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.

• The breach of the Spec Unit Inventory Test shall specifically not be an Event of Default or a Default under this Agreement (except that the same shall result in the exclusion of certain assets from the Borrowing Base to the extent provided for in Section 6.19(f)).

More Definitions of Spec Unit

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 any Unit on which vertical construction has commenced that is not a Sold Unit or a Model 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 dwelling units under development by Company and its Subsidiaries that have progressed beyond the foundation/slab/utility connection stage and are not subject to an executed contract of sale with a bona fide third party purchaser who has made a cash deposit with the appropriate Credit Party in an amount consistent with the Credit Parties' normal practices.

Spec Unit means a Unit that is not pre-sold (or as to which a Qualified Contract has been terminated), and that will be sold on the open market upon completion.

Spec Unit means a single-family dwelling unit (whether detached or attached) owned by a Restricted Company, including the land on which such dwelling is located, where construction has commenced and that is or will be available for sale.