Under Development Clause Samples
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Under Development. 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 Borrower shall receive a credit against such occupancy requirement for any space to be occupied by an anchor that has been conveyed to such anchor) or the Borrower has delivered to the Agent other evidence satisfactory to the Agent indicating that such occupancy of such development is lawful, 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. Any Real Estate 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 (excluding outlots) (it being agreed that Borrower shall receive a credit against such occupancy requirement for any space to be occupied by an anchor that has been conveyed to such anchor) or the Borrower has delivered to the Agent other evidence satisfactory to the Agent indicating that such occupancy of such development is lawful, and (ii) the gross income from the operation of such Real Estate on an accrual basis shall have equaled or exceeded operating costs on an accrual basis for three (3) months. Unencumbered Borrowing Base Properties. Unencumbered Borrowing Base Properties shall mean Real Estate which satisfies all of the conditions set forth in Section 7.19. The initial properties designated by Borrower to be Unencumbered Borrowing Base Properties are described on Schedule 1.2 hereto. Unencumbered Borrowing Base Property Certificate. See Section 7.4(e).
Under Development. Any Real Estate shall be considered under development until such time as (i) a Certificate of Occupancy has been obtained or the Borrower has delivered to the Agent other evidence satisfactory to the Agent indicating that occupancy of such development is lawful, and (ii) the gross income from the operation of such Real Estate on an accrual basis shall have equaled or exceeded operating costs on an accrual basis for three (3) months.";
Under Development. You understand that the Evaluation Software may still be under development by Dolphin and/or Dolphin’s suppliers and contains features which may not be fully functional and which Dolphin may substantially modify in producing any “production-level” version of the Evaluation Software. It may not be fully tested and may contain bugs or errors. Dolphin is not under any obligation to develop and/or release or offer for sale or license a final product based upon the Evaluation Software and may unilaterally elect to abandon the Evaluation Software at any time without any obligation or liability whatsoever to You.