Conversion of Presold Units. If a Presold Unit is reclassified as a Spec Unit, such Spec Unit may be included in Eligible Collateral for not more than twelve (12) Calendar Months from the Unit’s original Unit Eligibility Date as a Unit and, on reclassification, such Spec Unit will be subject to a Reclassification Adjustment; provided, however, that no such Spec Unit will be entitled to be included in Eligible Collateral if the effect of inclusion would be to cause the limitations of Section 3.6 to be exceeded.
Appears in 2 contracts
Samples: Borrowing Base Revolving Line of Credit Agreement (William Lyon Homes), Borrowing Base Revolving Line of Credit Agreement (William Lyon Homes)
Conversion of Presold Units. If a Presold Unit is reclassified as a Spec Unit, such Spec Unit may be included in Eligible Collateral for not more than twelve (12) 12 Calendar Months from the Unit’s 's original Unit Eligibility Date as a Unit and, on reclassification, such Spec Unit will be subject 45 to a Reclassification Adjustment; provided, ; however, that no such Spec Unit will be entitled to be included in Eligible Collateral if the effect of inclusion would be to cause the limitations of Section 3.6 4.5(a) to be exceeded.
Appears in 1 contract
Samples: Udc Master Revolving Line of Credit Loan Agreement (Borrowing Base) (Udc Homes Inc)
Conversion of Presold Units. If a Presold Unit is reclassified as a Spec Unit, such Spec Unit may be included in Eligible Collateral for not more than twelve (12) Calendar Months from the Unit’s original Unit Eligibility Date as a Unit and, on reclassification, such Spec Unit will be subject to a Reclassification AdjustmentUnit; provided, however, that no such Spec Unit will be entitled to be included in Eligible Collateral if the effect of inclusion would be to cause the limitations of Section 3.6 to be exceeded.
Appears in 1 contract
Samples: Borrowing Base Revolving Line of Credit Agreement (William Lyon Homes)
