Unit Collateral Value definition

Unit Collateral Value means, on any day, with respect to each Eligible Mortgage Loan included in the Borrowing Base, the Applicable Advance Rate Percentage of the least of the following:

Unit Collateral Value means:

Unit Collateral Value means a valuation of each Unit based upon the Unit’s stage of construction. The Unit Collateral Value for a particular Unit equals the sum of (a) the Lot Allocation and Lender approved Up Front Costs for the Unit and (b) the result obtained by subtracting the Lot Allocation and Lender approved Up Front Costs for the Unit from the Maximum Allowed Advance (taking into account any applicable Reclassification Adjustment) for the Unit and then multiplying the difference by the Unit Completion Percentage.

Examples of Unit Collateral Value in a sentence

• Any required adjustments to the Unit Collateral Value or the Eligible Lot Collateral Value as a result of such updated Appraisals will be made effective upon 30 days written notice from the Lender to Borrower setting forth the adjusted Unit Appraised Values or Eligible Lot Appraised Values based on the Lender's review of such reappraisals or valuations.

• Fail to hold Take-Out Commitments and/or Hedging Arrangements in an aggregate amount necessary to provide for the aggregate Unit Collateral Value of all Mortgage Loans included in the Warehouse Borrowing Base.

• Effective upon such a transfer of the classification of a Lot to a Unit, the Lot’s Collateral Value is automatically replaced on the Borrowing Base Report by the Unit Collateral Value with respect to such Lot.

• Advances shall be used only to pay or reimburse Borrower for costs, expenses and fees actually incurred by Borrower, and included in the respective Budget, and in connection with the reimbursement of land acquisition costs and the construction of the Intract Development Improvements or Units constituting Eligible Collateral; provided, however, in no event shall the Advances with respect to any Unit and its related Lot exceed the Unit Collateral Value thereof (as applicable).

• Upon FUNB's receipt of proceeds in an amount which is equal to or greater than the Unit Collateral Value of the Collateral so sold, FUNB's security interest in the Collateral shall terminate without further action.

More Definitions of Unit Collateral Value

Unit Collateral Value means, at the time of any determination, (a) with respect to any Eligible Mortgage Loan that is not a Relocation Mortgage Loan, HELOC Mortgage Loan, or an Aged Mortgage Loan, an amount equal to ninety-eight percent (98%) of the Collateral Value of such Mortgage Loan as of such date; (b) with respect to any Eligible Mortgage Loan that is a HELOC Mortgage Loan but not an Aged Mortgage Loan, an amount equal to ninety-six percent (96%) of the Collateral Value of such Mortgage Loan as of such date; (c) with respect to any Eligible Mortgage Loan that is a Relocation Mortgage Loan but not an Aged Mortgage Loan, an amount equal to ninety percent (90%) of the Collateral Value of such Mortgage Loan as of such date; (d) with respect to each Aged Mortgage Loan included in the Collateral (calculated from the date such Mortgage Loan was originally pledged to Lender) for more than 91 days but not in excess of 120 days, an amount equal to ninety percent (90%) of the Collateral Value of such Mortgage Loan as of such date; (e) with respect to each Aged Mortgage Loan included in the Collateral (calculated from the date such Mortgage Loan was originally pledged to Lender) for more than 121 days but not in excess of 150 days, an amount equal to eighty percent (80%) of the Collateral Value of such Mortgage Loan as of such date; (f) with respect to each Aged Mortgage Loan included in the Collateral (calculated from the date such Mortgage Loan was originally pledged to Lender) for more than 151 days but not in excess of 180 days, an amount equal to seventy percent (70%) of the Collateral Value of such Mortgage Loan as of such date; (g) with respect to each Aged Mortgage Loan included in the Collateral (calculated from the date such Mortgage Loan was originally pledged to Lender) for more than 180 days, the Unit Collateral Value of such Mortgage Loan shall be equal to zero, and (i) with respect to any Mortgage Loan that is not an Eligible Mortgage Loan, its Unit Collateral Value shall be zero.

Unit Collateral Value means at any time, with respect to each Eligible Mortgage Loan included in the Borrowing Base, eighty-five percent (85%) of the unpaid principal balance thereof at such time.

Unit Collateral Value means, with respect to each Eligible ---------------------- Mortgage Loan contained in the Borrowing Base:

Unit Collateral Value means for each of the following types of Collateral included in the Warehouse Borrowing Base or the Working Capital Borrowing Base, as the case may be (provided that in the event that, on any day, a particular item of Collateral may be categorized as more than one type of Collateral, then the Unit Collateral Value with respect to such item of Collateral shall be the lowest of the Unit Collateral Values applicable to such item of Collateral):

Unit Collateral Value means with respect to each Unit, an amount equal to the difference between the Unit Appraised Value and the Cost to Complete, if any, of the Unit, as reasonably determined by Lender.

Unit Collateral Value means at any time,

Unit Collateral Value means, with respect to each Unit, the sum of (a) the Lot Allocation for the Unit and (b) the result obtained by subtracting the Lot Allocation for the Unit from the Maximum Allowed Advance (taking into account any applicable Reclassification Adjustment) for the Unit and then multiplying the difference by the Unit Completion Percentage.