Spec Unit definition

Spec Unit means any Housing Unit owned by the Borrower or any Guarantor that is not a Presold Unit or a Model Unit.

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Spec Unit means a Unit constructed for the purpose of addition to Borrower’s or a Project Owner’s inventory of Units and which is not subject to a Purchase Contract and is not a Model Unit.

Spec Unit means a Unit constructed for the purpose of addition to Borrower's inventory of Units and which is not subject to a Purchase Contract.

Examples of Spec Unit in a sentence

• A failure to comply with the Spec Unit Inventory Test shall not be an Event of Default or a Default, but there shall be excluded from the Borrowing Base, as of the last day of the quarter in which such non-compliance occurs, any excess Spec Units.

• A failure to comply with the Spec Unit Inventory Test shall not be an Event of Default or a Default, but there shall be excluded from the Borrowing Base, as of the last day of the quarter in which such non-compliance occurs, any excess Spec Units as selected by Borrower.

• A Presold Unit no longer subject to a Purchase Contract will be deemed to be a Spec Unit as of the date the Unit is no longer subject to a Purchase Contract.

• A failure to comply with the Spec Unit Inventory Test shall not be an Event of Default or a Default, but any excess Spec Units shall be excluded from the Borrowing Base, as of the last day of the quarter in which such non-compliance occurs.

• 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.

More Definitions of Spec Unit

Spec Unit means any Unit on which vertical construction has commenced that is not a Sold Unit or a Model Unit.

Spec Unit means a Unit constructed for the purpose of addition to Borrower's inventory of Units and not subject to a Purchase Contract. A Unit that is not a Presold Unit or a Model Unit shall be deemed a Spec Unit.

Spec Unit means a Unit for which a Firm Contract has not been received or approved, and which is not used as a Model Unit.

Spec Unit means a Unit that is not pre-sold (or as to which a Qualified Contract has been terminated), and that will be sold on the open market upon completion.

Spec Unit means either (i) a Unit that is not subject to a Sale Contract, (ii) a Unit that is subject to a Sale Contract that has been rejected by Lender, or (iii) a Unit that has been the subject of two (2) prior Sale Contracts which have been accepted by Lender but which have not closed and fully funded in accordance with their terms.

Spec Unit means a single-family dwelling unit (whether detached or attached) owned by a Restricted Company, including the land on which such dwelling is located, where construction has commenced and that is or will be available for sale.

Spec Unit means any Unit for which construction has commenced (including construction of foundations) and which is not a Model Unit or a Sold Unit.