{"component": "definition", "props": {"groups": [{"snippet": "means each Property that is either (a) new ground up construction or (b) under renovation in which (i) greater than thirty percent (30%) of the square footage of such Property is unavailable for occupancy due to renovation and (ii) no rents are being paid on such square footage. A Property will cease to be classified as \u201cConstruction in Progress\u201d on the earlier to occur of (A) the time that such Property has an Occupancy Rate of greater than eighty percent (80%), or (B) one hundred eighty (180) days after completion of construction or renovation of such Property, as applicable.", "samples": [{"hash": "qkNRpIFAAQ", "uri": "/contracts/qkNRpIFAAQ#construction-in-progress", "label": "Term Loan Agreement (STAG Industrial, Inc.)", "score": 27.986995697, "published": true}, {"hash": "3XK1TTYVY67", "uri": "/contracts/3XK1TTYVY67#construction-in-progress", "label": "Term Loan Agreement (STAG Industrial, Inc.)", "score": 27.986995697, "published": true}, {"hash": "eGZQK032QuI", "uri": "/contracts/eGZQK032QuI#construction-in-progress", "label": "Note Purchase Agreement (STAG Industrial, Inc.)", "score": 26.9219703674, "published": true}], "snippet_links": [{"key": "under-renovation", "type": "definition", "offset": [73, 89]}, {"key": "square-footage", "type": "clause", "offset": [144, 158]}, {"key": "property-has", "type": "definition", "offset": [399, 411]}, {"key": "rate-of", "type": "clause", "offset": [425, 432]}, {"key": "construction-or-renovation", "type": "clause", "offset": [525, 551]}], "size": 37, "hash": "6b157b1ac9f4b3d3c46dd3326f5c6d22", "id": 1}, {"snippet": "means, as of any date, the sum of (i) the total construction cost expended as of the applicable date to construct any Development Project which involves construction of a new building or to redevelop or renovate any Development Project which includes the redevelopment or renovation of an existing building, plus (ii) the book value of all land not then included in Unimproved Land.", "samples": [{"hash": "2iRJ7TfQiDa", "uri": "/contracts/2iRJ7TfQiDa#construction-in-progress", "label": "Senior Credit Agreement (Terreno Realty Corp)", "score": 35.7460632324, "published": true}, {"hash": "hYGIioYb28m", "uri": "/contracts/hYGIioYb28m#construction-in-progress", "label": "Senior Credit Agreement (Terreno Realty Corp)", "score": 33.6789855957, "published": true}, {"hash": "eA0P35KhEEV", "uri": "/contracts/eA0P35KhEEV#construction-in-progress", "label": "Senior Credit Agreement (Terreno Realty Corp)", "score": 33.5065040588, "published": true}], "snippet_links": [{"key": "sum-of", "type": "clause", "offset": [27, 33]}, {"key": "total-construction-cost", "type": "definition", "offset": [42, 65]}, {"key": "applicable-date", "type": "clause", "offset": [85, 100]}, {"key": "to-construct", "type": "clause", "offset": [101, 113]}, {"key": "development-project", "type": "definition", "offset": [118, 137]}, {"key": "construction-of", "type": "clause", "offset": [153, 168]}, {"key": "new-building", "type": "definition", "offset": [171, 183]}, {"key": "the-redevelopment", "type": "clause", "offset": [251, 268]}, {"key": "existing-building", "type": "clause", "offset": [289, 306]}, {"key": "book-value", "type": "definition", "offset": [322, 332]}, {"key": "unimproved-land", "type": "clause", "offset": [366, 381]}], "size": 31, "hash": "44ddab789f12e915943efc13c47bd92c", "id": 2}, {"snippet": "means, as of any date, any Property then under development; provided that a Property shall no longer be included in Construction in Progress and shall be deemed to be a stabilized project upon the earlier of (a) the date on which the first rental payment for such Property is received and (b) the last day of the fiscal quarter in which the annualized Net Operating Income attributable to such Property divided by the Capitalization Rate exceeds the undepreciated book value of such