Speculative Unit definition

Speculative Unit any Completed Unit that is not a Unit under Contract.

Speculative Unit any Unit Under Construction that is not a Unit Under Contract and excluding all Model Units.

Speculative Unit means any Completed Unit that is neither a Sold Unit nor a Model Unit.

Examples of Speculative Unit in a sentence

• The portion of any Loan advance which pertains to a Lot comprising a Speculative Unit shall not exceed ninety percent (90%) of the lesser of (i) the price paid for such Lot by Borrower, or (ii) the Appraised Value for such Lot.

• Additionally, as required by the Existing Purchase Agreements, specifically the Section entitled "WARRANTIES", Purchaser shall arrange for delivery of a limited warranty issued by a third party warranty company, a copy of which limited warranty shall be provided to each Backlog Unit Purchaser on the closing of said Backlog Unit, as well as to any purchaser of any Speculative Unit.

• When a Speculative Unit becomes subject to a Contract it shall automatically convert to a Pre-Sold Unit and Borrower shall have the right to obtain Line of Credit advances up to the maximum amount permitted for a Pre-Sold Unit pursuant to subsections 2.1(a) and 2.1(b) hereof for that converted Unit.

• It is agreed that exceeding the applicable limit for Speculative Units is not an event of default and only Xxxxxxxx’x failure to curtail the Loan (as required) as it relates to any Speculative Unit over the limit shall be a Default hereunder.

• Notwithstanding the above, in the event the Lender does not agree in its sole and absolute discretion to extend the Maturity Date prior to September 30, 2004, the principal amount outstanding under the Loan on the Maturity Date with respect to any Pre-Sold Unit, Speculative Unit or Inventory Lot shall be due and payable on the earlier of (i) the date calculated in accordance with Paragraph 2.2(g) of the Loan Agreement as amended or (ii) the Maturity Date.

• Notwithstanding the above, in the event the Lender does not agree in its sole and absolute discretion to extend the Maturity Date prior to the date thereof, the principal amount outstanding under the Loan on the Maturity Date with respect to any Pre-Sold Unit, Speculative Unit or Inventory Lot shall be due and payable on the earlier of (i) the date calculated in accordance with Paragraph 2.2(g) of the Loan Agreement as amended or (ii) October 30, 1999.

• In the event of the cancellation of any Contract which results in the Speculative Unit Limit outlined in Section 2.2(f) hereof to be exceeded, then Xxxxxxxx shall, within ninety (90) days after such cancellation or default, reduce and curtail the outstanding principal balance of the Loan to a sixty percent (60%) loan-to-value with regard to the unit or units over such limit, provided that Xxxxxxxx has not entered into a Contract with respect to such Unit within such ninety (90) day period.

• For warranty purposes, any Speculative Unit which is sold by Seller and for which the closing occurs prior to the Closing Date shall be deemed a Sold Unit hereunder.

• Purchaser agrees, as a material inducement to Seller to enter into this Agreement, to require the execution of the Addenda set forth at Exhibit M relating to sidewalks, docks, and mangroves, in connection with the sale of any Vacant Lot, Backlog Unit, or Speculative Unit.

• If Borrower has not obtained a replacement Contract by the end of the sixty (60) day period, Borrower shall immediately curtail the principal amount outstanding under the Line of Credit attributable to that Unit to the maximum amount permitted pursuant to subsections 2.1(a) and 2.1(b) hereof with regard to Speculative Units and that Unit shall be automatically converted back to Speculative Unit status if a replacement Contract is not obtained within the sixty (60) day period.

More Definitions of Speculative Unit

Speculative Unit means any Completed Unit that is not a Unit Under Contract. Speculative Units shall not include Model Units.

Speculative Unit means any FPSO or FSO (which may include a New Unit or a Unit Project) in relation to which:

Speculative Unit. A Unit not subject to a Contract including all model Units. Unit - A Lot and the Dwelling constructed thereon together with any common elements appurtenant thereto within the Project.

Speculative Unit means any Active Unit which is (i) not subject to an Agreement of Sale and (ii) not a Model Unit. Subsidiary of any person at any time shall mean (i) any corporation or trust of which more than 50% (by number of shares or number of votes) of the outstanding capital stock or shares of beneficial interest normally entitled to vote for the election of one or more directors or trustees (regardless of any contingency which does or may suspend or dilute the voting rights) is at such time owned directly or indirectly by such person or one or more of such person's Subsidiaries, or any partnership of which such person is a general partner, or of which more than 50% of the partnership interests are at the time directly or indirectly owned by such person or one or more of such person's Subsidiaries, and (ii) any corporation, trust, partnership or other entity which is controlled or capable of being controlled by such person or one or more of such person's Subsidiaries. Subsidiary Shares shall have the meaning assigned to such term in Section 6.1(c).

Speculative Unit any Unit Under Construction that is not a Unit Under Contract and excluding all Model Units. “Subordinated Debt”: (a) the Borrower’s subordinated Indebtedness listed on Schedule 4.21 hereto as Subordinated Debt, as the same may be amended from time to time pursuant to terms not substantially less subordinated to the Obligations than the Subordinated Debt being amended (as reasonably determined by the Borrower in good faith), and (b) any other Indebtedness of the Borrower or any other Loan Party which is subordinated to the Obligations at all times (including in respect of any amendment or modification thereto) pursuant to terms not substantially less subordinated to the Obligations than any then- outstanding Subordinated Debt (as reasonably determined by the Borrower in good faith). “Subsidiary”: as to any Person, a corporation, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such

Speculative Unit means any Housing Unit that, on any Determination Date, in not a Backlong Unit or a Model.