Housing Inventory. Permit the number of Speculative Housing Units, as at the end of any fiscal quarter, to exceed the greater of (a) the number of Housing Unit Closings occurring during the period of twelve (12) months ending on the last day of such fiscal quarter, multiplied by thirty percent (30%) or (b) the number of Housing Unit Closings occurring during the period of six (6) months ending on the last day of such fiscal quarter, multiplied by seventy percent (70%).
Housing Inventory. The Borrower shall not permit the number of Speculative Housing Units and Model Housing Units, as at the end of any fiscal quarter, to exceed the product of (i) the number of Housing Units closed during the period of six (6) months ending on the last day of such fiscal quarter, on an annualized basis, multiplied by (ii) forty-five percent (45%).
Housing Inventory. As of the end of each fiscal quarter of the Borrower, permit the number of Unsold Vertical Units to exceed the greater of (i) the number of Housing Unit Closings occurring during the period of twelve months ending on the last day of such fiscal quarter multiplied by 35% or (ii) the number of Housing Unit Closings occurring during the period of six months ending on the last day of such fiscal quarter multiplied by 70%.
Housing Inventory. The Borrower will not at any time permit the number of Inventory Housing Units to exceed twenty-five percent (25%) of the number of Housing Unit Closings during the preceding twelve (12) months.
Housing Inventory. The Borrower shall not, and shall not permit any Loan Party or Subsidiary to, permit the aggregate number of Speculative Housing Units and Model Housing Units included in the Borrowing Base, as at the end of any fiscal quarter, to exceed the number of Housing Unit Closings occurring during the period of twelve (12) months ending on the last day of such fiscal quarter multiplied by forty percent (40%). Notwithstanding anything to the contrary contained in this Agreement and the other Loan Documents, at all times the Parent Guaranty is in effect, the financial covenants set forth in this Section 10.1 shall be calculated and based on the consolidated financial position of the Parent and its Subsidiaries, and all references to “Borrower” in this Section 10.1 and the definitions used therein shall be deemed to be references to Parent.
Housing Inventory. Subsection 7.13 is hereby amended and restated in its entirety as follows:
Housing Inventory. Holdings and Borrower shall not permit the sum of the Speculative Units plus the Model Units to exceed twenty-five (25%) of the aggregate number of unit sales, as measured during the last twelve (12) month period at the end of each fiscal year.
Housing Inventory. In the event that the Leverage Ratio exceeds 1.00:1, then the sum of the Speculative Units plus the Model Units shall not exceed thirty-five percent (35%) of the aggregate number of unit closings, as measured during the last twelve (12) month period at the end of each fiscal year. For the avoidance of doubt, this covenant supersedes the Third Amendment to Credit Agreement and Consent and Waiver dated as of August 14, 2007, which, to the extent not incorporated herein, shall be extinguished and of no further force or effect.
Housing Inventory. (x) Prior to the Third Amendment Effective Date, the Borrower shall not permit the number of Speculative Housing Units and Model Housing Units, as at the end of any fiscal quarter, to exceed the product of (i) the number of Housing Units closed during the period of six (6) months ending on the last day of such fiscal quarter, on an annualized basis, multiplied by (ii) fifty percent (50%), and (y) from and after the Third Amendment Effective Date, the Borrower shall not permit the number of Speculative Housing Units and Model Housing Units, as at the end of any fiscal quarter, to exceed the product of (i) the greater of (A) the number of Housing Units closed during the period of six (6) months ending on the last day of such fiscal quarter, on an annualized basis, and (B) the number of Housing Units closed during the period of twelve (12) months ending on the last day of such fiscal quarter, multiplied by (ii) fifty percent (50%).
Housing Inventory. All of the residential units, including single family homes and site condominiums, constructed or under construction on the Land for sale to the public for which the sale has not been consummated by the Effective Closing Date listed on EXHIBIT 1.26, which units shall be retained by Seller without an adjustment of the Purchase Price.
