Construction and Development. The Credit Parties shall not engage in construction and development projects in which the total project costs of all such concurrent construction and development projects exceed, in the aggregate at any one time, 15% of Total Assets (it being understood and agreed for purposes of this Section 8.12 that a project shall be considered under construction and/or development until a certificate of occupancy therefore (or other similar certificate) shall have been issued by the applicable Governmental Authority).
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Samples: Credit Agreement (Brandywine Realty Trust), Credit Agreement (Brandywine Realty Trust)
Construction and Development. The Credit Parties shall not engage in construction and development projects in which the total project costs incurred as of the date of determination of all such concurrent construction and development projects exceed, in the aggregate at any one time, 15% of Total Assets (it being understood and agreed for purposes of this Section 8.12 that a project shall be considered under construction and/or development until a certificate of occupancy therefore therefor (or other similar certificate) shall have been issued by the applicable Governmental Authority).
Appears in 2 contracts
Samples: Term Credit Agreement (Brandywine Realty Trust), Credit Agreement (Brandywine Realty Trust)
Construction and Development. The Credit Parties shall not engage in construction and development projects in which the total project costs of all such concurrent construction and development projects exceed, in the aggregate at any one time, 15% of Total Assets $100,000,000 (it being understood and agreed for purposes of this Section 8.12 that a project shall be considered under construction and/or development until a certificate of occupancy therefore (or other similar certificate) shall have been issued by the applicable Governmental Authority).
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