Under Development means any Real Estate or phase of a development shall be considered under development until such time as (i) certificates of occupancy permitting occupancy have been obtained for all tenants open for business and in any event for not less than fifty percent (50%) of the gross leasable area of such development or phase (excluding outlots) (it being agreed that the Company shall receive a credit against such occupancy requirement for any space to be occupied by an anchor that has been conveyed to such anchor) and (ii) the gross income from the operation of such Real Estate or phase on an accrual basis shall have equaled or exceeded operating costs on an accrual basis for three (3) months.
Under Development has the meaning specified in Section 10.1(a). ----------------- ---------------
Under Development or similar statuses means that we have taken steps and invested money to develop a facility, including procuring land rights and entitlements, negotiating or signing construction contracts, and undertaking active engineering, procurement and construction work. Our development projects are in various phases of progress, and there can be no assurance that we will continue progress on each development as we expect. If we are unable to enter into favorable contracts or to obtain the necessary regulatory and land use approvals on favorable terms, we may not be able to construct and operate these assets as expected, or at all. Additionally, the construction of facilities is inherently subject to the risks of cost overruns and delays.
Examples of Under Development in a sentence
Except in connection with an Asset Under Development, not initiate or consent to any material zoning reclassification of any Property or any material change to any approved site plan, special use permit, planned unit development approval or other land use entitlement affecting any Property without the Buyer’s prior written consent, which consent may be granted or withheld in the Buyer’s sole discretion.
All expenditures made and all liabilities incurred (contingently or otherwise, but without double-counting): (i) for the acquisition of stock, partnership or other equity interests or for the acquisition of Indebtedness of, or for loans, advances, capital contributions or transfers of property to, any Person; (ii) in connection with Real Estate Assets Under Development; and (iii) for the acquisition of any other obligations of any Person.
Properties Under Development are recorded at cost and are adjusted to fair value at each balance sheet date with the fair value adjustment recognized in earnings.
Other Indirect Expenses incurred relating to project, net of income earned during the project development stage prior to its intended use, are considered as pre-operative expenses and disclosed under Intangible Assets Under Development.
Notwithstanding the foregoing, tenant improvements (where available) to previously constructed and/or leased Real Estate Assets shall not be considered Real Estate Assets Under Development.
More Definitions of Under Development
Under Development as incurred after the Distribu tion Date. Any cost of "cloning" a second copy, if any, shall be part of the development costs. The Company shall not, however, pay a proportional share of the development costs where such Licensed Materi als are used in connection with the provision of services to the Company under the Services Agree ment, to the extent that the Company has already paid such proportional share in accordance with the Services Agreement.
Under Development appearing in Section 1.1 of the Credit Agreement, and inserting in lieu thereof the following:
Under Development means that: (i) a site for the Microtel Hotel has been acquired by purchase or otherwise by the New Franchisee; (ii) the New Franchisee has executed a New Franchise Agreement; and (iii) the New Franchisee has commenced construction of the hotel by breaking ground. For purposes of this Section 1.9, the term New Franchisee may include Newco or an affiliate of Newco. For the purposes of this Agreement, "Commencement Date" shall mean the earlier of: (i) the date on which Newco shall be able to offer franchises to prospective franchisees in all fifty (50) states within the United States of America, or (ii) ninety (90) days following Closing. Newco shall comply in all material respects with the Development Schedule.
Under Development means that a policy or process:
Under Development. For purposes of this Section 5.03, the phrase "being developed" by an entity means, with respect to a product, that such entity is actively engaged in the development of the product (as reflected in such entity's laboratory notebooks, product development plans and reports, and other documents and records), either alone or in conjunction with a third party, pursuant to existing functional specifications (which need not be detailed technical specifications) and a development schedule or timeline.
Under Development by a Party shall mean, with ----------------- respect to a New Product, that it (1) is the subject of a funded research and development project by such Party or its Subsidiaries as of the Distribution Date; (2) is described by such Party or its Subsidiaries in a pending patent application filed by such Party or its Subsidiaries prior to the Distribution Date; (3) is described by such Party or its Subsidiaries in an invention record that satisfies the enablement requirement of 35 U.S.C. (S) 112 and which is submitted no less than three months prior to the Distribution Date; or (4) is (A) described by such Party or its Subsidiaries in an invention record that satisfies the enablement requirement of 35 U.S.C. (S) 112 and which is submitted within the three-month period prior to the Distribution Date, and (B) subsequently commercialized by such Party or its Subsidiaries. The license granted pursuant to this Section 10.1(a) shall not include any rights to the --------------- Transferred Intellectual Property related to (w) the Duraflo treatment and other biocompatible coatings developed by the Edwards Business which shall be the subject of a separate supply agreement; (x) Edwards' laser technology including the laser technology utilized in Edwards' Transmyocardial Laser Revascularization program; (y) the continuous renal replacement therapy business; and (z) Edwards' angiogenesis technology including VEGF-B protein, targeting peptides and zinc finger DNA binding proteins and genes. Any Transferred Intellectual Property actually licensed pursuant to this Section ------- 10.1
Under Development means all Land Held for Development with respect to which the Borrower or any Subsidiary Guarantor has obtained all necessary approvals for its subdivision for residential housing units (including condominium units), and which the Borrower or any Subsidiary Guarantor is actively developing into Finished Lots; provided, however, that the term “Lots Under Development” shall not include any land upon which the construction of a residential housing unit has commenced.Obligor Concentration Limit At any time, in relation to the aggregate Outstanding Balance of Receivables owed by any single Obligor and its Affiliates (if any), the applicable concentration limit for Obligors who have short term unsecured debt ratings currently assigned to them by S&P and Xxxxx'x (or in the absence thereof, the equivalent long term unsecured senior debt ratings), shall be determined according to the following table: