Designated Improvements definition

Designated Improvements means the improvements on the Land and any furnishings for such improvements which are to be constructed and installed by Tenant using the Construction Allowance as described in Paragraph 6 below. (ai) Designated Sale Date. "Designated Sale Date" shall have the meaning assigned to it in the Purchase Agreement. (aj) Effective Rate. "Effective Rate" means, for each Period, the per annum rate determined by dividing (A) LIBOR for such Period, by (B) 100% minus the Eurodollar Rate Reserve Percentage for such Period; provided, however, for each day during the short first Construction Period ending on August 1, 1997, the Effective Rate will equal the per annum rate which is fifty basis points (50/100 of 1%) above the Fed Funds Rate on that day. If LIBOR or the Eurodollar Rate Reserve Percentage changes from Period to Period, then the Effective Rate shall be automatically increased or decreased, as the case may be, as of the date of the change from Period to Period. If for any reason Landlord's Parent determines that it is impossible or unreasonably difficult to determine the Effective Rate with respect to a given Period in accordance with the preceding sentences, then the "Effective Rate" for that Period shall equal any published index or per annum interest rate determined reasonably and in good faith by Landlord's Parent to be a comparable rate at the beginning of the first day of that period. A comparable interest rate might be, for example, the then existing yield on short term United States Treasury obligations (as compiled by and published in the then most recently published United States Federal Reserve Statistical Release H.15(519) or its successor publication), plus or minus a fixed adjustment based on Landlord's Parent's comparison of past eurodollar market rates to past yields on such Treasury obligations. Any determination by Landlord's Parent of the Effective Rate hereunder shall, in the absence of clear and demonstrable error, be conclusive and binding.
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Designated Improvements means the improvements on the Land and any furnishings for such improvements which are to be constructed and installed by Tenant using the Construction Allowance as described in Paragraph 6 below. (aj) Designated Sale Date. "Designated Sale Date" shall have the meaning assigned to it in the Purchase Agreement. (ak) Effective Rate. "Effective Rate" means, for each Period, the per annum rate determined by dividing (A) LIBOR for such Period, by (B) 100% minus the Eurodollar Rate Reserve Percentage for such Period; provided, however, for the short first Construction Period ending on September 2, 1997, the Effective Rate will equal the per annum rate (which may be confirmed by a separate document executed by BNPLC and 3COM contemporaneously with this Lease) equal to the higher of rates set by each Participant as its "cost of funds" for such period. If LIBOR or the Eurodollar Rate Reserve Percentage changes from Period to Period, then the Effective Rate shall be automatically increased or decreased, as the case may be, as of the date of the change from Period to Period. If for any reason Landlord's Parent determines that it is impossible or unreasonably difficult to determine the Effective Rate with respect to a given Period in accordance with the preceding sentences, then the "Effective Rate" for that Period shall equal any published index or per annum interest rate determined reasonably and in good faith by Landlord's Parent to be a comparable rate at the beginning of the first day of that period. A comparable interest rate might be, for example, the then existing yield on short term United States Treasury obligations (as compiled by and published in the then most recently published United States Federal Reserve Statistical Release H.15(519) or its successor publication), plus or minus a fixed adjustment based on Landlord's Parent's comparison of past eurodollar market rates to past yields on such Treasury obligations. Any determination by Landlord's Parent of the Effective Rate hereunder shall, in the absence of clear and demonstrable error, be conclusive and binding.
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Examples of Designated Improvements in a sentence

  • Landlord shall consider in good faith any changes to the Construction Advance request forms attached hereto that Tenant may reasonably request, provided the requested changes do not impair Landlord's rights or create or increase any liability Landlord may have in connection with the Designated Improvements.

  • Further, except for building foundations, driveways, parking lots, sidewalks and other improvements which would not suffer damage by being submerged under flood waters, all Designated Improvements shall be constructed by Tenant above the elevation that the U.S. Army Corp of Engineers or any other governmental authority estimates as the highest elevation that 100 year flood waters could be expected to reach.

  • Interest on the unpaid portion of the Qualifying Costs for the Designated Improvements will accrue from the date the Company provides the City with a Cost Certificate (as defined in Section 7) for those Qualifying Costs.

  • Tenant shall provide a notice to Landlord (the "Completion Notice") promptly after construction of the Designated Improvements is substantially complete and more than fifty percent (50%) of the Designated Improvements are being occupied by Tenant or any subtenant permitted by Paragraph 11.(a).

  • Designated Improvements" shall mean the improvements on the Land and any furnishings for such improvements which are to be constructed and installed by Tenant using the Construction Allowance as described in Paragraph 6 below.

  • Construction of the Designated Improvements shall be progressing in a good and workmanlike manner and in accordance with the requirements of this Lease without any continuing significant interruption, other than interruptions beyond the reasonable control of Tenant that are not likely to cause the cost of such construction (and Carrying Costs and construction period and property taxes and assessments) to exceed the Maximum Construction Allowance.

  • Construction Documents" means all construction contracts, architectural contracts, engineering contracts, drawings, plans, specifications, change orders, budgets, surveys, soils reports, environmental impact studies and other documents executed by or prepared for Tenant with respect to the construction of the Designated Improvements.

  • Construction Allowance" means the allowance, consisting of all Construction Advances and Carrying Costs, which is to be provided by Landlord for the construction of the Designated Improvements as more particularly described in Paragraph 6 below.

  • Construction Advances" means actual advances of funds made by or on behalf of Landlord pursuant to Paragraph 6.(a)(i) below for costs incurred to construct the Designated Improvements or for property taxes and assessments assessed against the Leased Property paid prior to the Last Advance Date.

  • No funding of Construction Advances and no failure of Landlord to object to Designated Improvements proposed or constructed by Tenant shall constitute a waiver by Landlord of the requirements contained in this subparagraph 6.(b).