Construction-In-Process Clause Samples

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 ss.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 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. Construction-in-Process which are not Completed Properties shall not contribute more than twenty percent (20%) of the Unencumbered Asset Value of the Unencumbered Assets. Condominium Properties shall not contribute more than twenty‑five percent (25%) of Construction‑In‑Process; and

Construction-In-Process. As at the end of any fiscal quarter or other date of measurement, the Borrowers shall not permit the aggregate Budgeted Project Costs of all Construction-in-Process to exceed 15% of Consolidated Capitalized NOI. For purposes of this ss.9.6, Construction-in-Process shall not include so-called "build to suit" properties which are (i) 75% pre-leased (by rentable square foot) to tenants which have a minimum credit rating of BBB- from S&P or Baa3 from Moody's, as the case may be, ▇▇ ▇▇▇ch have a financial condition reasonably acceptable to the Majority Lenders (provided that the Borrowers shall submit any such request for the Lender's acceptance of a tenant's financial condition to the Agent in writing, and the Agent shall, in turn, promptly forward such request to each Lender; each Lender shall then have five (5) Business Days from its deemed receipt of such request to approve or disapprove of such tenant's financial condition, with any Lender's failure to send notice of disapproval to the Agent within five (5) Business Days being deemed to be its approval) and (ii) in substantial compliance, with respect to both time - 80 - and cost, with the original construction budget and construction schedule, as amended by change orders or otherwise updated.

Construction-In-Process. All construction-in-process on any lot within subparagraph (a) above, as of the Closing Date, including, but not limited to, completed (but not subject to a contract for sale) and uncompleted houses and dwelling units, building foundations, driveways, and any other completed or uncompleted improvements or portions thereof which have been placed or constructed within the boundaries of a lot. The construction-in-process to be sold hereunder shall be described on a schedule to be provided to Purchaser sixty days (60) prior to the Closing Date and updated on the Closing Date .