Type of Business; Development Covenants Sample Clauses

Type of Business; Development Covenants. Borrower shall own, manage, finance, lease and/or operate as an owner, developer and/or asset manager multifamily residential properties, and all of Borrower’s other business activities and investments shall be incidental thereto, with the exception of the investments described in clause (d) below. Guarantor and its consolidated subsidiaries shall not own at any time, on a consolidated basis, and without duplication: (a) entitled and unentitled land, (b) development properties, (c) Joint Venture Investments, and (d) real estate assets (other than multifamily residential properties), or investments in, or loans to, companies that own and/or develop real estate (other than multifamily residential properties), the value of which exceeds, in the aggregate for all assets described in clauses (a)-(d) above, 35% of Gross Asset Value, or in the aggregate for the assets described in clause (a) above, 10% of Gross Asset Value, or in the aggregate for the assets described in clause (b) above, 25% of Gross Asset Value. For the purpose of calculating the value for assets in clauses (a) and (b) above, projects that have not yet attained a stabilized occupancy (which, for this purpose only, shall be 90% occupancy) shall be valued at the book value of the project (multiplied, if such project is owned by a Joint Venture, by Borrower’s Capital Interest in such Joint Venture). Projects that attain 90% occupancy shall no longer be considered for the purpose of calculating the development limits contained in this Section 6.6.
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Type of Business; Development Covenants. (a) Borrower shall own, manage, finance, lease and/or operate as an owner, developer and/or asset manager income-producing retail properties located in the United States, and all of Borrower’s other business activities and investments shall be incidental thereto, with the exception of the investments described in clause (ii) below. Borrower and its consolidated subsidiaries shall not own at any time, on a consolidated basis: (i) entitled and unentitled undeveloped land, (ii) real estate assets (other than retail properties), or investments in, or loans to, companies that own and/or develop real estate (other than retail properties), (iii) investments in Mortgage Receivables, (iv) stock holdings, (v) retail properties under development for which certificates of occupancy have not been issued (excluding development on otherwise operating properties), (vi) Joint Venture Investments the value of which exceeds, (A) in the aggregate for all assets described in each of clauses (i)-(iv) above, 5% of Gross Asset Value, (B) in the aggregate for all assets described in clause (v) above, 10% of Gross Asset Value (which, for the purposes of determining the value of such retail properties under development, shall include the estimated costs to complete construction and development of the retail project and lease-up until break-even occupancy), (C) in the aggregate for all assets described in clause (vi) above, 10% of Gross Asset Value, or (D) in the aggregate for all assets described in clauses (i)-(vi) above, 25% of Gross Asset Value. (b) In addition to the restrictions in Section 6.6(a) above, at no time shall Borrower’s and its subsidiaries’ ownership of, or investment in, real estate properties under financeable ground leases with single tenants exceed 20% of the Gross Asset Value.
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Type of Business; Development Covenants. Borrower shall own, manage, finance, lease and/or operate as an owner, developer and/or asset manager multifamily residential properties, and all of Borrower's other business activities and investments shall be incidental thereto, with the exception of the investments described in clause (f) below. Guarantor and its consolidated subsidiaries shall not own at any time, on a consolidated basis, (a) entitled and unentitled land, (b) single development property, (c) development properties, (d) Joint Venture Investments, (e) Capital Interests in Acquisition down-REITs, and (f) real estate assets (other than multifamily residential properties), or investments in, or loans to, companies that own and/or develop real estate (other than multifamily residential properties) the value of which exceeds, in the aggregate for all assets in clauses (a) – (f) above, 35% of Gross Asset Value. For the purpose of calculating the value for assets in clauses (a), (b) and (c) above, projects that have not yet attained a stabilized occupancy (which, for this purpose only, shall be 90% occupancy) shall be valued at 100% of the projected total cost of the project (multiplied, if such project is owned by a Joint Venture, by Borrower's Capital Interest in such Joint Venture). Projects that attain 90% occupancy shall no longer be subject to the limits contained in this Section 6.6.
Sample 1Sample 2
Type of Business; Development Covenants. Borrower shall own, manage, finance, lease and/or operate as an owner multifamily residential properties, and all of Borrower's other business activities and investments shall be incidental thereto. Guarantor and its consolidated subsidiaries shall not own at any time, on a consolidated basis: (a) unentitled land whose aggregate value exceeds three percent (3%) of Gross Asset Value, or entitled and unentitled land whose aggregate value exceeds seven and one-half percent (7.5%) of Gross Asset Value; or (b) any single property under development whose value (at projected total cost) exceeds five percent (5%) of Gross Asset Value; or (c) properties under development whose aggregate value (at projected total cost) exceeds twenty-five percent (25%) of Gross Asset Value; or (d) Joint Venture Investments whose aggregate value exceeds twenty percent (20%) of Gross Asset Value; or (e) Capital Interests in down-REITs the aggregate value of which Capital Interests exceeds fifteen percent (15%) of
