Unimproved Land definition

Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.

Unimproved Land means, on any date of determination, land on which no development (other than improvements that are not material and are temporary in nature) has occurred and for which no development is scheduled in the following 12 months.

Unimproved Land means land which constitutes a single tax parcel or separately platted lot and on which construction of an industrial building has not commenced.

Examples of Unimproved Land in a sentence

• Unimproved Land is not graded and lacks utilities and paved access road.

• Permit, as of the end of any Fiscal Quarter, the book value of Domestic Unimproved Land to exceed an amount equal to 100% of Consolidated Tangible Net Worth.

• For the purposes of this Section 9.3, the Investment of the Borrower, any other Obligor or their Subsidiaries in any Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s pro rata share of Construction-in-Process of their Unconsolidated Affiliates, plus (ii) such Person’s pro rata share of their Unconsolidated Affiliate’s Investment in Unimproved Land; plus (iii) such Person’s pro rata share of any other Investments valued at the lower of GAAP book value or market value.

• As at the end of any fiscal quarter and any other date of measurement, the Obligors shall not permit the book value of Unimproved Land to exceed 10% of Gross Asset Value.

• As at the end of any fiscal quarter or other date of measurement, the Borrowers shall not permit (a) the sum of (i) the book value of Unimproved Land, plus (ii) the aggregate Budgeted Project Costs of all Construction-in-Process, plus (iii) the book value of Indebtedness of third parties to the Borrowers or their Subsidiaries or the pro-rata share allocable to Partially-Owned Entities for borrowed money or other cash or cash equivalents, whether secured or unsecured, to exceed (b) 20% of Gross Asset Value.

More Definitions of Unimproved Land

Unimproved Land means, as of any date, any land which (i) is not appropriately zoned for industrial development, (ii) does not have access to all necessary utilities or (iii) does not have access to publicly dedicated streets, unless such land has been designated in writing by Borrower in a certificate delivered to the Administrative Agent as land that is reasonably expected to satisfy all such criteria within twelve (12) months after such date, but excluding in any event any land which qualifies as a Drop Lot.

Unimproved Land means, as of any date, any land which (i) is not appropriately zoned for retail development, (ii) does not have access to all necessary utilities or (iii) does not have access to publicly dedicated streets, unless such land has been designated in writing by the Borrower in a certificate delivered to the Administrative Agent as land that is reasonably expected to satisfy all such criteria within twelve (12) months after such date. For purposes of clarification, if any, such land shall be deemed to be included in Construction in Progress as of such date of designation and from and after such date shall not be considered Unimproved Land.

Unimproved Land means Properties which have not been developed for any type of commercial, industrial, residential or other income-generating use and are not, as of such date, under development.

Unimproved Land means any Real Estate Asset consisting of raw land that is not improved by buildings, structures or improvements intended for income production.

Unimproved Land means land on which no development (other than paving or other improvements that are not material and are temporary in nature) has occurred and for which no development is planned in the following 12 months.

Unimproved Land means, with respect to the Parent and its Wholly Owned Subsidiaries (or, in the case of any calculation subject to the Ownership Share Adjustment, the applicable non-Wholly Owned Subsidiary or Unconsolidated Affiliate), wholly-owned land of such Person on which no development (other than improvements that are not material and are temporary in nature) has occurred and for which no development is scheduled in the following 12 months.

Unimproved Land means as of any date, land on which no development (other than improvements that are not material and are temporary in nature) has occurred and for which no development is scheduled in the twelve (12) months after such date.