Project Under Development definition

Project Under Development means a Property owned by the Parent, any Subsidiary or any Unconsolidated Affiliate on which ground-up construction, redevelopment, and/or expansion has commenced. A Property undergoing ordinary course capital improvements which would qualify as recurring capital expenditures or incurring costs due to ordinary course turnover of non-anchor tenant space, shall not be considered to be a Project Under Development. A Property or portions of that Property shall no longer be considered a Project Under Development after the earlier of (i) the time it is Placed in Service, and (ii) the Borrower’s election (which election shall be irrevocable without the Agent’s consent) to no longer treat such Property (or portion thereof) as a Project Under Development.

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Project Under Development means a Property owned by the Parent, any Subsidiary, any Consolidated Affiliate or any Unconsolidated Affiliate on which ground-up construction, redevelopment, and/or expansion has commenced. A Property undergoing ordinary course capital improvements which would qualify as recurring capital expenditures or incurring costs due to ordinary course turnover of non-anchor tenant space, shall not be considered to be a Project Under Development. A Property or portions of that Property shall no longer be considered a Project Under Development after the earlier of (i) the time it is Placed in Service, and (ii) the Borrower’s election (which election shall be irrevocable without the Administrative Agent’s consent) to no longer treat such Property (or portion thereof) as a Project Under Development.

Project Under Development means, as of any date of determination, any Project owned by the Company or a Subsidiary of the Company that (i) is then treated as an asset under development under GAAP, (ii) is located in the continental United States, and (iii) has been designated by the Company in a written notice to the holders of Notes as a “Project Under Development,” provided that (a) in no event shall any Project be included in such category of “Project Under Development” for more than 540 days after construction of such Project commenced and (b) upon written designation to the holders of Notes from the Company delivered during such 540-day period, any Project that has previously been designated as a “Project Under Development” shall be removed from such category. Upon the earlier to occur of (x) the expiration of the relevant above-described 540-day period or (y) receipt by the holders of Notes of the Company’s written designation in accordance with (b) above, any Project that had been designated a “Project Under Development” shall automatically lose such designation (effective as of the next determination date) for the purpose of determining Total Asset Value and Total Unencumbered Project Pool Value.

Examples of Project Under Development in a sentence

• Schedule 6.1.(f) is, as of the Agreement Date, a complete and correct listing of all Properties of the Borrower, the other Loan Parties and all other Subsidiaries, setting forth, for each such Property, (i) to the best of the Loan Parties’ knowledge, the current occupancy status of such Property, (ii) whether such Property is a Project Under Development and, (iii) if such Property is a Project Under Development, the status of completion of such Property.

• For purposes of this subsection, Total Budgeted Cost Until Stabilization with respect to any Project Under Development owned by an Unconsolidated Affiliate of the Parent shall equal the greater of (i) the product of (x) the Parent’s Ownership Share in such Unconsolidated Affiliate and (y) the Total Budgeted Cost Until Stabilization for such Property and (ii) the Parent’s Recourse Share of all Indebtedness of such Unconsolidated Affiliate.

• Schedule 6.1.(f) is, as of the Fourth Amendment Effective Date, a complete and correct listing of all Properties of the Borrower, the other Loan Parties and all other Subsidiaries, setting forth, for each such Property, (i) to the best of the Loan Parties’ knowledge, the occupancy status of such Property as of ▇▇▇▇▇ ▇▇, ▇▇▇▇, (▇▇) whether such Property is a Project Under Development and, (iii) if such Property is a Project Under Development, the status of completion of such Property.

• For each Project designated on Schedule 6 attached hereto as a "Project Under Development," the Transferor shall cause such Project to be constructed according to the provisions of this Section 1.17.

• Schedule 6.1.(f) is, as of the Agreement Date, a complete and correct listing of all Properties of the Parent, the Borrower, the other Loan Parties and all other Subsidiaries, setting forth, for each such Property, (i) to the best of the Loan Parties’ knowledge, the current occupancy status of such Property, (ii) whether such Property is a Project Under Development and, (iii) if such Property is a Project Under Development, the status of completion of such Property.

More Definitions of Project Under Development

Project Under Development means a Property (a) on which construction of an extended stay facility has commenced and (b) which has not been open as an extended stay facility for at least four (4) months.