Presold Housing Unit means a Housing Unit as to which the Loan Party that owns such Housing Unit has a bona fide contract of sale, in a form customarily employed by such Loan Party, entered into with a Person who is not an Affiliate of a Loan Party, and: (a) under which contract no defaults then exist; (b) under which contract the purchaser has made the customary xxxxxxx money deposit; and (c) under which contract there are no contingencies (other than ordinary and customary contingencies to the purchaser’s obligation to buy such Housing Unit entered into in the ordinary course of business).
Presold Housing Unit means a Housing Unit as to which the Loan Party that owns such Housing Unit has a bona fide contract of sale, in a form customarily employed by such Loan Party, entered into with a Person who is not an Affiliate of a Loan Party, and: (a) under which contract no defaults then exist; (b) under which contract the purchaser has made the customary earnest money deposit; and (c) under which contract there are no contingencies (other than ordinary and customary contingencies to the purchaser’s obligation to buy such Housing Unit entered into in the ordinary course of business).
More Definitions of Presold Housing Unit
Presold Housing Unit for more than twenty-four (24) months, as determined on a cumulative basis, (iv) any Model Housing Unit shall be excluded from the calculation of Borrowing Base Availability if such Model Housing Unit has been included in the calculation of Borrowing Base Availability as a “Model Housing Unit” for more than 36 months, as determined on a cumulative basis, (v) any Speculative Housing Unit shall be excluded from the calculation
Presold Housing Unit means a Housing Unit as to which the Loan Party that owns such Housing Unit has a bona fide contract of sale, in a form customarily employed by such Loan Party, entered into with a Person who is not an Affiliate of a Loan Party, and: (a) under which contract no defaults then exist; (b) under which contract the purchaser has made the customary xxxxxxx money deposit; and (c) under which contract there are no contingencies (other than ordinary and customary contingencies to the purchaser’s obligation to buy such Housing Unit entered into in the ordinary course of business). “PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. “Public Lender” has the meaning specified in Section 6.02. “Qualified DFH JV BFR Unit” means (a) each Invitation Homes Unit and (b) a DFH JV BFR Unit (ai) that has a minimum of a 15% deposit against the purchase price of such DFH JV BFR Unit (of
Presold Housing Unit means a Housing Unit as to which the Company or a Guarantor that owns such Housing Unit has a bona fide contract of sale, in customary form, entered into with a Person who is not an Affiliate of the Company or any Guarantor, and: (a) under which contract no defaults then exist; (b) under which contract the purchaser has made the customary earnest money deposit; and (c) under which contract there are no contingencies (other than ordinary and customary contingencies to the purchaser’s obligation to buy such Housing Unit entered into in the ordinary course of business).
Presold Housing Unit means a Housing Unit which is subject to a valid, bona-fide agreement of sale that (a) is with an unrelated third-party purchaser, for fair market value, (b) provides for a cash deposit of an amount comparable with market standards for a percentage of the purchase price (if required by state law, deposits will be held either (i) by an independent third party (i.e. a real estate broker) or (ii) in an escrow account of Borrower placed with a Lender), (c) is not subject to, or conditioned upon, the sale or lease by the purchaser of any existing real property owned by the purchaser, and (d) contains no contingency other than for a mortgage commitment which is not to exceed ninety-five percent (95%) of the gross sales price of the Housing Unit (but any mortgage contingency for a loan in excess of ninety-five percent (95%) of the sales price, if permitted by Agent, shall require certification of pre-approval from a mortgage lender acceptable to Agent), and which is not contingent upon the sale or lease of any other real estate (although if the financing commitment does include such sale or lease contingency, such contingency must be specifically excluded in the agreement of sale relating to such Housing Unit).
Presold Housing Unit means a Housing Unit which is subject to an Approved Sales Contract. “Principal Office” means the office of the Administrative Agent located at 000 Xxxxx 0xx Xxxxxx, 0xx Xxxxx, Xxxxxxxxxxx, Xxxxxxxxx 00000, or any other subsequent office that the Administrative Agent shall have specified as the Principal Office by written notice to the Borrower and the Lenders.
Presold Housing Unit shall continue to determine when it is excluded from the Borrowing Base pursuant to clause (v) of this definition, plus
Presold Housing Unit means a Housing Unit which is subject to a valid, bona-fide agreement of sale that (a) is with an unrelated third-party purchaser, for fair market value, (b) provides for a cash deposit of an amount comparable with market standards for a percentage of the purchase price (if required by state law, deposits will be held either (i) by an independent third party (i.e. a real estate broker) or (ii) in an escrow account of Borrower placed with a Lender), (c) is not subject to, or conditioned upon, the sale or lease by the purchaser of any existing real property owned by the purchaser, and (d) contains no contingency other than for a mortgage commitment which is not to exceed ninety-five percent (95%) of the gross sales price of the Housing Unit (or, if permitted by Agent in its reasonable discretion, any mortgage contingency for a loan in excess of ninety-five percent (95%) of the sales price so long as certification of pre-approval from a mortgage lender reasonably acceptable to Agent has been obtained), and which is not contingent upon the sale or lease of any other real estate (although if the financing commitment does include such sale or lease contingency, such contingency must be specifically excluded in the agreement of sale relating to such Housing Unit).