Budget Reallocations. The Project Budget shall not be revised, supplemented or amended without Lender’s prior written consent; provided, however, that if the proposed revisions, supplements or amendments do not affect the aggregate figures set forth in the Project Budget, Borrower may, without Lender’s prior written consent, (i) reallocate the amounts of specific cost categories in either such budget to other cost categories in such budget if the reallocation does not amount to a ten percent (10%) or greater change in the original amount of the reallocated cost category, (ii) reallocate cost savings under one cost category to any other cost category and (iii) use funds from the contingency reserve to cover overages under any cost category. Upon the occurrence of an Event of Default, Lender may allocate any cost category on the Project Budget for any other cost category.
Budget Reallocations. 28 Section 2B.15
Budget Reallocations. Agent agrees not to unreasonably withhold its consent to Budget reallocations requested by Borrower provided (i) that at the time of any such request, there ix xx Xxxnt of Default then existing hereunder or under any other Loan Document, (ii) the Loan is "in balance" as defined in Section 2B.7(A), (iii) in the case of reallocation of savings, such savings are actual cost savings for work completed and fully paid for in connection with the construction of the Improvements or are cost savings that will be realized upon completion of work in progress, all as documented to the reasonable satisfaction of Agent, and all applicable requirements of the New York Lien Law are complied with, at the sole expense of Borrower, as determined by Agent in its sole discretion upon the xxxxxx of counsel, and (iv) under no circumstances may items designated in the Budget as Hard Costs be allocated to items designated in the Budget as Soft Costs, or vice versa until Agent shall have granted its prior written consent thereto, which consent shall not be unreasonably withheld, and all applicable requirements of the New York Lien Law are complied with, at the sole expense of Borrower, as determined by Agent in its sole discretion upon txx xxxxce of counsel.
Budget Reallocations. (a) Other than Permitted Budget Re-allocations, subject to the prior approval of Lender, which shall not be unreasonably withheld, conditioned or delayed, the Borrower may revise the Project Budget from time to time to move Building Loan Contingency (Hard Costs) to other Hard Costs Budget Lines, and/or to move Building Loan Contingency (Soft Costs) to other Soft Costs Budget Lines. Any Permitted Budget Re-allocations shall not require the prior approval of Lender, but Borrower shall provide prompt written notice of same to Lender.
(b) If there is a savings in a particular Budget Line, and if such savings is substantiated by evidence reasonably satisfactory to Lender, the Borrower shall have the right, upon prior approval of Lender, which approval shall not be unreasonably withheld or delayed, to reallocate such savings to another Budget Line with respect to which additional costs have been or may be incurred; provided, however, that the Borrower shall in no event or under any circumstances have the right (i) to reallocate any portion of the Interest Reserve Budget Line prior to Completion of the Improvements, or (ii) reallocate any savings in a Hard Costs Budget Line to other than another Hard Costs Budget Line, without in each instance obtaining the prior approval of Lender, which approval may be withheld in the sole and absolute discretion of Lender, or to cause a reallocation to occur that in the opinion of the Lender, its counsel or the Title Company will be in contravention of the Lien Law, or that in the opinion of the Lender, its counsel or the Title Company will adversely affect or impair in any manner whatsoever the Lien or the priority of Lien of the Mortgage.
(c) If Borrower becomes aware of any change in Total Project Related Costs which will increase a Line Item of Total Project Related Costs reflected on the Project Budget, Borrower shall immediately notify Lender in writing and promptly submit to Lender for its approval a revised Project Budget. Any reallocation of any Line Item in the Project Budget in connection with cost overruns shall be subject to Lender’s approval in Lxxxxx’s reasonable discretion except as set forth in Section 2.11(a) and (b) above and Section 2.14. Lender shall have no obligation to make any further Additional Advances unless and until the revised Project Budget so submitted by Bxxxxxxx is approved by Lxxxxx, and Lxxxxx reserves the right to approve or disapprove any revised Project Budget in its sole and absolute di...
