Common use of Construction and Development Clause in Contracts

Construction and Development. No Credit Party will, nor will it permit any member of the Consolidated Group to, at any time (a) commit to, commence or continue or (b) make an Investment in any Combined Party 56 62 that is committed to, commencing or continuing, construction of any improvements on any undeveloped or partially developed Property or Properties, if the sum, without duplication, of (i) with respect to clause (a) above, the aggregate cost to date of all such construction, together with the aggregate estimated cost to complete such construction, plus (ii) with respect to clause (b) above, the aggregate Investments to date, together with the required or estimated future Investments of members of the Consolidated Group in all such Combined Parties, would exceed 10% of the Aggregate Adjusted Current Value. Furthermore, if the limitation set forth in this Section 8.12 shall cause a Combined Party to cease construction of or development on a Borrowing Base Development Property, such Development Property shall be excluded from the Borrowing Base and the Borrower shall provide the Administrative Agent with a Borrowing Base Certificate reflecting such exclusion.

Construction and Development. No Credit Party will, nor will it permit any member of the Consolidated Group to, at any time (a) commit to, commence or continue or (b) make an Investment in any Combined Party 56 62 that is committed to, commencing or continuing, construction of any improvements on any undeveloped or partially developed Property or Properties, if the sum, without duplication, of (i) with respect to clause (a) above, the aggregate cost to date of all such construction, together with the aggregate estimated cost to complete such construction, plus (ii) with respect to clause (b) above, the aggregate Investments to date, together with the required or estimated future Investments of members of the Consolidated Group in all such Combined Parties, would exceed 10% of the Aggregate Adjusted Current Value. Furthermore, if the limitation set forth in this Section 8.12 shall cause a Combined Party to cease construction of or development on a Borrowing Base Development Property, such Development Property shall be excluded from the Borrowing Base and the Borrower shall provide the Administrative Agent with a Borrowing Base Certificate reflecting such exclusion.