with the Infrastructure Improvements, the “Improvements”);