Entitled Land Under Development Clause Samples

Entitled Land Under Development. Real Estate (other than Oil and Gas Properties) owned in fee simple absolute by any Loan Party and described in Schedule 8 hereof as of the Effective Date, together with all other Real Estate acquired thereafter in fee simple absolute or formerly classified as another type of Borrowing Base Asset or was Negative Pledge Property that has been designated for inclusion in the Borrowing Base in accordance with §5.5, in each case for which all material required zoning, utilities and development permits and approvals have been obtained and for which such Loan Party has commenced construction for a Development (all as certified in the Borrowing Base Certificate most recently delivered by Borrower).