Conversion of Spec Units. If a Spec Unit is reclassified as a Presold Unit (by reason of the execution and delivery of a Purchase Contract), such Unit may be included in Eligible Collateral as a Presold Unit for not more than twelve (12) Calendar Months from the original Unit Eligibility Date of such Unit and, on reclassification, such Presold Unit will be subject to a Reclassification Adjustment.
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 Spec Units. If a Spec Unit is reclassified as a Presold Unit (by reason of the execution and delivery of a Purchase Contract), such Unit may be included in Eligible Collateral as a Presold Unit for not more than twelve (12) Calendar Months from the original Unit Eligibility Date of such Unit and, on reclassification, such Presold Unit will be subject to a Reclassification AdjustmentUnit.
Appears in 1 contract
Samples: Borrowing Base Revolving Line of Credit Agreement (William Lyon Homes)
Conversion of Spec Units. If a Spec Unit is reclassified as a Presold Unit (by reason of the execution and delivery of a Purchase Contract), such Unit may be included in Eligible Collateral as a Presold Unit for not more than twelve (12) 12 Calendar Months from the original Unit Eligibility Date of such Unit as a Spec Unit and, on reclassification, such Presold Unit will be subject to a Reclassification Adjustment.
Appears in 1 contract
Samples: Udc Master Revolving Line of Credit Loan Agreement (Borrowing Base) (Udc Homes Inc)
