Model Housing Unit definition
Model Housing Unit means, a Housing Unit that will be or has been constructed initially for use as an information center or sales office and that is not intended to be sold until all or substantially all other Housing Units in the applicable subdivision are sold.
Model Housing Unit means, a Housing Unit that will be or has been constructed initially for use as an information center or sales office.
Model Housing Unit means a Housing Unit for which a building permit has been issued that will be or has been constructed initially for inspection by prospective purchasers and that is not intended to be sold until all or substantially all other Housing Units in such Model Housing Unit’s subdivision are sold. “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.
More Definitions of Model Housing Unit
Model Housing Unit for more than 36 months, as determined on a cumulative basis, (v) any Speculative Housing Unit shall be excluded from the calculation of Borrowing Base Availability if such Speculative Housing Unit has been included in the calculation of Borrowing Base Availability as a “Speculative Housing Unit” for more than twenty-four (24) months, as determined on a cumulative basis, (vi) any Finished Lot shall be excluded from the calculation of Borrowing Base Availability if such Finished Lot has been included in the calculation of Borrowing Base Availability as a “Finished Lot” for more than twenty-four (24) months, as determined on a cumulative basis, (vii) to the extent the portion of Borrowing Base Availability attributable to Presold Housing Units, the purchaser of which is under contract to purchase more than three Housing Units, exceeds 10% of Borrowing Base Availability, then such excess shall be disregarded in the calculation of Borrowing Base Availability, (viii) any DFH JV BFR Unit shall be excluded from the calculation of Borrowing Base Availability if such DFH JV BFR Unit has been included in the calculation of Borrowing Base Availability as a “DFH JV BFR Unit” for more than twenty-four (24) months, and (ix) to the extent the portion of Borrowing Base Availability attributable to all DFH JV BFR Units would exceed 25% of the Borrowing Base Availability that is attributable to Housing Units (excluding all DFH JV BFR Units), such excess shall be disregarded in the calculation of the Borrowing Base Availability; provided further that prior to inclusion to the Borrowing Base Availability of any DFH JV BFR Units that are being sold to a new DFH BFR JV (and that have not previously been reviewed by ▇▇▇▇▇▇▇), Administrative Agent shall have the right in its sole and absolute discretion to approve DFH JV BFR Units for consideration to be added to the Borrowing Base Availability. Thereafter, Administrative Agent shall provide to Lenders the information related to the new DFH BFR JV that was provided to it by Borrower. If Required Lenders do not object within ten (10) Business Days of being provided such information related to the new DFH BFR JV (or a material change to an existing DFH BFR JV), the DFH JV BFR Units may be added to the Borrowing Base Availability. “Borrowing Base Certificate” means a certificate substantially in the form of Exhibit D executed by a Responsible Officer of Borrower setting forth in reasonable detail all assets used in the calculation o...
Model Housing Unit for more than 36 months, as determined on a cumulative basis, (v) any Speculative Housing Unit shall be excluded from the calculation
Model Housing Unit means a Housing Unit that will be or has been constructed initially for use as an information center or sales office. “Moody’s” means Moody’s Investors Service, Inc. and its successors.