General Growth Properties Inc. agreed to pay a $15 million commitment fee to William Ackman's Pershing Square Capital Management LP under an agreement for a $375 million bankruptcy loan.

The loan is to fund General Growth's operations during bankruptcy as well as to pay off about $210 million in existing debt owed to Goldman Sachs Group Inc., according to court papers. General Growth, whose properties include Ala Moana Center and Ward Centers in Hawaii, filed for bankruptcy protection on April 16.

Ackman is a hedge fund investor that owns a 7.4 percent stake in General Growth. It is expected he will join General Growth's board of directors once the loan is approved by the bankruptcy court, though the loan isn't contingent on his appointment, the SEC filing said.