Undeveloped Land means, (i) all Real Property set forth on Schedule 1.01D to the 2008 Credit Agreement, (ii) all undeveloped land acquired after the Closing Date and (iii) any operating property of the Borrower or any Subsidiary that is subject to a casualty event that results in such property ceasing to be operational.
Undeveloped Land means (a) land owned in fee by the Borrower or any Subsidiary as of December 31, 2011 which at the time of determination has not been developed for commercial or residential purposes, (b) land acquired by the Borrower or any Subsidiary subsequent to December 31, 2011 pursuant to a Code section 1031 like-kind exchange (in exchange for land described in clause (a) or (b) of this definition) which at the time of determination has not been developed for commercial or residential purposes, or (c) capital stock or other equity interests of a Subsidiary which owns as its principal asset, directly or indirectly, Undeveloped Land described in clause (a) or (b) of this definition.
Examples of Undeveloped Land in a sentence
Undeveloped land is available to purchase in the open market, and whilst take- up may vary, variations in land value appeared to be limited.
More Definitions of Undeveloped Land
Undeveloped Land means raw land that has not been filled to grade or been permitted for development.
Undeveloped Land means, in respect of the Issuer Group and in respect of any Relevant Period, the carrying value in the then most recent Financial Statements of the Issuer of the land positions on which there is no "Bijzonder Plan van Aanleg", "Ruimtelijk Uitvoeringsplan" or any other similar urban planning, regardless the authority setting such planning, a "Verkavelingsvergunning" or "Bouwvergunning" or any similar permit.In addition, a reference in the Conditions to an undertaking that a person (the "first person") "shall cause" or "shall procure" another person (the "second person") to take or omit certain actions shall be construed as a reference to the concept of sterkmaking/porte-fort as set out in Article 1120 of the Civil Code, but shall also include a guarantee by the first person of the due and timely performance of all actions, agreements and obligations to be performed by the second person.