Spec Unit definition

Spec Unit means any Housing Unit owned by the Borrower or any Guarantor that is not a Presold Unit or a Model Unit.

Spec Unit means a Unit constructed for the purpose of addition to Borrower’s or a Project Owner’s inventory of Units and which is not subject to a Purchase Contract and is not a Model Unit.

Spec Unit means any Housing Unit owned by Borrower or any Guarantor that is not a Presold Unit or a Model Unit.

Examples of Spec Unit in a sentence

• A failure to comply with the Spec Unit Inventory Test shall not be an Event of Default or a Default, but there shall be excluded from the Borrowing Base, as of the last day of the quarter in which such non-compliance occurs, any excess Spec Units.

• A failure to comply with the Spec Unit Inventory Test shall not be an Event of Default or a Default, but there shall be excluded from the Borrowing Base, as of the last day of the quarter in which such non-compliance occurs, any excess Spec Units as selected by Borrower.

• A Presold Unit no longer subject to a Purchase Contract will be deemed to be a Spec Unit as of the date the Unit is no longer subject to a Purchase Contract.

• If a Presold Unit is reclassified as a Spec Unit (by reason of the termination of a Purchase Contract), such Unit shall be included in the Borrowing Base as a Spec Unit and, on reclassification, such Spec Unit will be subject to a Reclassification Adjustment.

• If a Spec Unit is reclassified as a Presold Unit (by reason of the execution and delivery of a Purchase Contract), such Unit shall be included in the Borrowing Base as a Presold Unit and, on reclassification, such Presold Unit will be subject to a Reclassification Adjustment.

More Definitions of Spec Unit

Spec Unit means a Unit constructed for the purpose of addition to Borrower's inventory of Units and which is not subject to a Purchase Contract.

Spec Unit means a Unit constructed for the purpose of addition to Borrower's inventory of Units and not subject to a Purchase Contract. A Unit that is not a Presold Unit or a Model Unit shall be deemed a Spec Unit.

Spec Unit means a Unit constructed for the purpose of addition to the Borrower's or a Guarantor's inventory of Units that does not otherwise qualify as a Pre-Sold Unit and is not a Model Unit; provided, however, that a Unit shall constitute a Spec Unit only upon Commencement of Construction.

Spec Unit means any Unit for which construction has commenced (including construction of foundations) and which is not a Model Unit or a Sold Unit.

Spec Unit means any Unit under construction that is not Sold Inventory or a Model Unit.

Spec Unit means a Unit for which a Firm Contract has not been executed.

Spec Unit means any Unit, other than a Model Unit, which is not subject to a Sales Agreement.