Maximum Allowed Advance definition

Maximum Allowed Advance shall have the following meanings:

Maximum Allowed Advance means the following:

Maximum Allowed Advance means the maximum advance rate with respect to any Pre-Development, Land, Lot or Unit, with such rate being equal to the following:

Examples of Maximum Allowed Advance in a sentence

• With respect to Entitled Land, the Maximum Allowed Advance shall be the lesser of (i) fifty percent (50%) of the Appraised Value, or (ii) fifty percent (50%) of the Acquisition Cost.

• Once the Collateral Value and the Maximum Allowed Advance are initially established for a particular item of Collateral, the Collateral Value and the Maximum Allowed Advance are not subject to increase (except as the result of reclassification of the Collateral and changes in the Completion Percentage), notwithstanding any subsequent Appraisal of the Borrowing Base and notwithstanding any increase in a Budget.

• With respect to Entitled Land, the Maximum Allowed Advance for such Entitled Land.

• With respect to Finished Lots, the Maximum Allowed Advance shall equal the lesser of (i) seventy percent (70%) of the Appraised Value, or (ii) seventy percent (70%) of the Total Cost.

• With respect to Lots, from time to time, Administrative Agent may also require information concerning construction of the Units, including, without limitation, the status of construction of Units, a detailed breakdown of construction, the costs expended to date for such construction, the Maximum Allowed Advance, and an itemized estimate of the amount necessary to complete construction of Units.

More Definitions of Maximum Allowed Advance

Maximum Allowed Advance in Section 1.1 of the Loan Agreement is hereby amended to add the following subsection (f):

Maximum Allowed Advance shall have the following definition from and after the date hereof:

Maximum Allowed Advance means the following, provided, however, that in no event will the Maximum Allowed Advance for any Unit exceed 90% of the Unit Cost for that Unit:

Maximum Allowed Advance has the meaning set forth in Section 5.4.

Maximum Allowed Advance means, for any Eligible Asset, (a) the advance rate for such Eligible Asset as provided in Section 3.1(a) multiplied by (b) the Budgeted Cost of such Eligible Asset, subject, in each case, to the limitations set forth in Section 3.1(a) or otherwise in this Agreement.

Maximum Allowed Advance set forth in Section 1.1 of the Loan Agreement is deleted in its entirety and replaced with the following:

Maximum Allowed Advance means as follows: PRESOLD HOMES The lesser of (A) eighty percent (80%) of the Base Appraisal, or (B) eighty percent (80%) of the sales price set forth in the Purchase Contract with respect to each applicable Presold Home, or (C) ninety percent (90%) of Total Costs. SPEC HOMES The lesser of (A) seventy-five percent (75%) of the Base Appraisal, or (B) ninety percent (90%) of Total Costs, provided, however, with respect to Home Loans for Spec Homes which remain outstanding after nine (9) months following the initial disbursement for such Home Loan, the Maximum Allowed Advance shall be sixty-five percent (65%) of the Base Appraisal.