Sold Units. With respect to Units owned by a Loan Party subject to Housing Purchase Contracts (but not yet closed), ninety-five percent (95%) of the difference between (x) the Unit Costs incurred by a Loan Party with respect thereto and (y) the aggregate amount of all Customer Deposit Liabilities held pursuant to each such Housing Purchase Contract which may be applied to the Unit Costs; plus
Sold Units. With respect to Units or Tower Units owned by a Loan Party subject to Housing Purchase Contracts (but not yet closed), eighty percent (80%) of the difference between (i) the Unit Costs or Tower Unit Costs, as applicable, incurred by a Loan Party with respect thereto, and (ii) the aggregate amount of all Customer Deposit Liabilities held pursuant to each such Housing Purchase Contract which may be applied to the Unit Costs or Tower Unit Cost, as applicable; provided that any such Tower Units shall be excluded from computation in the Borrowing Base under this subparagraph (c) on the date which is one hundred and eighty (180) days from the Tower Completion Date for such Tower Units; furthermore, the maximum amount of availability includable in the Borrowing Base amount under this subparagraph (c) attributable to Tower Units shall not exceed eighty percent (80%) of the sales price under the Housing Purchase Contracts for such Tower Units; plus
Sold Units. With respect to Units subject to Sales Contracts (but not yet closed) and as to which ninety (90) days have elapsed from the Completion Date for the Improvements in which such Units are located, seventy-five percent (75%) of the Adjusted Project Costs incurred by Borrower with respect thereto; provided, that such Adjusted Project Costs shall be excluded from computation in the Borrowing Base under this subparagraph (b) on and after the date that is one hundred eighty (180) days from the Completion Date and shall thereafter be included in subparagraph (c) below; plus
Sold Units. Sold Units means units which are 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 at least 5% of the purchase price for units with a selling price in excess of $150,000 and at least $1,000 for units with a selling price equal to or less than $150,000, which is held either: (i) by an independent third party (e.g., a real estate broker); or (ii) in an escrow account of Borrower or its Affiliates for cash deposits over which Borrower has control; or (iii) is used in construction; (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 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).
Sold Units. With respect to Units subject to Housing Purchase Contracts, ninety-five percent (95%) of the difference between (x) the Unit Costs incurred by a Property Owner with respect thereto and (y) the aggregate amount of all Customer Deposit Liabilities held pursuant to each such Housing Purchase Contract which may be applied to the Unit Costs; plus
Sold Units. With respect to Sold Units, the sum of (i) eighty percent (80%) of the Finished Lot Acquisition Cost for the subject Lot plus (ii) (A) eighty percent (80%) of the applicable Contract Price (less the Finished Lot Acquisition Cost), multiplied by (B) the Completion Percentage for the Sold Unit; provided, however, that the Borrowing Base shall be subject to the following limitations measured in each case as of the time of determination:
Sold Units. With respect to Sold Units, the sum of (i) eighty percent (80%) of the Finished Lot Acquisition Cost for the subject Lot plus (ii) (A) eighty percent (80%) of the applicable Contract Price (less the Finished Lot Acquisition Cost), multiplied by (B) the Completion Percentage for the Sold Unit; provided, however, that the Borrowing Base shall be subject to the following limitations measured in each case as of the time of determination: Unsold Units (Spec Units and Model Units) shall not constitute more than 30% of the portion of the Borrowing Base created by all Units (Spec Units, Model Units and Sold Units). The portion of the Borrowing Base supported by Raw Land shall not constitute more than 10% of the aggregate Borrowing Base; and The portion of the Borrowing Base supported by Raw Land, Land Under Development and Finished Lots shall not constitute more than 65% of the aggregate Borrowing Base.
Sold Units. 85% of the lesser of (A) GAAP Value or (B) the sales price less reasonable anticipated closing costs, of any Units which constitute Sold Units.
Sold Units. Any Unit under a Contract of Sale that has not been canceled for any reason and has not yet Settled that contains a Customer Deposit of at least $500.00; however, if a customer's mortgage financing does not require a down payment, such Unit shall qualify as a Sold Unit without such Customer Deposit, provided, however, if such mortgage financing is provided by NVRMF, then such financing must be pursuant to a third party take-out commitment. Only Units owned by Borrower shall be included in Sold Units. Units owned by Fox Ridge shall be excluded from Sold Units.
Sold Units. With respect to Units and Qualified Condominium Units not encumbered by a security interest other than a Security Document on Developed Lots for which a Property Owner has entered into a Housing Purchase Contract, ninety-five percent (95%) of the difference between (x) as to Units, Unit Costs incurred by a Property Owner with respect thereto and as to Qualified Condominium Units, the Qualified Condominium Unit Costs and (y) the aggregate amount of all deposits, down payments or earnxxx xxxey held pursuant to each such Housing Purchase Contract and available to a Property Owner; plus
