Spec Houses. The amount equal to ninety percent (90%) of the Total Cost of such Spec House. Eighteen (18) months after any Spec House has been included as Borrowing Base Property, the Maximum Credit Amount for such Spec House shall decrease to amount equal to seventy-five percent (75%) of the Total Cost of such Spec House. Twenty-four (24) months after any Spec House has been included as Borrowing Base Property, the Maximum Credit Amount for such Spec House shall further decrease to amount equal to fifty percent (50%) of the Total Cost of such Spec House.
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Samples: Modification Agreement (Century Communities, Inc.), Modification Agreement (Century Communities, Inc.), Credit Agreement (Century Communities, Inc.)
Spec Houses. The amount equal to ninety percent (90%) of the Total Cost of such Spec House. Eighteen (18) months ; provided, that, from and after any the date on which a Spec House has been included as Borrowing Base PropertyProperty for a period of twenty four (24) consecutive months, the Maximum Credit Amount for such Spec House shall decrease to amount equal to seventy-five zero percent (75%) of the Total Cost of such Spec House. Twenty-four (24) months after any Spec House has been included as Borrowing Base Property, the Maximum Credit Amount for such Spec House shall further decrease to amount equal to fifty percent (500%) of the Total Cost of such Spec House.
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