Qualified Purchase Contract definition

Qualified Purchase Contract means a Purchase Contract which (a) is in the form of the Model Purchase Contract with all Major Modifications approved by Administrative Agent; (b) is between Borrower and a purchaser that is not an Affiliate of Borrower; (c) is a legally enforceable, unconditional contract which contains no contingencies (other than a financing contingency) or other unexpired rescission or termination provision or period; (d) is in compliance with the Condominium Act and all applicable rules and regulations; (e) is not subject to rescission or avoidance by the purchaser thereunder as a result of Borrower’s failure to comply with the disclosure requirements of the Condominium Act; (e) is not the subject of a default by Borrower or the purchaser; (f) except for such amounts which may be refundable pursuant to a contingency or failure of condition, is the subject of a paid non-refundable deposit of at least three percent (3%) of the Purchase Price (provided, however, with respect to all cash deals, such deposit must be at least 5% and for deals which will be 100% financed, such deposit must be at least $2,500) and such sum is held in the Condominium Escrow; (g) without limiting the provisions of Section 9.15, specifies a Purchase Price equal to or greater than the applicable Minimum Sales Price set forth on Schedule 1(b); and (h) if it is to be financed by a third party lending institution, then the purchaser thereunder has received “pre-approval” for a mortgage by an FNMA-approved lender. Such “pre-approval” means that such lender has reviewed and approved purchaser’s credit, income, and funds to close and final approval is contingent only upon (i) lender obtaining an appraisal, (ii) the purchaser providing documentation to evidence representations made to lender, and (iii) other typical and customary closing requirements of such FNMA approved lender.
Sample 1
Qualified Purchase Contract shall be defined as a contract receivable or collateral note owned by Seller that is not in default or is not subject to any of the specific events described in Paragraph 7 herein. Escrow Agent shall notify the Buyer of the demand. If Seller fails to provide a Qualified Purchase Contract of the same or greater value (such qualification and value to be determined by Seller) within 15 days after demand, then Escrow Agent shall notify Seller and the Buyer in writing of the failure. In the event the Seller submits a Qualified Purchase Contract from the reserve pool described above, the Seller shall restore the reserve pool to the $50,000.00 level described hereinabove. Escrow Agent is not required to do more than send the demand and other notices described in this Agreement, and in particular is not required to bring suit or otherwise take any action with respect to any failure to respond to written notices or demands.
Sample 1Sample 2
Qualified Purchase Contract means with respect to Units in the Residential Component (a) each of the contracts listed on Exhibit D, provided no defaults exist thereunder and the same is in full force and effect for the purchase of a Unit or (b) such other or substitute contract for the purchase of a Unit which is in full force and effect and meets the following criteria: (i) is in substantially the form previously submitted to and accepted by Administrative Agent; (ii) is with an unaffiliated third-party purchaser purchasing no more than two (2) Units (except as described herein); (iii) pursuant to which the purchaser of such Unit, in accordance with the provisions of such contract, has placed into escrow or delivered to Borrower or Guarantor an Xxxxxxx Money Deposit and requiring a Framing Deposit; (iv) contains no major contingencies (other than construction of the Improvements and customary inspection, and title); and (v) the Administrative Agent has received a fully executed copy of the contract. The Administrative Agent acknowledges that all of the contracts currently listed on Exhibit D constitute "Qualified Purchase Contracts."
Sample 1

Examples of Qualified Purchase Contract in a sentence

  • The Parking Space Release Price from any sale or conveyance of a Parking Space other than pursuant to a Qualified Purchase Contract shall be paid to the Mortgage Loan Administrative Agent and applied to reduce the principal outstanding balance under the Mortgage Loan until such time as the Mortgage Loan has been repaid in full.


More Definitions of Qualified Purchase Contract

Qualified Purchase Contract means (i) each of the contracts listed on Exhibit D, provided the same is in full force and effect for the purchase of a Unit or (ii) such other or substitute contract for the purchase of a Unit which is in full force and effect and meets the following criteria: (a) is in substantially the form previously submitted to and accepted by Administrative Agent; (b) is with an unaffiliated third-party purchaser; (c) pursuant to which the purchaser of such Unit, in accordance with the provisions of such contract, has placed into escrow or delivered to Borrower or Guarantor a non-refundable xxxx Xxxxxxx Money Deposit equal to at least 15% of the purchase price; (d) contains no major contingencies (other than construction of the Improvements and customary inspection, title and financing contingencies); and (e) the Administrative Agent has received a fully executed copy of the contract.
Sample 1
Qualified Purchase Contract means with respect to Units in the Residential Component (a) each of the contracts listed on Exhibit D, provided no defaults exist thereunder and the same is in full force and effect for the purchase of a Unit or (b) such other or substitute contract for the purchase of a Unit which is in full force and effect and meets the following criteria: (i) is in substantially the form previously submitted to and accepted by Administrative Agent; (ii) is with an unaffiliated third--party purchaser purchasing no more than two (2) Units (except as described herein); (iii) pursuant to which the purchaser of such Unit, in accordance with the provisions of such contract, has placed into escrow or delivered to Borrower or Guarantor a non--refundable xxxx Xxxxxxx Money Deposit equal to at least 15% of the purchase price; (iv) contains no major contingencies (other than construction of the Improvements and customary inspection, and title); and (v) the Administrative Agent has received a fully executed copy of the contract. The provisions of (ii) above notwithstanding, up to five (5) Units may be sold to Purchasers affiliated with Borrower and up to 10 Units may be purchased by Exclusive Resorts, Inc. pursuant to agreements reasonably acceptable to Administrative Agent and still be classified as Qualified Purchase Contracts hereunder. The Administrative Agent acknowledges that all of the contracts currently listed on Exhibit D constitute "Qualified Purchase Contracts."
Sample 1

