Redevelopment Asset definition
Redevelopment Asset means an Asset which either (i) has been acquired with a view toward renovating or rehabilitating such Asset, or (ii) the Borrower or a Subsidiary thereof intends to renovate or rehabilitate. Upon the Borrower’s written election delivered to the Administrative Agent, any Redevelopment Asset set forth in such written election shall continue to be classified as a Redevelopment Asset hereunder until the end of the four complete consecutive fiscal quarters of the Parent following the achievement of Substantial Completion with respect to such Asset, following which such Asset shall be classified as an Office Asset or a Mixed Use Asset, as applicable, hereunder.
Redevelopment Asset means (a) an Asset which either (i) has been acquired with a view toward renovating or rehabilitating such Asset, or (ii) the Borrower or a Subsidiary thereof intends to renovate or rehabilitate, and (b) a Recently Redeveloped Asset. Each Redevelopment Asset shall continue to be classified as a Redevelopment Asset (and, if applicable, Recently Redeveloped Asset) hereunder until the end of the four complete consecutive fiscal quarters of the Parent Guarantor following the achievement of Substantial Completion with respect to such Asset, following which such Asset shall be classified as a Hotel Asset hereunder.
Redevelopment Asset means any Technology Asset (including Leased Assets) (a) which either (i) has been acquired by any Borrower or any of its Subsidiaries with a view toward renovating or rehabilitating 25.0% or more of the total square footage of such Asset, or (ii) any Borrower or a Subsidiary thereof intends to renovate or rehabilitate 25.0% or more of the total square footage of such Asset, and (b) that does not qualify as a “Development Asset” by reason of, among other things, the redevelopment plan for such Asset not including a total demolition of the existing building(s) and improvements. The Operating Partnership shall be entitled to reclassify any Redevelopment Asset as a Technology Asset at any time. For the avoidance of doubt, assets that are leased by the Operating Partnership or a Subsidiary thereof pursuant to a lease (other than a ground lease) shall not be precluded from being Redevelopment Assets.
Examples of Redevelopment Asset in a sentence
Upon the achievement of Substantial Completion with respect to any Redevelopment Asset, promptly deliver to the Administrative Agent notice of the same.
Upon any reclassification of a Redevelopment Asset as a Hotel Asset following the Substantial Completion thereof pursuant to the last sentence of the definition of Redevelopment Asset, promptly give the Administrative Agent notice of the same, together with an updated Schedule II hereto reflecting such reclassification.
If any Unencumbered Pool Asset that is a Hotel Asset shall be redesignated as a Redevelopment Asset pursuant to clause (ii) of the definition of Redevelopment Assets, promptly deliver to the Administrative Agent the notice referred to in such clause (ii), together with an updated Schedule II hereto reflecting such redesignation.
If any Borrowing Base Asset that is a Hotel Asset shall be redesignated as a Redevelopment Asset pursuant to clause (ii) of the definition of Redevelopment Assets, promptly deliver to the Administrative Agent the notice referred to in such clause (ii), together with an updated Schedule II hereto reflecting such redesignation.
Assets shall not be classified as Hotel Assets hereunder until the date indicated in the last sentence of the definition of Development Asset herein, and (b) Redevelopment Assets and Recently Redeveloped Assets shall not be classified as Hotel Assets hereunder until the date indicated in the last sentence of the definition of Redevelopment Asset herein.
More Definitions of Redevelopment Asset
Redevelopment Asset any Property of the Borrower or its Subsidiaries, or in which the Borrower or any of its Subsidiaries has an interest (either directly or indirectly, through a Joint Venture or otherwise) (i) which is not a New Construction Asset, (ii) which is undergoing an expansion which will increase the Net Rentable Area of such Property by 20,000 square feet or more (provided that with respect to any Property which is under expansion, if the balance thereof is a fully integrated, rentable property, then only the portion of such Property that is under expansion shall be a Redevelopment Asset), and (iii) for which a certificate of occupancy, whether temporary or permanent, or the functional equivalent thereof, has not been issued with respect to such construction or expansion (if required by law to occupy the same). Notwithstanding the foregoing, any such expansion which shall have been a Redevelopment Asset under the criteria of this definition shall no longer be a Redevelopment Asset upon such time as (A) the same is an income-producing Property in operating condition, and (B) at least 60% of the Net Rentable Area (determined on an “as completed” basis) of such expansion is initially leased to tenants who have taken possession thereof. A Property shall not be considered a Redevelopment Asset solely because such Property is being restored to its prior condition following a casualty or condemnation.
