New Floor Plan Units Sample Clauses
The "New Floor Plan Units" clause defines the terms and conditions under which newly introduced or modified unit layouts within a property or development are addressed in the agreement. Typically, this clause outlines how new unit types are incorporated into existing contracts, including any adjustments to pricing, availability, or allocation procedures. For example, if a developer adds a new apartment layout to a building, this clause would specify how those units are offered to buyers or tenants and how existing agreements may be amended to reflect the change. Its core function is to provide a clear process for handling changes to unit offerings, ensuring both parties understand their rights and obligations when new floor plans are introduced.
New Floor Plan Units. Except as provided in (1) Section 2.09(c) with respect to Eligible New Floor Plan Units subject to Floor Plan Loans advanced pursuant to Section 2.02(h), or (2) Section 2.09(e) with respect to Eligible New Floor Plan Units sold to FEMA (or other state or federal agencies) under the Hurricane Program, principal curtailments (repayments) relating to Floor Plan Loans for Eligible New Floor Plan Units shall be due as follows:
(i) All Eligible New Floor Plan Units. The entire balance owed on the Floor Plan Loan for any Eligible New Floor Plan Unit shall be due upon the earliest of (A) three Business Days after the receipt of proceeds from the sale of such Floor Plan Unit, (B) ten Business Days after the sale of such Floor Plan Unit, (C) 24 hours after such Floor Plan Unit ceases, for any reason, to qualify as an Eligible New Floor Plan Unit, or (D) Applicable Curtailment Date 730;
(ii) Eligible New Floor Plan Units from Tier One Manufacturers. In the case of any Eligible New Floor Plan Unit from a Tier One Manufacturer, if not previously sold or otherwise disposed of, 3% of the original principal amount of the Floor Plan Loan made as to such Floor Plan Unit will be due and payable on the 15th day of each month, commencing on (and including) Applicable Curtailment Date 365 and continuing thereafter through (and including) Applicable Curtailment Date 695;
New Floor Plan Units. Except as provided in (1) Section 2.07(c) with respect to Eligible New Floor Plan Units subject to Floor Plan Loans advanced pursuant to Section 2.02(h), or (2) Section 2.07(e) with respect to Eligible New Floor Plan Units sold to FEMA under the Hurricane Program, principal curtailments (repayments) relating to Floor Plan Loans for Eligible New Floor Plan Units shall be due as follows:
(i) All Eligible New Floor Plan Units. The entire balance owed on the Floor Plan Loan for any Eligible New Floor Plan Unit shall be due upon the earliest of (A) three Business Days after the receipt of proceeds from the sale of such Floor Plan Unit, (B) ten Business Days after the sale of such Floor Plan Unit, (C) 24 hours after such Floor Plan Unit ceases, for any reason, to qualify as an Eligible New Floor Plan Unit, or (D) Applicable Curtailment Date 730;
New Floor Plan Units. Except as provided in (1) Section 2.07(c) with respect to Eligible New Floor Plan Units subject to Floor Plan Loans advanced pursuant to Section 2.02(h), or (2) Section 2.07(e) with respect to Eligible New Floor Plan Units sold to FEMA under the Hurricane Program, principal curtailments (repayments) relating to Floor Plan Loans for Eligible New Floor Plan Units shall be due as follows:
New Floor Plan Units. Principal curtailments (repayments) relating to Borrowings for Eligible New Floor Plan Units shall be due as follows: (i) the entire balance owed on a Floor Plan Unit shall be due upon the earliest of (A) one Business Day from the receipt of proceeds from the sale of a Floor Plan Unit, (B) four Business Days from the sale of a Floor Plan Unit, (C) one Business Day after a Floor Plan Unit ceases, for any reason, to qualify as an Eligible New Floor Plan Unit, or (D) 18 months from the date of the original Borrowing made as to any specific Floor Plan Unit; and (ii) if not previously sold or otherwise disposed of, 10% of the original principal amount of the Borrowing made as to any specific Eligible New Floor Plan Unit will be due and payable 12 months from the date of the original funding of such Borrowing, and an additional 10% of the original principal amount of the Borrowing made as to such Floor Plan Unit will be due and payable 15 months from the date of the original funding of such Borrowing. For purposes of this Section 8.2(a), the date of sale shall be the earlier of the date on which the purchaser takes possession of a Floor Plan Unit, the date on which the purchaser otherwise acquires a legal right to a Floor Plan Unit, or the date the Company receives payment for the purchase of the Floor Plan Unit.