Construction in Progress Sample Clauses

Construction in Progress. On a consolidated basis for Borrower and its Subsidiaries, the sum of all cash expenditures for land and improvements (including indirect costs internally allocated and development costs) in accordance with GAAP on properties that are under construction or with respect to which construction is reasonably scheduled to commence within twelve (12) months of the relevant determination. For the purposes of calculating Construction in Progress of Borrower and its Subsidiaries with respect to properties under construction of Unconsolidated Affiliates, the Construction in Progress of Borrower and its Subsidiaries shall be the lesser of (a) the Investment of Borrower or its Subsidiary in the applicable Unconsolidated Affiliate or (b) the Borrower’s or such Subsidiary’s pro rata share (based upon the Equity Percentage of such Person in such Unconsolidated Affiliate) of such Unconsolidated Affiliate’s Construction in Progress.
Construction in Progress. Cause, suffer or permit to exist any Mortgage, security interest or other encumbrance (other than Liens described in clause (j) of the definition ofPermitted Liens”) to secure Indebtedness on any Housing Unit or other building or structure (including, without limitation, any asset reported as “Construction in Progress” in the financial statements of the Borrower) that is under construction on any land owned or leased by any Loan Party; provided, however, that the Borrower may cause, suffer or permit to exist purchase money Mortgages having an aggregate outstanding principal balance not exceeding $50,000,000 at any time on assets so reported as “Construction in Progress.”
Construction in Progress. The Borrower and its Subsidiaries will not engage in construction projects in which the total project costs of all such concurrent construction projects exceed, in the aggregate at any one time, 15% of the book value of consolidated assets of the Borrower and its Subsidiaries (it being understood and agreed for purposes of this Section that a project shall be considered under construction until a certificate of occupancy therefor, an architect’s certificate of substantial completion or other similar certificate, shall have been issued).
Construction in Progress. For purposes of this covenant, the Borrower may make a good faith determination as to whether a mixed use Project is primarily retail or primarily non-retail. The order and method of calculating the foregoing limitations shall be as shown on the form of compliance certificate attached as Exhibit C.
Construction in Progress. The aggregate rentable square footage of Construction-in-Progress that is not subject to signed leases between the applicable Borrower Party and the tenant for such space shall not at any time exceed ten percent (10%) of the aggregate rentable square footage of the Real Property. In addition, the aggregate rentable square footage of all Construction-in-Progress shall not at any time exceed twenty percent (20%) of the aggregate rentable square footage of the Real Property.
Construction in Progress. For any retail Real Estate (or related improvements), calculated on a consolidated basis for the Borrower, the Guarantors and their respective Subsidiaries and Affiliates, the sum of (x) construction-in-progress as shown from time to time on the books and records of the Borrower and the Guarantors, maintained in accordance with GAAP, plus (y) the book value, calculated in accordance with GAAP, of any Real Estate that (i) previously constituted construction-in-progress and (ii) has not yet become a Stabilized Property.
Construction in Progress. Schedule 4.27 contains a list of all material construction in progress on the Real Property and any contracts related thereto (the “Projects”), indicating the status of payment for and completion of each of the Projects as of the date hereof. All material approvals, consents, permits and licenses from all applicable local, state and federal authorities for the Projects have been obtained and are in full force and effect. Since the commencement date for each Project there have been no material change orders not disclosed in Schedule 4.27.
Construction in Progress. Current Sequoia valuation at 15% premium to cost; current Lehman valuation at 5% premium to cost. JP Morgan includes $4mm haircut to reflect development issues and weakness of the Memphis market. PROJECT SEQUOIA Preliminary Comparison of NAV Calculations October 21, 2001