Undeveloped Land. The aggregate cost of acquiring the direct and indirect interests of the Borrower, REA, the Guarantors and their respective Subsidiaries in undeveloped land will not at any time exceed ten percent (10%) of the Consolidated Total Assets of REA. For the purposes of this Section 8.14, land will not be considered "undeveloped" if grading and site improvement permits have been obtained and such site improvement work has commenced.
Appears in 2 contracts
Sources: Revolving Credit Agreement (American Real Estate Investment Corp), Revolving Credit Agreement (American Real Estate Investment Corp)