Asset Under Development means any Property (a) for which the Consolidated Group is actively pursuing construction, major renovation, or expansion of such Property or (b) for which no construction has commenced but all necessary entitlements (excluding foundation, building and similar permits) have been obtained in order to allow the Consolidated Group to commence constructing improvements on such Property. Notwithstanding the foregoing, tenant improvements in a previously constructed Property shall not be considered an Asset Under Development and with respect to any existing Property only the major renovation or expansion portion of such Property shall be considered an Asset Under Development.
Asset Under Development means any Real Property under construction (excluding (i) any completed Real Property under minor renovation, (ii) any Real Property that is contiguous to and purchased simultaneously with any completed Real Property, and (iii) any Real Property that is substantially completed with an Occupancy Rate of at least 65%).
Asset Under Development means, as of any date of determination, any Property owned by the Borrower or any of its Subsidiaries on which the construction of new income-producing improvements has been commenced and is continuing, with both the land and the improvements under construction thereon which comprise such Property to be valued as set forth in the definition of “Total Asset Value”. In the event of construction of an addition or expansion to an existing income producing Property, only the addition or expansion shall be considered an Asset Under Development.
Examples of Asset Under Development in a sentence
Non-Current Assets (a) Fixed Assets (i) Tangible Assets 10 3,47,39,493 (ii) Intangible Assets 10 13,64,996 (iii) Capital work-in-progress - (iv) Intangible Asset Under Development - (b) Non-Current Investments 11 22,41,86,020 (c) Deferred Tax Assets - (d) Long Term Loans and Advances 12 40,43,41,201 (e) Other Non-Current Assets - 66,46,31,7102.
The construction cost and other operating cost incurred during the construction phase are recognized as Intangible Asset Under Development.
Refer note below for the gross block value and the accumulated depreciation on April 1, 2015 under the previous GAAP.WAINGANGA EXPRESSWAY PRIVATE LIMITEDNotes to Financial Statements for the year ended 31st March, 2021 Note 4: Intangible assets (Rs. in Lakhs) Particulars Note: (a) Term loan from banks & NBFC's are secured against above Intangible Asset of Toll Collection Rights ,Intangible Asset Under Development, Trade Receivables & Cash & Cash Equivalents.
For capital-work-in progress and Intangible Asset Under Development, whose completion is overdue or has exceeded its cost compared to its original plan, following CWIP completion schedule shall be given: (Amount in `)CWIPDetails of projects where activity has been suspended shall be given separately.
As a result of the liquidation, the investment was no longer shown as an Asset Under Development in 2019 but as an Accounts Receiv- able.
More Definitions of Asset Under Development
Asset Under Development means, as of any date of determination, any Property owned by the Borrower or any of its Subsidiaries on which the construction of new income-producing improvements has been commenced and is continuing, with both the land and the improvements under construction thereon which comprise such Property to be valued at the fully-budgeted cost, as determined in accordance with GAAP. In the event of construction of an addition or expansion to an existing income producing Property, only the addition or expansion shall be considered an Asset Under Development.
Asset Under Development means, as of any date of determination, any Property on which construction of new income-producing improvements has been commenced and is continuing. If such construction consists of the construction of tenant or comparable improvements or hotel renovations, as opposed to material expansion of such Property or any “ground up” development, such Property shall not be considered to be an Asset Under Development. In addition, to the extent any Property includes a revenue-generating component (e.g. an existing Hotel) and a building under development, such revenue-generating component shall not be considered to be an Asset Under Development but such building under development shall be considered to be an Asset Under Development. Further, no Hotel shall be considered an Asset Under Development if the opening date with respect to such Hotel has occurred.
Asset Under Development means, as of any date of determination, any Property owned by the Borrower or any of its Subsidiaries on which the construction of new income-producing improvements has been commenced and is continuing, with both the land and the improvements under construction thereon which comprise such Property to be valued at the fully-budgeted cost, as determined in accordance with GAAP, except in connection with the calculation of Total Asset Value, in which case it is to be valued as specified in the definition thereof. In the event of construction of an addition or expansion to an existing income producing Property, only the addition or expansion shall be considered an Asset Under Development.
Asset Under Development means a Project treated as an asset under development under GAAP.
Asset Under Development means, as of any date of determination, any Property on which construction of new income-producing improvements has been commenced and is continuing. If such construction consists of the construction of tenant or comparable improvements, hotel renovations or construction to effect a change in use, as opposed to material expansion of such Property or any “ground up” development, such Property shall not be considered to be an Asset Under Development. In addition, to the extent any Property includes a revenue-generating component (e.g. an existing Hotel) and a building under development, such revenue-generating component shall not be considered to be an Asset Under Development but such building under development shall be considered to be an Asset Under Development. Further, (i) no Hotel or other Property shall be considered an Asset Under Development if the opening date with respect to such Hotel has occurred or the lease or leases for such other Property have commenced and (ii) real property under construction to be (but not yet) acquired by the Borrower or a Subsidiary upon completion of construction pursuant to a contract in which the seller of such real property is required to complete construction prior to, and as a condition precedent to, such acquisition, shall be Assets Under Development.
Asset Under Development or “Assets Under Development” shall have the meaning assigned thereto in Section 14.30(a).
Asset Under Development means, as of any date of determination, any Property on which construction of new income-producing improvements has been commenced and is continuing. If such construction consists of the construction of tenant or comparable improvements or hotel renovations, as opposed to material expansion of such Property or any “ground up” development, such Property shall not be considered to be an Asset Under Development. In addition, to the extent any Property includes a revenue‑generating component (e.g. an existing Hotel) and a building under development, such revenue‑generating component shall not be considered to be an Asset Under Development but such building under development shall be considered to be an Asset Under Development. Further, (i) no Hotel shall be considered an Asset Under Development if the opening date with respect to such Hotel has occurred and (ii) real property under construction to be (but not yet) acquired by the Borrower or a Subsidiary upon completion of construction pursuant to a contract in which the seller of such real property is required to complete construction prior to, and as a condition precedent to, such acquisition, shall be Assets Under Development.