Budget Reallocations. 36 2.1.8 Advances................................................................. 37 2.1.9 Advances for Stored Materials............................................ 37 2.1.10 Amount of Advances....................................................... 40 2.1.11 Loan Balancing........................................................... 40 2.1.12 Quality of Work.......................................................... 41 2.1.13
Budget Reallocations. (a) Subject to the prior approval of Agent, which shall not be unreasonably withheld, Borrower may revise the Loan Budget from time to time to move amounts available under the Hard Costs Budget Line denominated "Contingency" to other Hard Costs Budget Lines, and/or to move amounts available under the Soft Costs Budget Line denominated "Contingency" to other Soft Costs Budget Lines and/or to move amounts available under the Soft Costs Budget Line denominated "Contingency" to Hard Costs Budget Lines. Notwithstanding anything to the contrary contained herein, provided no Event of Default shall have occurred and be continuing, Borrower shall have the right to reallocate, without the prior approval of Agent, up to $7,500,000 of the total amounts available under the Soft Costs Budget Line denominated "Contingency" to other Soft Costs Budget Lines.
(b) If there is a savings in a particular Budget Line, and if such savings is substantiated by evidence reasonably satisfactory to Agent, Borrower shall have the right, upon prior approval of Agent, which approval shall not be unreasonably withheld or delayed, to reallocate such savings to another Budget Line with respect to which additional costs have been or may be incurred; provided, however, that, Borrower shall in no event or under any circumstances have the right (i) to reallocate any portion of the Interest and Fees Budget Line(s) without the prior approval of Agent in its sole and absolute discretion, (ii) to reallocate any savings in a Hard Costs Budget Line to other than another Hard Costs Budget Line, without in each instance obtaining the prior approval of Agent, which approval may be withheld in the sole and absolute discretion of Agent, (iii) to reallocate any savings in a Soft Costs Budget Line to
Budget Reallocations. [Party name] has the possibility to reallocate between the budgeted outputs/budget lines up to 30 %. Relocations exceeding 30 % must be presented to and approved by DIPD’s board.
Budget Reallocations. 7.1. The Grant will be managed according to the Budget breakdown annexed in the Project Proposal attached hereto (Annex 2).
7.2. Budget items reallocations are allowed within the limits and subject to the conditions established in Sub-articles 7.3. and 7.4. hereto. Requests for reallocation will be submitted by the Executing Entity to the TSU in written and explained with appropriate justifications, in order to be considered for approval by the IADSA MC. The TSU is allowed to approve reallocations which do not require this Contract to be amended as per next sub-article 7.
7.3. Budget items reallocations up to a maximum of +/- 10% of the original agreed amount of each budget heading within the total Grant are allowed and will not require any amendment to the present Contract. The TSU shall approve the requested reallocation by means of written communication.
7.4. Budget items reallocations exceeding the 10% of the original budget heading amount and within the total Grant shall be handled by amending the present Contract according to the provision in Article 17 hereto.
7.5. All budget item reallocations shall be carefully reflected in the Project reporting documents mentioned in Article 8 hereto.
Budget Reallocations. 1. The Contractor may reallocate funds between the budget categories of this contract, up to 10% of the total contract amount, upon written approval by BHA, without a contract amendment. Any allowable reallocation is still subject to the limitations of the Not to Exceed and the Maximum Amount Available per Fiscal Year.
Budget Reallocations. The Alpine Valley Project Budget shall not be revised, supplemented or amended without Lender’s prior written consent; provided, however, that if the proposed revisions, supplements or amendments do not affect the aggregate figures set forth in the Alpine Valley Project Budget, Borrower may, without Lender’s prior written consent, (i) reallocate the amounts of specific cost categories in either such budget to other cost categories in such budget if the reallocation does not amount to a ten percent (10.00%) or greater change in the original amount of the reallocated cost category, (ii) reallocate cost savings under one cost category to any other cost category, and (iii) use funds from the contingency reserve to cover overages under any cost category. Upon the occurrence of an Event of Default, Lender may allocate any cost category on the Alpine Valley Project Budget for any other cost category.