Related to Qualified Purchase Contract

  • Purchase Contract means, with respect to any Unit, the contract forming a part of such Unit and obligating the Company to (i) sell, and the Holder of such Unit to purchase, shares of Common Stock and (ii) pay the Holder thereof Contract Adjustment Payments, in each case on the terms and subject to the conditions set forth in Article 5 hereof.

  • Purchase Contract Agreement has the meaning specified in the Recitals.

  • Qualified Purchaser has the meaning assigned to such term in Section 12.06(e).

  • PURCHASE CONTRACTCONTINUATIONPURCHASE CONTRACT 101018 REVISION: 220 Page 45 of 210ITEMEA 1034-0632-001DX-C9PAM ASSEMBLY INSTALLATION KITHQ0006-01-C-0001/HQ0006-01-C-00010083QUANTITY UM PART NUMBERVENDOR P/N DESCRIPTIONCUSTOMER / PRIME CONTRACT NUMBER PRIORITY RATING FUNDED UNIT PRICE FUNDED EXTENDED PRICE101111111111Quantity OrderedItem Reference: Definitized price included in Line Item 0078Ship This Item Only To: See Attachment A120,VHAP1H03*040PROJECT CCNTRUE MANUFACTURER675784Item Unit Value: $0.0000 Value Code: FItem Note: Kits for IDC-6, IDC-7, IDC-8, IDC-9, XXX-00, XXX-00, XXX-00, XXX-00, XXX-00, XXX-00$0.0000 $0.000015-SEP-0415-OCT-0415-NOV-0414-DEC-0414-JAN-0514-FEB-0514-MAR-0515-APR-0516-MAY-0514-JUN-05Scheduled Delivery Date

  • Purchase Contract Settlement Fund has the meaning specified in Section 5.5.

  • Deferred Purchase Price shall have the meaning set forth in Section 2(a).

  • Purchase Contract Settlement Date means [ ].

  • Accelerated Purchase Date means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, the Business Day immediately following the applicable Purchase Date with respect to the corresponding Regular Purchase referred to in Section 2(b) hereof.

  • Allocated Purchase Price means with respect to each Purchaser, the dollar amount set forth opposite such Purchaser’s name under the heading “Allocated Purchase Price” on Schedule A hereto.

  • Treasury Portfolio Purchase Price means the lowest aggregate price quoted by a primary U.S. government securities dealer in New York City to the Quotation Agent on the third Business Day immediately preceding the Tax Event Redemption Date for the purchase of the Treasury Portfolio for settlement on the Tax Event Redemption Date.

  • Accelerated Purchase Price means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, the lower of ninety-seven percent (97%) of (i) the VWAP for the period beginning at 9:30:01 a.m., Eastern time, on the applicable Accelerated Purchase Date, or such other time publicly announced by the Principal Market as the official open (or commencement) of trading on the Principal Market on such applicable Accelerated Purchase Date (the "Accelerated Purchase Commencement Time"), and ending at the earliest of (A) 4:00:00 p.m., Eastern time, on such applicable Accelerated Purchase Date, or such other time publicly announced by the Principal Market as the official close of trading on the Principal Market on such applicable Accelerated Purchase Date, (B) such time, from and after the Accelerated Purchase Commencement Time for such Accelerated Purchase, that the total number (or volume) of shares of Common Stock traded on the Principal Market has exceeded the applicable Accelerated Purchase Share Volume Maximum, and (C) such time, from and after the Accelerated Purchase Commencement Time for such Accelerated Purchase, that the Sale Price has fallen below the applicable Accelerated Purchase Minimum Price Threshold (such earliest of (i)(A), (i)(B) and (i)(C) above, the "Accelerated Purchase Termination Time"), and (ii) the Closing Sale Price of the Common Stock on such applicable Accelerated Purchase Date (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

  • Installment sale contract or "contract" means an agreement for the retail sale of a motor vehicle, or that has a similar purpose or effect, under which part or all of the price is payable in 2 or more scheduled payments subsequent to the making of the agreement or under which the obligor undertakes to make 2 or more scheduled payments or deposits that can be used to pay part or all of the purchase price, whether or not the seller has retained a security interest in the motor vehicle or has taken collateral security for the buyer's obligation, and any extension, deferment, renewal, or other revision of that agreement. The terms include a loan, mortgage, conditional sale contract, purchase-money chattel mortgage, hire-purchase agreement, or

  • Restricted Purchase means any payment on account of the purchase, redemption or other acquisition or retirement of any capital stock or other securities of, the Borrower.

