Unit Loan definition

Unit Loan means a loan in the initial principal amount of $32,000 per Unit advanced by the Lender to each qualified Subscriber who applies for and is granted a loan for the purpose of funding a portion of the Initial Subscription Price, and includes all Additional Unit Loan Advances made to the Subscriber;
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Examples of Unit Loan in a sentence

  • Each Unit Loan Budget shall be attached hereto and made a part of EXHIBIT “B” and shall supersede the Pro Forma Unit Budget as to the specified Unit.

  • Each Unit Loan Budget includes an interest reserve out of which the Lender shall automatically pay the monthly interest cost of each Loan when and as such interest payments are due under the Note up to the maximum amount specified in the applicable Unit Loan Budget.

  • Developer may not use the Coach Contingency or any proceeds of the Coach Unit Loan to pay such amount to the Coach Member or to “cover” such amount.

  • In no event shall Developer utilize or claim any portion of the Coach Unit Loan to fund or pay for any change(s) requested by Developer on behalf of or for the primary benefit of any Member (other than the Coach Member).

  • The aggregate net Total Coach Change Cost of implementing all Coach Change Orders will be added to, or subtracted from, Coach Total Development Costs as further provided in Section 10.01 and, if so added to Coach Total Development Costs, shall be funded by the Coach Member or through the Coach Unit Loan as part of Coach Total Development Costs and the Coach Costs Cap shall be adjusted accordingly as provided in Section 10.07.

  • Not to exceed the lesser of (i) sixty-nine percent (69%) of the appraised discounted value of the Unit, (ii) sixty percent (60%) of the gross retail value of the Unit, (ii) one hundred percent (100%) of the actual “Hard” and “Soft” Costs of construction for the Unit, and (iii) the aggregate approved Hard and Soft Costs per the applicable Unit Loan Budget.

  • As to Speculative Units, the amount when added to the Lot Acquisition Costs Advance for that applicable Unit that does not exceed the lesser of (i) sixty percent (60%) of the “as-if completed” appraised value of the Unit, (ii) sixty-nine percent (69%) of the of the actual aggregate Acquisition and Construction Costs for the Unit, and (iii) the aggregate approved Construction Costs for a Speculative Unit per the applicable Unit Loan Budget.

  • The obligations of Developer under this Section 10.02 are guaranteed by the Related/Oxford Guarantor subject to and in accordance with the Related/Oxford Guaranty and neither Developer nor the Building C JV nor the Fund Member may use or permit the use of the Coach Contingency or any portion of the Coach Unit Loan to pay any such costs or to “cover” such amount.

  • The Partnership shall use its contacts and resources, and shall use reasonable commercial efforts, to assist the Unit Holders in obtaining a non- recourse loan (the "Unit Loan") from a third party secured by the Units, which loan shall be in an amount equal to the Unit Loan Amount.

  • Borrower and Lender agree that, unless the context otherwise specifies or requires, the following terms shall have the meanings herein specified, such definitions to be applicable equally to the singular and the plural forms of such terms and to all genders: Acquisition Costs - The Acquisition Costs as shown on that line item of the Unit Loan Budget for each Unit.