Unit Under Construction definition

Unit Under Construction a Unit where on-site construction has commenced as evidenced by the trenching of foundations for such Unit, other than a Unit Under Contract.
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Unit Under Construction a Unit where on-site construction has commenced as evidenced by the trenching of foundations for such Unit, other than a Unit Under Contract. “Unit Under Contract”: a Unit as to which the Borrower or Guarantor owning such Unit has entered into a bona fide contract of sale (a) in a form customarily employed by the Borrower or such Guarantor, (b) not more than twelve (12) months after the date of such contract and (c) with a Person who is not a Subsidiary or Affiliate. “Unrestricted Cash”: cash and Cash Equivalents of the Loan Parties that are free and clear of all Liens and not subject to any restrictions on the use thereof to pay Indebtedness and other obligations of the applicable Loan Party. “Unrestricted Subsidiary”: (a) each of the Subsidiaries listed as an Unrestricted Subsidiary on Schedule 4.12 hereto and (b) any other Subsidiary hereafter designated by the Borrower (evidenced by resolutions of the board of directors or the executive committee of the board of directors of the Borrower, delivered to the Administrative Agent, certifying that such designation does not violate any provision of this Agreement (including Section 7.4(g)) as an Unrestricted Subsidiary. “Unsold Owned Land”: all Real Property Inventory which is not a Unit Under Construction or Unit Under Contract, excluding such Real Property Inventory as to which the Borrower or a Guarantor has entered into a bona fide contract of sale with a Person who is not a Subsidiary or Affiliate. “Unsold Vertical Unit”: the sum of Model Units and Speculative Units (but excluding any Unit for which vertical construction has not commenced, as evidenced by any aspect of constructing a detached or attached single family house beyond the completion of the foundation or footer). “USD LIBOR”: the London interbank offered rate for U.S. dollars. “U.S. Government Securities Business Day” means any day except for (a) a Saturday or Sunday or (b) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. “Voting Stock”: with respect to any Person, securities of any class of Capital Stock of such Person entitling the holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the board of directors of such Person. “Write-Down and Conversion Power...
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Examples of Unit Under Construction in a sentence

  • Borrower shall have provided to CoBank a certificate of completion signed by the Architect, if any, and the General Contractor attesting to the completion of the Unit Under Construction in accordance with the Plans and Specifications for such Unit Under Construction.

  • Borrower shall promptly advise CoBank in writing of any notice to Borrower from any laborer, subcontractor or materialman to the effect that such laborer, subcontractor or materialman has not been paid when due for any labor or materials furnished in connection with the construction of any new Unit or Unit Under Construction.

  • Prior to each disbursement, to the extent such disbursement relates to the completion of a foundation, Borrower shall have provided to CoBank a current foundation endorsement to the Title Policy on the Unit Under Construction Premises, in form and substance satisfactory to CoBank, at the sole cost and expense of Borrower.

  • Borrower shall have submitted to CoBank all studies, investigations and reports obtained by Borrower with respect to environmental matters for the Unit Under Construction Premises.

  • Borrower shall have provided to CoBank evidence satisfactory to CoBank that Borrower has obtained all Permits that must be obtained in order to construct the Unit Under Construction, operate the Unit Under Construction for its intended purpose and for Borrower to perform its obligations under the Loan Documents, including without limitation, all approvals necessary for the use of all water rights owned by Borrower in the operation of such Unit Under Construction.

  • Borrower shall have provided CoBank with an ALTA improvement survey of the Unit Under Construction Premises for which activation of the Construction Loan Portion is requested.

  • With respect to each Unit (whether a new Unit or a Unit Under Construction), Borrower shall comply with each of the following provisions: The Plans and Specifications for each Unit will include all mechanical, electrical, structural and such other drawings as may be required to complete such Unit in accordance in all material respects with applicable building codes and recorded plats and will be a true, complete and accurate reflection of the Unit that Borrower will construct.

  • FOR A UNIT UNDER CONSTRUCTION CoBank's obligation to make the final Advance of the Construction Loan Portion applicable to any Unit Under Construction ("FINAL UNIT UNDER CONSTRUCTION ADVANCE"), is subject to satisfaction, in CoBank's sole discretion, of: (a) the conditions set forth in Sections 8.23, 8.24, 8.28 and 8.29 hereof, and (b) each of the following conditions precedent, as of the Advance Date: AS-BUILT SURVEY.

  • For the construction costs set forth in the Construction Budget for a new Unit or a Unit Under Construction, in excess of an amount, which, when added to all prior Advances under the Construction Loan for a particular new Unit or Unit Under Construction plus all Reserved Disputed Amounts, if any, reserved pursuant to Section 4.6, would exceed the Construction Loan Portion for such Unit or Unit Under Construction; or UNFUNDED DEFICIT.