  • Adjusted Purchase Price has the meaning set forth in Section 2.2.

  • Sale Contract means a contract providing for the sale of one or more projects to one or more contracting parties and includes a contract providing for payment of the purchase price in one or more installments. If the sale contract permits title to the project to pass to the other contracting party or parties prior to payment in full of the entire purchase price, it shall also provide for the other contracting party or parties to deliver to the municipality or to the trustee under the indenture pursuant to which the bonds were issued one or more notes, debentures, bonds or other secured or unsecured debt obligations of such contracting party or parties providing for timely payments, including without limitation, interest thereon for the balance of the purchase price at or prior to the passage of such title.

  • Retail installment transaction means any transaction in which a retail buyer purchases goods or services from a retail seller pursuant to a retail installment contract or a retail charge agreement that provides for a time price differential and under which the buyer agrees to pay the unpaid balance in 1 or more installments. Retail installment transaction does not include a rental-purchase agreement as defined in section 2 of the rental-purchase agreement act, 1984 PA 424, MCL 445.952.

  • Underlying Securities means any securities issuable on conversion, exchange or exercise of compensation securities.

  • Accelerated Purchase Share Amount means, with respect to an Accelerated Purchase made pursuant to Section 2(b) hereof, the number of Purchase Shares directed by the Company to be purchased by the Investor in an Accelerated Purchase Notice, which number of Purchase Shares shall not exceed the lesser of (i) 300% of the number of Purchase Shares directed by the Company to be purchased by the Investor pursuant to the corresponding Regular Purchase Notice for the corresponding Regular Purchase referred to in clause (i) of the second sentence of Section 2(b) hereof (subject to the Purchase Share limitations contained in Section 2(a) hereof) and (ii) an amount equal to (A) the Accelerated Purchase Share Percentage multiplied by (B) the total number (or volume) of shares of Common Stock traded on the Principal Market during the period on the applicable Accelerated Purchase Date beginning at the Accelerated Purchase Commencement Time for such Accelerated Purchase and ending at the Accelerated Purchase Termination Time for such Accelerated Purchase.

  • Purchase Confirmation A letter agreement, substantially in the form of Exhibit B hereto, executed by Countrywide and the Purchaser in connection with the purchase and sale of each Mortgage Loan Package, which sets forth the terms relating thereto including a description of the related Mortgage Loans (including the Mortgage Loan Schedule), the purchase price for such Mortgage Loans, the Closing Date and the Servicing Fee Rate.

  • Combined Purchase Price shall have the meaning ascribed to such term in Section 2.1(b).

  • Designated Purchaser has the meaning set forth in Section 7.11(b).

  • Failed Remarketing Condition—Purchased VRDP Shares Redemption means redemption by the Corporation, at a redemption price equal to $100,000 per share plus accumulated but unpaid dividends thereon (whether or not earned or declared) to, but excluding, the date fixed by the Board of Directors for redemption, of shares of a Series of VRDP Shares that the Liquidity Provider shall have acquired pursuant to the Purchase Obligation and continued to be the beneficial owner of for federal income tax purposes for a continuous period of six (6) months during which such VRDP Shares are tendered for Remarketing on each Business Day in accordance with the Related Documents but cannot be successfully remarketed (i.e., a Failed Remarketing Condition-Purchased VRDP Shares shall have occurred and be continuing for such period of time with respect to such VRDP Shares), determined by the Corporation on a first-in, first-out basis, in accordance with and subject to the provisions of the Fee Agreement and these Articles Supplementary.

  • Failed Remarketing Condition—Purchased VRDP Shares means that the Liquidity Provider acquires and continues to be the beneficial owner for federal income tax purposes of any shares of a Series of VRDP Shares in connection with purchases made pursuant to the Purchase Obligation (whether as a result of an unsuccessful Remarketing or a Mandatory Purchase) on any Purchase Date, including shares of a Series of VRDP Shares that the Liquidity Provider continues to be the beneficial owner of for federal income tax purposes after the expiration or termination of the VRDP Shares Purchase Agreement.

  • Net Share Settlement means the settlement method pursuant to which an exercising Warrantholder shall be entitled to receive from the Company, for each Warrant exercised, a number of shares of Common Stock equal to the Net Share Amount without any payment therefor.

  • Early Settlement Amount has the meaning specified in Section 5.9(a).

  • Share Settlement means a number of shares of Class A Common Stock equal to the number of Redeemed Units.