Common use of Construction and Development Clause in Contracts

Construction and Development. The Borrower and its Subsidiaries will not engage in construction and development projects in which the total project costs of all such concurrent construction and development projects exceed, in the aggregate at any one time, ten percent (10%) of the book value of consolidated assets of the Borrower and its Subsidiaries (it being understood and agreed for purposes of this Section that a project shall be considered under construction and/or development until a certificate of occupancy therefor, or other similar certificate, shall have been issued by appropriate governmental authorities).

Construction and Development. The Borrower and its Subsidiaries will not engage in construction and development projects in which the total project costs of all such concurrent construction and development projects exceed, in the aggregate at any one time, ten percent (10%) 15% of the book value of consolidated assets of the Borrower and its Subsidiaries (it being understood and agreed for purposes of this Section that a project shall be considered under construction and/or development until a certificate of occupancy therefor, an architect's certificate of substantial completion or other similar certificate, shall have been issued by appropriate governmental authoritiesissued).

Construction and Development. The Borrower and its Subsidiaries will not engage in construction and development projects in which the total project costs of all such concurrent construction and development projects exceed, in the aggregate at any one time, ten percent (10%) 15% of the book value of consolidated assets of the Borrower and its Subsidiaries (it being understood and agreed for purposes of this Section that a project shall be considered under construction and/or development until a certificate of occupancy therefor, or other similar certificate, shall have been issued by appropriate governmental authorities).