Property.", "samples": [{"hash": "bmyKdxJngGL", "uri": "/contracts/bmyKdxJngGL#construction-in-progress", "label": "Credit Agreement (Phillips Edison & Company, Inc.)", "score": 36.6687202454, "published": true}, {"hash": "jafc85Dtj1k", "uri": "/contracts/jafc85Dtj1k#construction-in-progress", "label": "Credit Agreement (Phillips Edison & Company, Inc.)", "score": 36.1019859314, "published": true}, {"hash": "cozjtjTr9fS", "uri": "/contracts/cozjtjTr9fS#construction-in-progress", "label": "Credit Agreement (Phillips Edison & Company, Inc.)", "score": 36.1019859314, "published": true}], "snippet_links": [{"key": "under-development", "type": "definition", "offset": [41, 58]}, {"key": "provided-that", "type": "definition", "offset": [60, 73]}, {"key": "stabilized-project", "type": "definition", "offset": [169, 187]}, {"key": "payment-for", "type": "clause", "offset": [247, 258]}, {"key": "day-of", "type": "clause", "offset": [302, 308]}, {"key": "fiscal-quarter", "type": "definition", "offset": [313, 327]}, {"key": "annualized-net-operating-income", "type": "definition", "offset": [341, 372]}, {"key": "divided-by", "type": "clause", "offset": [403, 413]}, {"key": "capitalization-rate", "type": "clause", "offset": [418, 437]}, {"key": "book-value", "type": "definition", "offset": [464, 474]}], "size": 30, "hash": "3f6be801aa0f678e6ab2a5fa6c9bca0a", "id": 3}, {"snippet": "means each Property that is either (a) new ground up construction, (b) under renovation in which (i) greater than thirty percent (30%) of the square footage of such Property is unavailable for occupancy due to renovation and (ii) no rents are being paid on such square footage or (c) a building expansion. A Property will cease to be classified as \u201cConstruction in Progress\u201d on the earlier to occur of (A) the time that such Property has an Occupancy Rate of greater than eighty percent (80%), or (B) one hundred eighty (180) days after completion of construction, renovation or expansion of such Property, as applicable.", "samples": [{"hash": "9cRV3gtUuvF", "uri": "/contracts/9cRV3gtUuvF#construction-in-progress", "label": "Note Purchase Agreement (STAG Industrial, Inc.)", "score": 36.2908973694, "published": true}, {"hash": "ah7IoJH2vrm", "uri": "/contracts/ah7IoJH2vrm#construction-in-progress", "label": "Note Purchase Agreement (STAG Industrial, Inc.)", "score": 35.2094459534, "published": true}, {"hash": "edeHDEUp4zv", "uri": "/contracts/edeHDEUp4zv#construction-in-progress", "label": "Note Purchase Agreement (STAG Industrial, Inc.)", "score": 33.3340187073, "published": true}], "snippet_links": [{"key": "under-renovation", "type": "definition", "offset": [71, 87]}, {"key": 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provided that a Project shall no longer be included in Construction in Progress and shall be valued based on its Net Operating Income upon the earlier of (i) the first anniversary after substantial completion (which shall mean the receipt of a temporary certificate of occupancy or a final certificate of occupancy) of such Project and (ii) the last day of the first full fiscal quarter in which the Net Operating Income attributable to such Project for such fiscal quarter multiplied by four (4) and then divided by the Capitalization Rate exceeds the book value of such Project.", "samples": [{"hash": "fP7UqNMtQuJ", "uri": "/contracts/fP7UqNMtQuJ#construction-in-progress", "label": "Credit Agreement (Kite Realty Group, L.P.)", "score": 35.7679672241, "published": true}, {"hash": "5AVgh4Hp4u", "uri": "/contracts/5AVgh4Hp4u#construction-in-progress", "label": "Term Loan Agreement (Kite Realty Group, L.P.)", "score": 35.7679672241, "published": true}, {"hash": "gQ6p2J9Jwnl", "uri": 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A Property will cease to be classified as \u201cConstruction in Progress\u201d on the earlier to occur of (A) with respect to a multi-tenant Property, the time that such Property