Redevelopment Asset means an Office Asset (a) designated by the Borrower in a notice to the Administrative Agent as a “Redevelopment Asset”, (b) which either (i) has been acquired by the Borrower or any of its Subsidiaries with a view toward renovating or rehabilitating such Asset at an aggregate anticipated cost in excess of 10% of the acquisition cost thereof, or (ii) the Borrower or a Subsidiary thereof intends to renovate or rehabilitate at an aggregate anticipated cost in excess of 10% of the Capitalized Value of such Asset, and (c) that does not qualify as a “Development Asset” by reason of, among other things, the redevelopment plan for such Asset not including a total demolition of the existing building(s) and improvements. Each Redevelopment Asset shall continue to be classified as a Redevelopment Asset hereunder until the applicable Reclassification Date for such Asset, upon and after which such Asset shall be classified as an Office Asset hereunder.
Redevelopment Asset any Property of the Borrower or its Subsidiaries, or in which the Borrower or any of its Subsidiaries has an interest (either directly or indirectly, through a Joint Venture or otherwise) (a) which is not a New Construction Asset and (b) which is undergoing either (i) a renovation or redevelopment in respect of which (x) the cost is greater than 25% of the book value of such Property and (y) at least one anchor tenant lease shall have been executed, which such lease shall provide for occupancy during the period immediately following the completion of such renovation or redevelopment or (ii) an expansion which will increase the Net Rentable Area of such Property by 20,000 square feet or more (provided that with respect to any Property which is under expansion, if the balance thereof is a fully integrated, rentable property, then only the portion of such Property that is under expansion shall be a Redevelopment Asset pursuant to this clause (b)(ii)). Notwithstanding the foregoing, any such renovation, redevelopment or expansion which shall have been a Redevelopment Asset under the criteria set forth in clause (i) or (ii) of this definition shall no longer be a Redevelopment Asset (A) in the case of a renovation or redevelopment described in clause (i), upon the earlier of (1) such time as the applicable anchor tenant has taken possession thereof and commenced rental payments and (2) the date which is twelve months (12) following the date on which a new certificate of occupancy, whether permanent or temporary, (or its functional equivalent) has been issued with respect to the applicable anchor tenant space and (B) in the case of an expansion described in clause (ii), upon the earlier of (1) such time as at least 60% of the Net Rentable Area (determined on an “as completed” basis) of such expansion is initially leased to tenants who have taken possession thereof and commenced rental payments and (2) the date which is twelve months (12) following the date on which a certificate of occupancy, whether permanent or temporary, (or its functional equivalent) has been issued with respect to at least 60% of the Net Rentable Area of such Property. A Property shall not be considered a “Redevelopment Asset” solely because such Property is being restored to its prior condition following a casualty or condemnation, but may qualify as a “Redevelopment Asset” despite any such casualty or condemnation to the extent the conditions set forth above in this definition for qualifi...
Redevelopment Asset means (a) the Jurong Asset and (b) any Technology Asset (i) designated by the Operating Partnership in a notice to the Administrative Agent as a “Redevelopment Asset”, (ii) which either (A) has been acquired by any Borrower or any of its Subsidiaries with a view toward renovating or rehabilitating such Asset at an aggregate anticipated cost in excess of 10% of the acquisition cost thereof, or (B) any Borrower or a Subsidiary thereof intends to renovate or rehabilitate at an aggregate anticipated cost in excess of 10% of the Capitalized Value of such Asset, and (iii) that does not qualify as a “Development Asset” by reason of, among other things, the redevelopment plan for such Asset not including a total demolition of the existing building(s) and improvements. Each Redevelopment Asset shall continue to be classified as a Redevelopment Asset hereunder until the applicable Reclassification Date for such Asset, upon and after which such Asset shall be classified as a Technology Asset hereunder.
Redevelopment Asset means any Technology Asset (a) which either (i) has been acquired by the Company or any of its Subsidiaries with a view toward renovating or rehabilitating 25.0% or more of the total square footage of such Asset, or (ii) the Company or a Subsidiary thereof intends to renovate or rehabilitate 25.0% or more of the total square footage of such Asset, and (b) that does not qualify as a “Development Asset” by reason of, among other things, the redevelopment plan for such Asset not including a total demolition of the existing building(s) and improvements. The Company shall be entitled to reclassify any Redevelopment Asset as a Technology Asset at any time.
Redevelopment Asset is amended and restated, as follows:
Redevelopment Asset. [Insert Name]