Model House definition
Examples of Model House in a sentence
The amount equal to eighty-five percent (85%) of the Total Cost of such Model House.
Upon Administrative Agent’s request, in connection with any Borrowing Base Report, Borrower shall furnish to Administrative Agent evidence of the Total Cost for each parcel of Entitled Land, LUD, Lot, Model House, Pre-Sold House and Spec House, in form and substance acceptable to Administrative Agent.
Vacant Land Lease Agreement Forms Resume Examples Vehicle Free Credit Contract Mot Models Auto Rental Deed Of Sale Model House Quick Claim For More Luxury.
Upon the Administrative Agent’s reasonable request, in connection with any Borrowing Base Certificate, the Borrower shall furnish to the Administrative Agent evidence of the Total Cost for the Entitled Land, LUD, Lot, Model House, Pre-Sold House and Spec House, in form and substance reasonably acceptable to the Administrative Agent.
Bank shall have no obligation to effectuate Acceptance of any new proposed Spec House or Model House if the effect of such Acceptance would be to cause (i) the number of all Spec Houses under the Calera Court Construction Loan to exceed at any one time four (4) Spec Houses or (ii) the number of all Model Houses under the Calera Court Construction Loan to exceed at any one time two (2) Model Houses.
The term "Speculative House" shall mean a House which is not subject to an Approved Purchase Agreement, and is not a Model House.
The Maximum Aggregate Advances Per House for each House that is not a Spec House nor a Model House must be eliminated altogether (i.e., given a value of zero) by payment to Lender of the outstanding Maximum Aggregate Advances Per House for the applicable House upon the earlier to occur of (i) the date which is twelve (12) months from the Acceptance of such House, or (ii) the Maturity Date.
Notwithstanding anything to the contrary contained herein, no single Approved Subdivision may contain more than one (1) Model House constituting Collateral at any one time.
Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, the amount of Credit Facility proceeds advanced or committed to be advanced with respect to Spec Houses and Model Houses, at any one time, shall not exceed the amount set forth in Exhibit “A” attached hereto (the “Spec and Model House Subfacility”).
Lender, in its sole discretion, will consider extensions of the Acceptance Termination Date, the Maturity Date and the Model House Threshold Date on or prior to September 21, 2004 and on or prior to each anniversary thereafter during the term of the Loan and will promptly inform Borrower of Lender's determination in connection with same.