has an occupancy rate of greater than seventy-five percent (75%) from tenants occupying such Property and paying rent, or (B) one hundred eighty (180) days after completion of construction or renovation of such Property or (C) with respect to a single-tenant Property, rent commences from the tenant occupying such Property, as applicable.", "samples": [{"hash": "8XKiuhuhftw", "uri": "/contracts/8XKiuhuhftw#construction-in-progress", "label": "Term Loan Agreement (Agree Realty Corp)", "score": 35.8062970568, "published": true}, {"hash": "fh3U5wtm0KF", "uri": "/contracts/fh3U5wtm0KF#construction-in-progress", "label": "Term Loan Agreement (Agree Realty Corp)", "score": 35.6009597778, "published": true}, {"hash": "4ZRt5lzrDie", "uri": "/contracts/4ZRt5lzrDie#construction-in-progress", "label": "Revolving Credit 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(b) an expansion with greater than $10,000,000.00 of capital expenditures to an existing operating facility.", "samples": [{"hash": "lKwjbor8Cm2", "uri": "/contracts/lKwjbor8Cm2#construction-in-progress", "label": "Term Loan Agreement (Potlatchdeltic Corp)", "score": 36.6522941589, "published": true}, {"hash": "8nbjezPN91y", "uri": "/contracts/8nbjezPN91y#construction-in-progress", "label": "Term Loan Agreement (Potlatchdeltic Corp)", "score": 35.8336753845, "published": true}, {"hash": "4TAFTri1QWV", "uri": "/contracts/4TAFTri1QWV#construction-in-progress", "label": "Credit Agreement (Potlatchdeltic Corp)", "score": 34.3744010925, "published": true}], "snippet_links": [{"key": "construction-of", "type": "clause", "offset": [31, 46]}, {"key": "operating-facility", "type": "definition", "offset": [53, 71]}, {"key": "capital-expenditures", "type": "definition", "offset": [128, 148]}], "size": 9, "hash": "bc62f617b23b66c6c0912fe3762aaaf8", "id": 8}, {"snippet": "means any Real Property Asset which does not have buildings or other improvements located thereon, but which is under development for the construction of buildings, improvements or expansion which will qualify as or will constitute a Healthcare Facility upon completion (or, to the extent any buildings or improvements are located thereon, such buildings or other improvements are under construction and the pending improvements are non-operational, and no certificate(s) of occupancy have been issued with respect thereto), and/or the budgeted costs associated with the acquisition. construction and/or expansion of such Real Property Asset, including, but not limited to, the cost of acquiring such Real Property Asset as reasonably determined by Borrower in good faith, as the context may require.", "samples": [{"hash": "aCXVVMr5HZy", "uri": "/contracts/aCXVVMr5HZy#construction-in-progress", "label": "Credit and Guaranty Agreement (CareTrust REIT, Inc.)", "score": 30.1115665436, "published": true}, {"hash": 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"budgeted-costs", "type": "clause", "offset": [536, 550]}, {"key": "associated-with", "type": "definition", "offset": [551, 566]}, {"key": "the-acquisition", "type": "clause", "offset": [567, 582]}, {"key": "not-limited", "type": "clause", "offset": [658, 669]}, {"key": "cost-of", "type": "clause", "offset": [678, 685]}, {"key": "by-borrower", "type": "clause", "offset": [746, 757]}, {"key": "in-good-faith", "type": "definition", "offset": [758, 771]}, {"key": "the-context", "type": "clause", "offset": [776, 787]}], "size": 9, "hash": "6b469f1b5b0b99a74b05142b3cc68018", "id": 9}, {"snippet": "means construction work undertaken but not yet completed.", "samples": [{"hash": "dxkpCe75LWJ", "uri": "https://www.isbe.net/Documents/23-100RG-P.pdf", "label": "Notice", "score": 13.9048595428, "published": false}, {"hash": "1bms3mbwp8I", "uri": "https://www.isbe.net/documents/100ark.pdf", "label": "www.isbe.net", "score": 10.1991786957, "published": false}, {"hash": "7xMhqbDISaM", "uri": 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A