Common use of Permitted Developments Clause in Contracts

Permitted Developments. The construction of any new buildings or the construction of additions expanding existing buildings or the rehabilitation of the existing buildings (other than normal refurbishing and tenant fit up work when one tenant leases space previously occupied by another tenant) relating to any Real Estate Assets of the Borrower or any of the Related Companies and each Permitted Development shall be counted for purposes of Section 8.3 from the time of commencement of the applicable construction work until the later of (i) the date that leases for at least 70% of the gross leasable area of such project have been executed or (ii) the date that a final certificate of occupancy has been issued with respect to such project, in the amount of the total projected cost of such project. Permitted Liens. Liens, security interests and other encumbrances permitted by Section 8.2.

Permitted Developments. The construction of any new buildings or the construction of additions expanding existing buildings or the rehabilitation of the existing buildings (other than normal refurbishing and tenant fit up work when one tenant leases space previously occupied by another tenant) relating to any Real Estate Assets of the Borrower or any of the Related Companies and each Permitted Development shall be counted for purposes of Section 8.3 (S)8.3 from the time of commencement of the applicable construction work until the later of (i) the date that leases for at least 70% of the gross leasable area of such project have been executed or (ii) the date that a final certificate of occupancy has been issued with respect to such project, in the amount of the total projected cost of such project. Permitted Liens. Liens, security interests and other encumbrances permitted by Section 8.2.