Maximum Allowed Advance definition

Maximum Allowed Advance shall have the following meanings:

Maximum Allowed Advance means the following:

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:

Examples of Maximum Allowed Advance in a sentence

• Once the Collateral Value and the Maximum Allowed Advance are initially established for a particular item of Collateral, the Collateral Value and the Maximum Allowed Advance are not subject to increase (except as the result of reclassification of the Collateral and changes in the Completion Percentage), notwithstanding any subsequent Appraisal of the Borrowing Base and notwithstanding any increase in a Budget.

• 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.

• With respect to Entitled Land, the Maximum Allowed Advance for such Entitled Land.

• With respect to each Lot Under Development: (i) the Maximum Allowed Advance for such Lot MINUS the Land Allocation for such Lot, with the end result multiplied by the Completion Percentage; PLUS (ii) the Land Allocation for such Lot.

• With respect to each Unit, (i) the Maximum Allowed Advance (taking into account any applicable Reclassification Adjustment) for the Unit MINUS the Collateral Value of the related Finished Lot, with the end result multiplied by the Completion Percentage, PLUS (i) the Collateral Value of the related Finished Lot.

More Definitions of Maximum Allowed Advance

Maximum Allowed Advance in Section 1.1 of the Loan Agreement shall be replaced with the following:

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

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

Maximum Allowed Advance means, for any Eligible Asset, (a) the advance rate for such Eligible Asset as provided in Section 3.1(a) multiplied by (b) the Budgeted Cost of such Eligible Asset, subject, in each case, to the limitations set forth in Section 3.1(a) or otherwise in this Agreement.

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 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 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.