Spec Unit definition

Spec Unit means any Housing Unit owned by the Borrower or any Guarantor that is not a Presold Unit or a Model Unit.

Spec Unit means a Unit constructed for the purpose of addition to Borrower’s or a Project Owner’s inventory of Units and which is not subject to a Purchase Contract and is not a Model Unit.

Spec Unit means any Housing Unit owned by Borrower or any Guarantor that is not a Presold Unit or a Model Unit.

Examples of Spec Unit in a sentence

• A failure to comply with the Spec Unit Inventory Test shall not be an Event of Default or a Default, but there shall be excluded from the Borrowing Base, as of the last day of the quarter in which such non-compliance occurs, any excess Spec Units.

• A failure to comply with the Spec Unit Inventory Test shall not be an Event of Default or a Default, but there shall be excluded from the Borrowing Base, as of the last day of the quarter in which such non-compliance occurs, any excess Spec Units as selected by Borrower.

• A Presold Unit no longer subject to a Purchase Contract will be deemed to be a Spec Unit as of the date the Unit is no longer subject to a Purchase Contract.

• If a Spec Unit is reclassified as a Presold Unit (by reason of the execution and delivery of a Purchase Contract), such Unit may be included in Eligible Collateral as a Presold Unit for not more than twelve (12) Calendar Months from the original Unit Eligibility Date of such Unit and, on reclassification, such Presold Unit will be subject to a Reclassification Adjustment.

• A Presold Unit no longer subject to a Purchase Contract will be deemed to be a Spec Unit as of the date the Unit is no longer subject to a Purchase Contract; subject, however, to the provisions of Section 3.5(e).

More Definitions of Spec Unit

Spec Unit means a Unit constructed for the purpose of addition to Borrower's inventory of Units and which is not subject to a Purchase Contract.

Spec Unit means a Unit constructed for the purpose of addition to Borrower’s inventory of Units and which is not subject to a Purchase Contract and is not a Model Unit.

Spec Unit means a Unit constructed for the purpose of addition to the Borrower's or a Guarantor's inventory of Units that does not otherwise qualify as a Pre-Sold Unit and is not a Model Unit; provided, however, that a Unit shall constitute a Spec Unit only upon Commencement of Construction.

Spec Unit means any Unit for which construction has commenced (including construction of foundations) and which is not a Model Unit or a Sold Unit.

Spec Unit means any Unit under construction that is not Sold Inventory or a Model Unit.

Spec Unit means a Unit for which a Firm Contract has not been executed.

Spec Unit means either (i) a Unit that is not subject to a Sale Contract, (ii) a Unit that is subject to a Sale Contract that has been rejected by Lender, or (iii) a Unit that has been the subject of two (2) prior Sale Contracts which have been accepted by Lender but which have not closed and fully funded in accordance with their terms.