Common use of Carrying Costs Clause in Contracts

Carrying Costs. For each Construction Period certain charges (“Carrying Costs”) will accrue and be added to the Outstanding Construction Allowance on the last day of such Construction Period (i.e., generally on the Advance Date upon which such Construction Period ends). If, however, for any reason the Lease Balance (and thus the Outstanding Construction Allowance included as a component thereof) must be determined as of any date between Advance Dates, the Outstanding Construction Allowance determined on such date will include not only Carrying Costs added on or before the immediately preceding Advance Date computed as described below, but also Carrying Costs accruing on and after such preceding Advance Date to but not including the date in question. Carrying Costs accruing for any Construction Period will be equal to: • the amount equal on the first day of such Construction Period to the Lease Balance, times • the sum of the Effective Rate and the Spread for such Construction Period, times • a fraction, the numerator of which is the number of days in such Construction Period and the denominator of which is three hundred sixty.

Carrying Costs. For each Construction Period certain charges (“Carrying Costs”) will accrue and be added to the Outstanding Construction Allowance on the last day of such Construction Period (i.e., generally on the Advance Date upon which such Construction Period ends). If, however, for any reason the Lease Balance (and thus the Outstanding Construction Allowance included as a component thereof) must be determined as of any date between Advance Dates, the Outstanding Construction Allowance determined on such date will include not only Carrying Costs added on or before the immediately preceding Advance Date computed as described below, but also Carrying Costs accruing on and after such preceding Advance Date to but not including the date in question. Carrying Costs accruing for any Construction Period will be equal to: • the amount equal on the first day of such Construction Period to the Lease Balance, times • the sum of the Effective Rate LIBOR and the Secured Spread for such Construction Period, times • a fraction, the numerator of which is the number of days in such Construction Period and the denominator of which is three hundred sixty.