Maximum Allowed Advance definition

Maximum Allowed Advance shall have the following meanings:

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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 to add the following subsection (f):

Examples of Maximum Allowed Advance in a sentence

Pre-Development Land in each Approved Subdivision may be included in the Borrowing Base as Eligible Collateral for a period of not more than twelve (12) Calendar Months after the applicable Approved Subdivision Closing Date, subject to the Maximum Allowed Advance limitations for the aggregate amount of the Commitment Amount applicable to the Pre-Development Land for such Approved Subdivision.
Any such waiver of any condition precedent in connection with the approval of a Subdivision as an Approved Subdivision or in connection with the qualification of any Collateral as Eligible Collateral pursuant to this Agreement, may be conditioned upon such terms and conditions as Lender may require, including without limitation, a decrease in the Maximum Allowed Advance Rates with respect to any such Eligible Collateral.
With respect to Lots, from time to time, Administrative Agent may also require information concerning construction of the Units, including, without limitation, the status of construction of Units, a detailed breakdown of construction, the costs expended to date for such construction, the Maximum Allowed Advance, and an itemized estimate of the amount necessary to complete construction of Units.
The aggregate Maximum Allowed Advance with respect to all Lots included in the Borrowing Base will not at any one time exceed the lesser of (i) the Applicable Land Percentage of the total Maximum Allowed Advances of the Eligible Collateral in the Borrowing Base, or (ii) 50% of the Commitment.
In all events no later than the next Business Day following the closing of a sale of a Unit or Lot, Borrower will pay or cause to be paid to Administrative Agent the greater of the following (the “Release Payment”): (i) the Maximum Allowed Advance for such Unit or Lot, or (ii) 100% of the Net Sales Proceeds for such Unit or Lot.

More Definitions of Maximum Allowed Advance

Maximum Allowed Advance shall have the following definition from and after the date hereof:

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 set forth in Section 1.1 of the Loan Agreement is deleted in its entirety and replaced with the following:

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.

Maximum Allowed Advance has the meaning set forth in Section 5.4.

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 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.