Common use of Vertical Construction Clause in Contracts

Vertical Construction. Borrower shall have provided to Administrative Agent, and Majority Lenders shall have approved, evidence that the Building Permit has been issued and that Vertical Construction has commenced on the Finished Lots. Homes Under Construction will include Units that meet all of the requirements and conditions to be Homes Under Construction and will continue to include any such Units up until and including the point that such Units have become finished Units (i.e., through Vertical Construction, regardless of what stage of Vertical Construction is ongoing, and including upon completion of Vertical Construction) and (other than with respect to Units that meet all of the conditions and requirements under Section 4.08 below to become Model Homes) escrow has closed on the sales of such Units in accordance with Section 8.02.

Vertical Construction. To the extent requested by Administrative Agent, Borrower shall have provided to Administrative Agent, and Majority Lenders shall have approved, evidence that the Building Permit has been issued and that Vertical Construction has commenced on the Finished Lots. Homes Under Construction will include Units that meet all of the requirements and conditions to be Homes Under Construction and will continue to include any such Units up until and including the point that such Units have become finished Units (i.e., through Vertical Construction, regardless of what stage of Vertical Construction is ongoing, and including upon completion of Vertical Construction) and (other than with respect to Units that meet all of the conditions and requirements under Section 4.08 4.06 below to become Model Homes) escrow has closed on the sales of such Units in accordance with Section 8.02.