{"component": "definition", "props": {"groups": [{"snippet": "means all Land Held for Development with respect to which the Borrower or any Subsidiary Guarantor has obtained all necessary approvals for its subdivision for residential housing units (including condominium units), and which the Borrower or any Subsidiary Guarantor is actively developing into Finished Lots; provided, however, that the term \u201cLots Under Development\u201d shall not include any land upon which the construction of a residential housing unit has commenced.", "size": 23, "snippet_links": [{"key": "land-held-for-development", "type": "definition", "offset": [10, 35]}, {"key": "with-respect-to", "type": "clause", "offset": [36, 51]}, {"key": "the-borrower", "type": "clause", "offset": [58, 70]}, {"key": "subsidiary-guarantor", "type": "definition", "offset": [78, 98]}, {"key": "all-necessary-approvals", "type": "clause", "offset": [112, 135]}, {"key": "housing-units", "type": "definition", "offset": [172, 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provided, however, that the term \u201cLots Under Development\u201d shall not include any land upon which the construction of a residential housing unit has commenced.", "size": 6, "snippet_links": [{"key": "entitled-land", "type": "definition", "offset": [10, 23]}, {"key": "with-respect-to", "type": "clause", "offset": [24, 39]}, {"key": "the-borrower", "type": "clause", "offset": [46, 58]}, {"key": "all-necessary-approvals", "type": "clause", "offset": [72, 95]}, {"key": "housing-units", "type": "definition", "offset": [132, 145]}, {"key": "actively-developing", "type": "definition", "offset": [173, 192]}, {"key": "finished-lots", "type": "definition", "offset": [198, 211]}, {"key": "the-term", "type": "clause", "offset": [237, 245]}, {"key": "construction-of", "type": "clause", "offset": [313, 328]}, {"key": "residential-housing-unit", "type": "definition", "offset": [331, 355]}], "samples": [{"hash": "kkLtzz5HvDa", "uri": "/contracts/kkLtzz5HvDa#lots-under-development", "label": "Lender Addition and Acknowledgment Agreement and First Amendment to Amended and Restated Credit Agreement (Smith Douglas Homes Corp.)", "score": 36.3839836121, "published": true}, {"hash": "72jy4B6tzvM", "uri": "/contracts/72jy4B6tzvM#lots-under-development", "label": "Credit Agreement (Smith Douglas Homes Corp.)", "score": 35.0396995544, "published": true}, {"hash": "am8Smi6T5Wm", "uri": "/contracts/am8Smi6T5Wm#lots-under-development", "label": "Credit Agreement (Smith Douglas Homes Corp.)", "score": 35.004108429, "published": true}], "hash": "c3a470fcd76fc769e9ad9435b9c31499", "id": 9}, {"snippet": "The sum of all Advances and Reserved Allocations committed but not disbursed for said Lots shall not exceed the lesser of (i) seventy percent (70%) of Total Project Costs, or (ii) seventy percent (70%) of the Bulk Finished Lot Value for said Lots, subject to Lender\u2019s approval.", "size": 6, "snippet_links": [{"key": "sum-of", "type": "clause", "offset": [4, 10]}, {"key": "all-advances", "type": "clause", "offset": [11, 23]}, {"key": "lesser-of", "type": "definition", "offset": [112, 121]}, {"key": "total-project-costs", "type": "clause", "offset": [151, 170]}, {"key": "bulk-finished-lot-value", "type": "definition", "offset": [209, 232]}, {"key": "to-lender", "type": "definition", "offset": [256, 265]}], "samples": [{"hash": "4gsvYg1a1pN", "uri": "/contracts/4gsvYg1a1pN#lots-under-development", "label": "Revolving Line of Credit Loan Agreement (William Lyon Homes)", "score": 21.0, "published": true}, {"hash": "2yWf096akaw", "uri": "/contracts/2yWf096akaw#lots-under-development", "label": "Revolving Line of Credit Loan Agreement (William Lyon Homes)", "score": 21.0, "published": true}], "hash": "41a19ea4921bb062734bfab3f1b007ad", "id": 10}], "next_curs": "CmMSXWoVc35sYXdpbnNpZGVyY29udHJhY3Rzcj8LEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiIfbG90cy11bmRlci1kZXZlbG9wbWVudCMwMDAwMDAwYQyiAQJlbhgAIAA=", "definition": {"snippet": "means all Land Held for Development with respect to which the Borrower or any Subsidiary Guarantor has obtained all necessary approvals for its subdivision for residential housing units (including condominium units), and which the Borrower or any Subsidiary Guarantor is actively developing into Finished Lots; provided, however, that the term \u201cLots Under Development\u201d shall not include any land upon which the construction of a residential housing unit has commenced.", "size": 155, "title": "Lots Under Development", "id": "lots-under-development", "examples": ["A = seventy-five percent (75%) of the sum of all Acquisition Costs for all <strong>Lots Under Development</strong> which are included in the Loan Inventory.", "All real and personal property, improvements and fixtures owned by the Borrower or the Restricted Subsidiaries, including but not limited to all Land Parcels, <strong>Lots Under Development</strong>, Development Lots and Dwelling Lots.", "No Event of Default or Unmatured Event of Default shall have occurred and be continuing on and as of the date that each portion of the Land is included as <strong>Lots Under Development</strong>.", "Upon the satisfaction of such conditions precedent, as determined by Lender, such Land shall be included in the Borrowing Base as <strong>Lots Under Development</strong>.", "Borrower may, from time to time, request Lender to include a portion of the Land as <strong>Lots Under Development</strong> (including without limitation, any custom lots) for purposes of the Borrowing Base.", "The total number of <strong>Lots Under Development</strong> and Developed Lots to be included in the Borrowing Base as of the date of any request made hereunder shall not be in excess of the Lot Concentration Limitation.", "Such request and all other documents and instruments described in this Section 4.3 shall be submitted with the Borrowing Base Certificate in which Borrower intends to include such portion of the Land in the Borrowing Base as <strong>Lots Under Development</strong>.", "The Borrower shall not permit the aggregate cost of all Developed Lots and <strong>Lots Under Development</strong>, in each case, then owned by the Borrower and all Restricted Subsidiaries, at any given time to exceed forty percent (40%) of all Tangible Assets of the Borrower on a consolidated basis.", "Land Parcels which are, as of the date of determination, being developed into Developed Lots or which are scheduled for the commencement of development into Developed Lots within twelve (12) calendar months after the date of determination, and which the Borrower has designated and the Administrative Agent has accepted to be included and are included as &quot;<strong>Lots Under Development</strong>&quot; in the calculation of the Loan Funding Availability.", "For <strong>Lots Under Development</strong>, development will be deemed to have commenced when (i) construction of one or more of the following scopes of work has begun on the applicable portion of the Land \u2014 grading, paving, water, sewer or concrete, and (ii) Borrower has expended material amounts for Hard Costs with respect to such work."], "related": [["assets-under-development", "Assets Under Development", "Assets Under Development"], ["total-assets-under-management", "Total Assets under Management", "Total Assets under Management"], ["assets-under-management", "Assets Under Management", "Assets Under Management"], ["cluster-development", "Cluster development", "Cluster development"], ["developed-land", "Developed Land", "Developed Land"]], "related_snippets": [], "updated": "2026-04-02T05:49:26+00:00"}, "json": true, "cursor": ""}}