A&D Completed Lots Sample Clauses
A&D Completed Lots. A&D Completed Lots in each Approved Subdivision may be included in the Borrowing Base as Eligible Collateral for a period of not more than eighteen (18) Calendar Months after the first applicable Lot Eligibility Date for such A&D Completed Lots, subject to the Maximum Allowed Advance limitations for the aggregate amount of the Commitment Amount applicable to the A&D Completed Lots for such Approved Subdivision.
A&D Completed Lots. Section 3.2(c) of the Loan Agreement is hereby amended to provide that the eligibility period for A&D Completed Lots may be extended for an additional twelve (12) Calendar Months upon written notice to the Lender no earlier than 90 days and no later than thirty (30) days prior to the expiration of such original time period and provided no Material Adverse Change, no Unmatured Event of Default nor any Event of Default has occurred and is continuing and further, provided that the Maximum Allowed Advance with respect to any such Lots shall be reduced during the extension term as set forth in the definition of “Maximum Allowed Advance.”