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Type of Business; Development Covenants. Borrower shall own, manage, finance, lease and/or operate as an owner and operator of multifamily properties and any other business activities and investments shall be incidental thereto. Borrower shall not in any case: (a) on a consolidated basis at any time, have properties under development or entitled or unentitled land, in combination (at projected total cost), that exceed thirty-five percent (35%) of Gross Asset Value; (b) on a consolidated basis at any time, have any single property under development (at projected total cost) that exceeds five percent (5%) of Gross Asset Value; (c) on a consolidated basis at any time, have entitled and unentitled land that exceeds seven and one-half percent (7.5%) of Gross Asset Value or unentitled land that exceeds three percent (3%) of Gross Asset Value; For the purpose of calculating the development limits contained in subsections (a), (b) and (c) above (the "Development Limits"), costs of projects developed in partnership with a third party in which Borrower or the Guarantor holds a limited partnership interest are to be included as follows: (i) that are to be owned 100% in fee simple by Borrower, Guarantor, or a wholly owned subsidiary thereof, or by Essex Management Company prior to attainment of stabilized occupancy of not less than ninety percent (90%); or (ii) for which the Borrower or Guarantor will possess contingent or direct liability for the completion or leasing of said project are to be included at one hundred percent (100%) of the projected total cost of the Project; and Projects: (i) that are not to be owned 100% in fee simple by Borrower prior to attainment of stabilized occupancy of not less than ninety percent (90%); and (ii) for which Borrower or Guarantor possesses no direct or contingent liability for the completion and leasing of said project are to be included at the amount of (A) nonrefundable deposits; (B) capital contributions; (C) loans to partners; and (D) any other direct obligations and indirect obligations of Guarantor or Borrower. (d) on a consolidated basis at any time, have Joint Venture Investments in joint ventures that exceed twenty percent (20%) of Gross Asset Value.
Sample 1
Type of Business; Development Covenants. Borrower shall own, manage, finance, lease and/or operate as an owner of multifamily residential properties, and all of Borrower's other business activities and investments shall be incidental thereto. Guarantor and its consolidated subsidiaries shall not own at any time, on a consolidated basis: unentitled land whose aggregate value exceeds three percent (3%) of Gross Asset Value, or entitled and unentitled land whose aggregate value exceeds seven and one-half percent (7.5%) of Gross Asset Value; or any single property under development whose value (at projected total cost) exceeds five percent (5%) of Gross Asset Value; or properties under development whose aggregate value (at projected total cost) exceeds twenty-five percent (25%) of Gross Asset Value; or Joint Venture Investments whose aggregate value exceeds twenty percent (20%) of Gross Asset Value; or Capital Interests in Acquisition down-REITs the aggregate value of which Capital Interests exceeds five percent (5%) of Gross Asset Value. For the purpose of calculating the development limits contained in paragraphs (a), (b) and (c) above, projects that have not yet attained a stabilized occupancy (which, for this purpose only, shall be ninety percent (90%) occupancy) shall be valued at one hundred percent (100%) of the projected total cost of the project (multiplied, if such project is owned by a Joint Venture, by Borrower's Capital Interest in such Joint Venture). Projects that attain ninety percent (90%) occupancy shall no longer be considered for the purpose of calculating the development limits contained in paragraphs (a), (b) and (c) above.
Sample 1
Type of Business; Development Covenants. Borrower shall own, manage, finance, lease and/or operate as an owner, developer and/or asset manager of multifamily residential properties, and all of Borrower’s other business activities and investments shall be incidental thereto, with the exception of the investments described in (and limited by) clause (f) below. Guarantor and its consolidated subsidiaries shall not own at any time, on a consolidated basis: (a) unentitled land whose aggregate value exceeds 3% of Gross Asset Value, or entitled and unentitled land whose aggregate value exceeds 7.5% of Gross Asset Value; or (b) any single development property whose value (at projected total cost) exceeds 5% of Gross Asset Value; or (c) development properties whose aggregate value (at projected total cost) exceeds 25% of Gross Asset Value; or (d) Joint Venture Investments whose aggregate value exceeds 20% of Gross Asset Value; (e) Capital Interests in Acquisition down-REITs the aggregate value of which Capital Interests exceeds 5% of Gross Asset Value; or (f) real estate assets (other than multifamily residential properties), or investments in, or loans to, companies that own and/or develop real estate (other than multifamily residential properties), the aggregate value of which exceeds 10% of Gross Asset Value. For the purpose of calculating the development limits contained in Sections 6.6 (a), (b) and (c) above, projects that have not yet attained a stabilized occupancy (which, for this purpose only, shall be 90% occupancy) shall be valued at 100% of the projected total cost of the project (multiplied, if such project is owned by a Joint Venture, by Borrower’s Capital Interest in such Joint Venture). Projects that attain 90% occupancy shall no longer be considered for the purpose of calculating the development limits contained in Sections 6.6 (a), (b) and (c) above.
Sample 1
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Related to Type of Business; Development Covenants