  • The proceeds of the Construction Loan available to Borrower upon receipt of a Feeder Pig Unit Equity Tranche may be used by Borrower only to finance a portion of the costs of Borrower's construction (including the cost of acquiring the Construction Premises or Unit Under Construction Premises, as applicable, and the Breeding Stock), conducted in accordance with the terms of this Agreement, of a Feeder Pig Unit (whether new or a Unit Under Construction).

Related to Unit Under Construction

  • Completion of Construction means all the construction is complete except for minor weather-related components and conforms to the approved plans and specifications and change orders.

  • New construction means, for the purposes of determining insurance rates, structures for which the "start of construction" commenced on or after the effective date of an initial FIRM or after December 31, 1974, whichever is later, and includes any subsequent improvements to such structures. For floodplain management purposes, "new construction" means structures for which the "start of construction" commenced on or after the effective date of the floodplain management regulations adopted by a community and includes any subsequent improvements to such structures.

  • Original construction ’ shall mean the first or initial construction

  • Commenced Construction means (a) all of the following site preparation work is completed: ingress and egress routes exist; the site on which the Project will be located is cleared and graded; there is power service to the site; footings are prepared; and foundations have been poured consistent with purchased equipment specifications and project design; or (b) the following financial commitments have been made: (i) (A) an engineering, procurement, and construction contract (“EPC”) has been executed by all parties and is effective; or (B) contracts (collectively, “EPC Equivalents”) for all of the following have been executed by all parties and is effective: (1) project engineering, (2) procurement of all major equipment, and (3) construction of the Project, and (ii) the cumulative payments made by the Developer under the EPC or EPC Equivalents to the counterparties to those respective agreements is equal to at least thirty (30) percent of the total costs of the EPC or EPC Equivalents.

  • Cost of Construction means the total cost to Owner of those portions of the entire Project designed or specified by the Design Professional. Cost of Construction does not include the Design Professional's compensation and expenses and Owner's expenses associated with the Project or the cost of other services to be provided by others to the Owner.

  • Commencement of Construction means the commencement of construction of foundation components or elements (such as footings, rafts or piles) for the home.

  • Building construction means any physical activity on the site involved in the erection of a structure, cladding, external finish, formwork, fixture, fitting of service installation and the unloading of plant, machinery, materials or the like.

  • Residential construction means construction on single-family or two-family dwellings occupied or used, or intended to be occupied or used, primarily for residential purposes, and includes real property pursuant to chapter 499B.

  • Pipeline Construction means a substantial disturbance to agricultural land associated with installation, replacement, removal, operation or maintenance of a pipeline, but shall not include work performed during an emergency. Emergency means a condition where there is clear and immediate danger to life or health, or essential services, or a potentially significant loss of property. When the emergency condition ends, pipeline construction will be in accordance with these rules.

  • Start of construction means the date the development permit was issued, provided the actual start of construction, repair, reconstruction, or improvement was within 180 days of the permit date. The actual start means the first placement of permanent construction of the structure such as the pouring of slabs or footings, installation of piles, construction of columns, or any work beyond the stage of excavation, and includes the placement of a manufactured home on a foundation. (Permanent construction does not include initial land preparation, such as clearing, grading and filling; nor does it include the installation of streets and/or walkways; nor does it include excavation for a basement, footings, piers or foundations or the erection of temporary forms; nor does it include the installation on the property of buildings appurtenant to the permitted structure, such as garages or sheds not occupied as dwelling units or part of the main structure. (NOTE: accessory structures are NOT exempt from any ordinance requirements) For a substantial improvement, the actual start of construction means the first alteration of any wall, ceiling, floor, or other structural part of a building, whether or not that alteration affects the external dimensions of the building.

  • Commence Construction means that an owner or operator has either undertaken a continuous program of construction or has entered into a contractual obligation to undertake and complete, within a reasonable time, a continuous program of construction.

  • Constructional Plant means all equipments, materials, appliances or things of whatsoever nature required for execution, completion or maintenance of the works (as hereinafter defined) but does not include materials or other things intended to form or forming part of the permanent work.

  • Acquisition and Construction Fund means the fund so designated in, and created pursuant to, Section 502 hereof.

  • Construction and demolition debris means and includes:

  • Construction Plant means appliances, machinery with necessary supply to up keep and maintenance of the works or temporary works but dose not include materials or other things intended to form part of the permanent work.

  • Construction means any physical change or change in the method of operation (including fabrication, erection, installation, demolition, or modification of an emissions unit) which would result in a change in actual emissions.

  • Foreign construction material means a construction material other than a domestic construction material.