Maximum Allowed Advance shall have the following meanings:
Maximum Allowed Advance means the maximum advance rate with respect to any Pre-Development, Land, Lot or Unit, with such rate being equal to the following:
Maximum Allowed Advance in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety as follows:
Examples of Maximum Allowed Advance in a sentence
With respect to each Finished Lot, an amount equal to the Maximum Allowed Advance with respect to such Lot.
With respect to Lots Under Development, the Maximum Allowed Advance shall be the lesser of (i) sixty percent (60%) of the Appraised Value, or (ii) sixty percent (60%) of the Total Cost.
With respect to Finished Lots, the Maximum Allowed Advance shall equal the lesser of (i) seventy percent (70%) of the Appraised Value, or (ii) seventy percent (70%) of the Total Cost.
With respect to Entitled Land, the Maximum Allowed Advance shall be the lesser of (i) fifty percent (50%) of the Appraised Value, or (ii) fifty percent (50%) of the Acquisition Cost.
With respect to Entitled Land, the Maximum Allowed Advance for such Entitled Land.
More Definitions of Maximum Allowed Advance
Maximum Allowed Advance shall have the following definition from and after the date hereof:
Maximum Allowed Advance shall have the following meanings: • Lots Under Development: The sum of all Advances and Reserved Allocations committed but not disbursed for said Lots shall not exceed the lesser of (i) fifty percent (50%) of Total Project Costs, or (ii) fifty percent (50%) of the Bulk Finished Lot Value for said Lots, subject to Lender’s approval.
Maximum Allowed Advance shall have the following meanings: ¡ Entitled Land: The sum of all Advances and Reserved Allocations committed but not disbursed for said Lots shall not exceed the lesser of (i) fifty percent (50%) of Total Project Costs, (ii) fifty percent (50%) of the Appraised Value for said Land, as determined by Lender from time to time based on its receipt of Appraisals, or (iii) fifty percent (50%) of the sales price (net of concessions) set forth in the Purchase Contract, subject to Lender’s approval. ¡ Lots Under Development: The sum of all Advances and Reserved Allocations committed but not disbursed for said Lots shall not exceed the lesser of (i) seventy percent (70%) of Total Project Costs, (ii) seventy percent (70%) of the Bulk Finished Lot Value for said Lots, or (iii) seventy percent (70%) of the sales price (net of concessions) set forth in the Purchase Contract, subject to Lender’s approval.
Maximum Allowed Advance has the meaning set forth in Section 5.4.
Maximum Allowed Advance means the following, provided, however, that in no event will the Maximum Allowed Advance for any Unit exceed 90% of the Unit Cost for that Unit:
Maximum Allowed Advance means as follows: PRESOLD HOMES The lesser of (A) eighty percent (80%) of the Base Appraisal, or (B) eighty percent (80%) of the sales price set forth in the Purchase Contract with respect to each applicable Presold Home, or (C) ninety percent (90%) of Total Costs. SPEC HOMES The lesser of (A) seventy-five percent (75%) of the Base Appraisal, or (B) ninety percent (90%) of Total Costs, provided, however, with respect to Home Loans for Spec Homes which remain outstanding after nine (9) months following the initial disbursement for such Home Loan, the Maximum Allowed Advance shall be sixty-five percent (65%) of the Base Appraisal.
Maximum Allowed Advance means the maximum amount to be advanced with respect to the Collateral within the Borrowing Base Collateral, with such amount being equal to the following: (a) as to the REO Collateral, an amount equal to 60% of the Appraised Value of the REO Collateral; and (b) as to the Note Collateral, an amount not to exceed 70% of the then-outstanding principal balance of the Underlying Loans, which amount shall not exceed 50% of the Appraised Value of the Underlying Loan Collateral. The Maximum Allowed Advance shall be determined by Lender in accordance with the terms and provisions of this Agreement.