Pre-Sold definition

Pre-Sold means Eligible Inventory which a customer has indicated orally (not more than 7 days before a Drawdown Date) or in writing (not more than 1 month before a Drawdown Date) it wishes to take delivery of.

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Pre-Sold. Lot means a Lot sold which qualifies as a Pre-Sale;

Pre-Sold means Units for which there are approved sales contracts to sell the Units to an ultimate bona fide third-party purchaser with an ▇▇▇▇▇▇▇ money deposit in an amount which is customary in the market where such Unit is located, and no financing contingency exceeding thirty (30) days in the sales contract.

Examples of Pre-Sold in a sentence

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.
The amount equal to ninety percent (90%) of the Total Cost of such Pre-Sold House.
Lender may, in its sole discretion, deny approval for any Construction Project which is not a Pre-Sold Home, which has an appraised value in excess of $450,000.00.
Seller shall not make any changes in the manner and extent to which Seller offers or sells Pre-Sold Tickets.
The House purchased by the Vendee is [Completed House] [Pre-Sold House].
Such equity contribution shall not be required with respect to Pre-Sold Homes until the Construction Project Loan is fully advanced.
In the event the Pre-Sold Home sale does not close by the date specified in such purchase agreement, then Lender will require that the home be appraised and that the Loan to Value Ratio be reduced by Borrower to seventy percent (70%) of the appraised value.
All Pre-Sold Units upon which the Sales Contract has been canceled due to the default of the buyer and which are available for sale, shall become designated as a Spec Unit.
Notwithstanding anything contained in this Agreement or any other Loan Document to the contrary, the portion of any Loan advance which pertains to a Lot comprising a Pre-Sold Unit shall not exceed one hundred percent (100%) of the lesser of (i) the price paid for such Lot by Borrower, or (ii) the Appraised Value for such Lot.
If a Construction Project Loan of $250,000.00 or less is secured by a Pre-Sold Home, then no Appraisal will be required.

More Definitions of Pre-Sold

Pre-Sold with respect to any Unit or Lot shall mean subject to a fully executed, binding and enforceable sales contract (on Borrower's standard form as approved by Lender, including any modifications which may be approved by the Lender) with a non-Affiliate third-party purchaser.

Pre-Sold means fish that has been sold by arrangement that is not going to be auctioned

Pre-Sold means, when referring to any contemplated Residential Unit or Unimproved Lot, that such Residential Unit or Unimproved Lot is subject to a Qualified Sales Agreement with a third party buyer and, in connection therewith, such buyer has made a non-refundable deposit of at least twenty percent (20%) of the total purchase price under such Qualified Sales Agreement (provided that such deposit may be subject to refund only in the event such buyer fails to obtain the requisite alien land holdings license if such buyer is not a Bahamian citizen) and the financing contingency thereunder has been satisfied or waived by such buyer.