Homes Under Construction definition

Homes Under Construction means, collectively, as of any date of determination, Sold Homes, Speculative Units and Model Homes that are unencumbered by any Lien or Liens (other than Permitted Encumbrances).
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Homes Under Construction means Units for which Borrower has satisfied all of the requirements and conditions set forth in Section 4.05, but less than all of the conditions and requirements set forth in Section 4.06.
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Examples of Homes Under Construction in a sentence

  • All Homes Under Construction meet all of the requirements in this Agreement to be Eligible Real Property Collateral.

  • Each Appraisal of Borrower Real Property that are Homes Under Construction or Model Homes will be at least a “FNMA plan type appraisal”.

  • Borrower shall have submitted to Administrative Agent a request in the form of Exhibit “J” to include in the Borrowing Base as Homes Under Construction portions of the Borrower Real Property as set forth in such request.

  • In the case of Unsold Homes Under Construction, the appraised values shall be determined on a completed value basis.

  • Homes Under Construction, excluding the Book Value of model homes, shall not at any time exceed thirty percent (30%) of Adjusted Tangible Net Worth.

  • Borrower shall have provided to Administrative Agent, and Majority Lenders shall have approved, all documents and information required pursuant to Sections 4.02, 4.03 and 4.04, with respect to the applicable portion of the Borrower Real Property is included as Homes Under Construction for purposes of the Borrowing Base.

  • Such request and all other documents and instruments described in Sections 4.02, 4.03, 4.04 and 4.05 shall be submitted with the Borrowing Base Report in which Borrower intends to include such portion of the Borrower Real Property in the Borrowing Base as Homes Under Construction.

  • The Borrower and its Restricted Subsidiaries will have the option to deliver Mortgages on Unsold Homes Under Construction to the extent they desire to include such Unsold Homes Under Construction in the Borrowing Base.

  • Collectively, models, unsold finished Homes (less than one year old) and Unsold Homes Under Construction and the lots on which they are located.

  • No Default shall have occurred and be continuing on and as of the date that each portion of the Borrower Real Property is included as Homes Under Construction for purposes of the Borrowing Base.