Property will cease to be classified as \u201cConstruction in Progress\u201d on the earlier to occur of (A) the time that such Property has an Occupancy Rate of greater than eighty percent (80%), or (B) one hundred eighty (180) days after completion of construction or renovation of such Property, as applicable.", "title": "Construction in Progress", "size": 330, "id": "construction-in-progress", "examples": ["For the purposes of this \u00a78.3, a property shall be considered <strong>Construction in Progress</strong> until the issuance of a permanent certificate of occupancy for such property or phase thereof.", "For the purposes of this \u00a78.3, the Investment of the Borrower, any Guarantor or their Subsidiaries in any Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person\u2019s pro rata share of <strong>Construction in Progress</strong> of their Unconsolidated Affiliates, plus (ii) such Person\u2019s pro rata share of their Unconsolidated Affiliate\u2019s Investment in Land Assets; plus (iii) such Person\u2019s pro rata share of any other Investments valued at the lower of GAAP book value or market value.", "The Borrower agrees that the average economic occupancy of the overall portfolio of Projects (excluding <strong>Construction in Progress</strong>) owned by the Consolidated Group for each fiscal quarter shall exceed 80% of the average gross leaseable area of such Projects for such fiscal quarter.", "The Borrowers agree that the average economic occupancy of the overall portfolio of Projects (excluding <strong>Construction in Progress</strong>) owned by the Consolidated Group for each fiscal quarter shall exceed 85% of the average gross leaseable area of such portfolio for such fiscal quarter.", "As of any fiscal quarter end, permit the ratio of (a) Total <strong>Construction in Progress</strong> Value as of such date to (b) Total Implied Capitalization Value for such fiscal quarter to exceed 0.10 to 1.0.", "The starting balance for the JVC\u2019s third fiscal quarter of 2010 will be SPTL\u2019 then existing financial statements for the JVC, which will reflect that interest in <strong>Construction in Progress</strong> (CIP) has been capitalized in the JVC financials.", "Maintain at end of each Fiscal Quarter a ratio of the <strong>Construction in Progress</strong> of the Parent Guarantor and its Subsidiaries to Consolidated Implied Capitalization Value of the Parent Guarantor of not greater than .25:1.0.", "For the purposes of this \u00a78.3, the Investment of the Borrower, any Guarantor or its Subsidiaries in any non-Wholly Owned Subsidiaries and Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person\u2019s pro rata share of Investment in Land Assets; plus (ii) such Person\u2019s pro rata share of any other Investments valued at the GAAP book value; plus (iii) such Person\u2019s pro-rata share of <strong>Construction in Progress</strong>.", "As used in this Section, the term &quot;Working Capital&quot; consists of the following items relating to the Business and the Purchased Assets: (i) Accounts Receivable net of reserves; plus (ii) Inventory, plus (iii) Other Current Assets transferred to Buyer; plus (iv) <strong>Construction in Progress</strong>; plus (v) Deferred Charges; minus (vi) Accounts Payable; minus (vii) all other Current Liabilities assumed by Buyer.", "This listing should include NASA-owned <strong>Construction in Progress</strong> at the project level, Contract Work in Progress at the project level and software as required by NFS 1845.7101-1."], "related": [["construction-in-process", "Construction-in-Process", "Construction-in-Process"], ["work-in-progress", "Work in Progress", "Work in Progress"], ["finished-lots", "Finished Lots", "Finished Lots"], ["renovation", "Renovation", "Renovation"], ["construction-zone", "Construction Zone", "Construction Zone"]], "related_snippets": [], "updated": "2026-02-25T05:25:33+00:00"}, "json": true, "cursor": ""}}