  • Business Development Company Buyer is a business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940.

  • Status as Business Development Company The Borrower is an “investment company” that has elected to be regulated as a “business development company” within the meaning of the Investment Company Act and qualifies as a RIC.

  • Business Development Provide advice and assistance in business growth and development of Party B. 业务发展。对乙方的业务发展提供建议和协助。

  • Payments for Distribution Assistance and Administrative Support Services (a) Payments to the Distributor. In consideration of the payments made by the Fund to the Distributor under this Plan, the Distributor shall provide administrative support services and distribution services to the Fund. Such services include distribution assistance and administrative support services rendered in connection with Shares (1) sold in purchase transactions, (2) issued in exchange for shares of another investment company for which the Distributor serves as distributor or sub-distributor, or (3) issued pursuant to a plan of reorganization to which the Fund is a party. If the Board believes that the Distributor may not be rendering appropriate distribution assistance or administrative support services in connection with the sale of Shares, then the Distributor, at the request of the Board, shall provide the Board with a written report or other information to verify that the Distributor is providing appropriate services in this regard. For such services, the Fund will make the following payments to the Distributor:

  • Chief Executive Office and Principal Place of Business The chief executive office and principal place of business of Seller is located at 000 Xxxxxx Xxxxxx, Xxxxx 0000, Xxxx Xxxxx, Xxxxx 00000.

  • Staff Development ‌ The County and the Association agree that the County retains full authority to determine training needs, resources that can be made available, and the method of payment for training authorized by the County. Nothing in this subsection shall preclude the right of an employee to request specific training.

  • Research Independence The Company acknowledges that each Underwriter’s research analysts and research departments, if any, are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriter’s research analysts may hold and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of its investment bankers. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against such Underwriter with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by such Underwriter’s investment banking divisions. The Company acknowledges that the Representative is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short position in debt or equity securities of the Company.

  • Project Administration Designation Pursuant to Paragraph (B) of Rule 164-1-21 of the Administrative Code, the Recipient shall designate its Chief Executive Officer, Chief Fiscal Officer and Project Manager in Appendix B of this Agreement. Changes in these designations must be made in writing.

  • Sustainable Development 4.1 The Authority will review the Contractor’s Sustainable Development Policy Statement and Sustainable Development Plan submitted by the Contractor in accordance with the Schedule (Sustainable Development Requirements) and then at least annually thereafter. 4.2 Sustainable Procurement Risk Assessment Methodology (SPRAM) is a tool used by the Authority to identify and mitigate any potential risks to sustainability in contracts. The process requires that each Contract be assessed for its potential social, economic and environmental risks, throughout the various stages of its lifetime. Where risks are identified, appropriate mitigation action is required to reduce or eliminate the risk to sustainability. The Authority may at times require input from the Contractor in order to ensure that this process is given the required levels of consideration.

  • Staff Development Leave (a) An employee will be granted leave without loss of pay, at their basic rate of pay, to take courses (including related examinations) or attend conferences, conventions, seminars, workshops, symposiums or similar out-of-service programs, at the request of the Employer. The amount of pay received by an employee will not exceed the full-time daily hours of work as outlined in Clause 14.2 (Hours of Work). When such leave is granted, the Employer will bear the full cost, including tuition fees, entrance or registration fees, laboratory fees, and course-related books. The Employer will also reimburse the employee for approved travelling, subsistence, and other legitimate, applicable expenses. (b) An employee may be granted leave without pay, with pay, or leave with partial pay, to take work related courses in which the employee wishes to enrol to acquire the skills necessary to enhance opportunities. (c) Approval of requests will be given reasonable consideration and leaves pursuant to this article will be administered in a reasonable manner. (d) Should the employee noted above terminate their employment for any reason during the six month period following completion of the above-noted leave, the employee will reimburse the Employer for all expenses incurred by the Employer (i.e. tuition fees, entrance or registration fees, laboratory fees, and course-required books) on a proportionate basis.

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