Development Debt definition

Development Debt of any Person means Debt of such Person or any mortgages, indentures, instruments or agreements under which there may be issued or existing or by which there may be secured or evidenced any Debt of such Person Incurred for the purpose of financing all or any part of the cost of acquiring, developing, constructing or improving, real or personal property that is owned or that immediately after the Incurrence of such Debt, will be owned, by such Person; provided that (a) the principal amount of any such Debt does not exceed 100% of the cost of such acquisition, development, construction or improvement plus expenses incurred in connection with the Incurrence of such Debt, (b) such cost will be included in "Total Real Estate" on the consolidated balance sheet of such Person, and (c) if such Debt is secured by a Lien, then (i) such Lien attached to such real or personal property prior to, at the time of, or within 180 days after the acquisition of or the completion of developing, constructing or improving of such property, and (ii) such Lien does not extend to or cover any property other than the specific item of such property (or portion thereof), acquired, developed, constructed, or constituting the improvements made with the proceeds of such Debt, except in the case of Common Development, in which case such Lien may extend to any other property included within the Common Development.

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Development Debt means Indebtedness of a Subsidiary that is a special purpose entity relating to a development project in respect of which interest is being capitalized in accordance with GAAP, provided that such Indebtedness is not recourse to the Loan Parties, and provided further that such Indebtedness shall cease to constitute Development Debt on the date on which interest with respect to such Indebtedness is not required to be capitalized in accordance with GAAP.

Development Debt means up to $500 million of Indebtedness used to finance expansion capital expenditures, joint ventures, development projects and casinos and “racinos” where the Borrower or its Restricted Subsidiaries have a management agreement; provided, that (A) the completion thereof is being diligently pursued and construction has not ceased for a period of 90 consecutive days (other than as a result of a force majeure event or inability to obtain requisite governmental authorizations, so long as such governmental authorizations are being diligently pursued) and (B) no such Indebtedness shall constitute Development Debt from and after the end of the first full fiscal quarter after the earlier of (x) opening for business, and (y) completion of construction of the applicable expansion capital expenditure, joint venture or development project.

Examples of Development Debt in a sentence

• Promptly upon the execution hereof, Buyers shall take all necessary steps to cause the Company to pay to PJI the entire outstanding amount (including accrued and unpaid interest thereon) of the Development Debt and to release the Members from their guarantee of the Development Debt.

• Payoff Letters shall have been received from each lender with respect to the Prepaid Mortgage Debt, the Construction and Development Debt, and the Credit Line Debt.

• In addition, at Closing MAALP shall repay in full the Prepaid Mortgage Debt, Construction and Development Debt, and Credit Line Debt, and, to the extent required by the terms of the specific notes, agreements and other documents evidencing the Retained Mortgage Debt in connection with the transfer of interests in the Property Partnerships that are obligors on such Retained Mortgage Debt, MAALP shall assume the Retained Mortgage Debt.

• In addition, by operation of law, MAAC shall assume the Credit Line Debt and the Construction and Development Debt and all other Assumed Liabilities that are Liabilities of FDC as of the Effective Time.

• Buyers acknowledge that the Company is indebted to PJI in the approximate principal amount of $2,500,000 with respect to loans and credit extended to the Company by PJI for start-up, instruction and operating expenses of the Company (the "Development Debt"), and that payment of the Development Debt is guaranteed by certain of the Members.

• EXHIBIT B [Closing Date] Deputy Assistant Secretary for International Development, Debt and Environment Policy U.S. Department of the Treasury ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇.▇.

More Definitions of Development Debt

Development Debt of any Person means Debt of such Person or any mortgages, indentures, instruments or agreements under which there may be issued or existing or by which there may be secured or evidenced any Debt of such Person Incurred for the purpose of financing all or any part of the cost of acquiring, developing, constructing or improving, real or personal property that is owned or that immediately after the Incurrence of such Debt, will be owned, by such Person; provided that (a) the principal amount of any such Debt does not exceed 100% of the cost of such acquisition, development, construction or improvement, plus expenses Incurred in connection with the Incurrence of such Debt, (b) such cost will be included in "Total Real Estate" on the consolidated balance sheet of such Person and (c) if such Debt is secured by a Lien, then (i) such Lien, attached to such real or personal property prior to, at the time of, or within 180 days after the acquisition of or the completion of developing, constructing or improving of such property and (ii) such Lien does not extend to or cover any property other than the specific item of such property (or portion thereof), acquired, developed, constructed, or constituting the improvements made with the proceeds of such Debt, except in the case of Common Development, in which case such Lien may extend to any other property included within the Common Development.

Development Debt means debt evidenced by that certain Second Amended and Restated Credit Agreement (Development Loan) dated December 1, 2010 in a principal amount not to be increased, exclusive of any interest accrued and capitalized pursuant to the terms thereof.

Development Debt means, in respect of the Undertaking Parties, at any time, without double counting and determined on a consolidated basis with respect to the Undertaking Parties and all of their respective Subsidiaries, the aggregate of the amounts referred to in paragraphs (a) to (h) (inclusive) of the definition of “Consolidated Total Borrowings”, to the extent that such amounts are invested in any Qualifying Investment;