Construction-In-Process. As at the end of any fiscal quarter and any other date of measurement, the Obligors shall not permit the aggregate Budgeted Project Costs of all Construction-in-Process to exceed 10% of Gross Asset Value.
Construction-In-Process. Any Real Estate for which the Borrower, any of the Borrower’s Subsidiaries or any Partially-Owned Entity is actively pursuing construction, renovation, or expansion of Buildings and, except for purposes of clause (iii) to the proviso in the definition of Consolidated Total Capitalization in §1.1 hereof, for which construction is proceeding to completion without undue delay from Permit denial, construction delays or otherwise, all pursuant to such Person’s ordinary course of business. Notwithstanding the foregoing, tenant improvements to previously constructed and/or leased Real Estate shall not be considered Construction-In-Process.
Construction-In-Process. Costs incurred for any build-outs, redevelopment, construction, or tenant improvements of a Data Center Property that is not a Development Property.
Construction-In-Process. Any Real Estate for which any Borrower, any Guarantor, any of the Borrowers' Subsidiaries or any Partially-Owned Entity is actively pursuing construction, renovation, or expansion of Buildings, all pursuant to such Person's ordinary course of business.
Construction-In-Process. The aggregate amount of costs incurred for any build-outs, redevelopment, construction or tenant improvements of Real Estate on or prior to the last day of the fiscal quarter then most recently ended. This value shall not be duplicative of any value given to Development Property.
Construction-In-Process. Any Real Estate for which the Borrower, any Guarantor, any of the Borrower's Subsidiaries or any Partially-Owned Entity is actively pursuing construction, renovation, or expansion of Buildings and, except for purposes of the covenant set forth in Section 9.8(c) hereof, for which construction is proceeding to completion without undue delay from Permit denial, construction delays or otherwise, all pursuant to such Person's ordinary course of business. Notwithstanding the foregoing, tenant improvements to previously constructed and/or leased Real Estate shall not be considered Construction-In-Process.
Construction-In-Process. The aggregate costs of Construction in Process shall not exceed fifteen percent (15%) of Gross Asset Value (for purposes of determining the foregoing percentage, Gross Asset Value shall be increased by the aggregate costs of Construction in Process). For purposes of this Section 9.10, "Construction in Process" shall include each improvement on real property owned or leased by Borrower as to which any of the following is true:
(a) a certificate of occupancy (or its equivalent) has not been issued with respect to such improvement;
(b) in the case of a multi-tenant improvement, less than eighty-five percent (85%) of the net rentable square footage of such improvement is occupied by tenants under fully executed leases who have commenced paying rent under such leases; or
(c) in the case of a single-tenant improvement, such tenant is not in occupancy under a fully executed lease and paying rent thereunder. For purposes of this Section 9.10, "costs of Construction in Process" to complete a particular improvement shall be based on proforma budgeted costs prepared in good faith by Borrower.
Construction-In-Process. The net rentable square footage of any and all Construction in Process (determined, for each construction project, on the basis of the net rentable square footage it is projected to include upon completion, per the applicable plans and specifications) shall not exceed twenty percent (20%) of the aggregate net rentable square footage of all improvements on real property (including Construction in Process and "build to suit" projects excluded from the definition of that term as provided below) owned or leased by Borrower or any Subsidiary. For purposes of this Section 9.10, "Construction in Process" shall include each improvement on real property owned or leased by Borrower or any Subsidiary of Borrower as to which either of the following is true:
(a) a certificate of occupancy (or its equivalent) has not been issued with respect to such improvement; or
(b) less than eighty-five percent (85%) of the net rentable square footage of such improvement is occupied by tenants under fully executed leases who have commenced paying rent under such leases; provided that "Construction in Process" shall not include an improvement that is being constructed for a single tenant that has agreed to occupy the entire improvement pursuant to a fully executed lease under which (i) occupancy thereunder is conditioned only upon completion of construction of such improvement, and (ii) such tenant is otherwise unconditionally committed to take occupancy upon completion of such construction.
Construction-In-Process. 96 140 141 9.11 Calculation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Construction-In-Process. Any Real Estate for which any Borrower, any Guarantor, any of the Borrowers’ Subsidiaries or any Partially-Owned Entity is actively pursuing construction, renovation, or expansion of Buildings, all pursuant to such Person’s ordinary course of business. Conversion Request. A notice given by the Borrower Representative to the Administrative Agent of its election to convert or continue a Loan in accordance with §2.5 or §3.4, as applicable.
