Common use of Construction Disbursement Budget Amendment Process Clause in Contracts

Construction Disbursement Budget Amendment Process. The Construction Disbursement Budget may be amended by the Issuers from time to time in the manner set forth herein without review or approval from the Trustee or the Disbursement Agent. Subject to Section 8.2, the Issuers shall have the right from time to time to amend the Construction Disbursement Budget to change the amounts allocated for specific line item components of the work required to complete the Facility, including Soft Costs; provided that, in any such amendment, the Company may neither modify the description of any line item nor modify the amount set forth for any such line item incurred on or prior to the Issue Date. A line item in the Construction Disbursement Budget may be increased only if the funds for such increase are made available in the Construction Disbursement Budget from (a) previously unallocated Available Funds or an increase in Additional Revenue, in each case to the extent not previously expended or dedicated to the payment of items contained in the Construction Disbursement Budget; (b) an increase in Realized Savings from another line item and a corresponding reduction in the construction line items related to such Realized Savings; (c) the reduction of the “contingency” line item, if any, in the Construction Disbursement Budget or (d) the reduction of allocated reserves in the Construction Disbursement Budget pursuant to the terms and condition of this Agreement. Any such amendment shall be in writing and shall identify with particularity the line items to be changed and the amount of such change and (x) in the event of an increase in a construction line item, the Realized Savings, Additional Revenue, line item for “contingency” (if any) in the Construction Disbursement Budget and/or previously allocated reserves which are permitted to be reduced (but not any Retainage Amounts), which are proposed to be utilized to pay for the increase; and (y) in the case of a decrease in a construction line item, the Realized Savings in the amount of such reduction. Construction line items may be reduced only upon obtaining, and in the amount of, Realized Savings. The “contingency” line item, if any, in the Construction Disbursement Budget may be reduced by allocation to other line items. Any amounts of Realized Savings, Additional Revenue, contingency amounts or previously allocated reserves so identified for use in connection with a particular line item thenceforth shall be deemed dedicated to the particular line item, unless and until the Construction Disbursement Budget is amended to reduce the amounts budgeted for the line item. The Issuers shall submit the Construction Disbursement Budget Amendment Certificate to the Trustee in the form of Exhibit E attached hereto; provided, however, that the Issuers shall not be required to submit a Construction Disbursement Budget Amendment Certificate if the amendment, together with all previous amendments for which a Construction Disbursement Amendment Certificate was not submitted to the Trustee, does not increase the total Construction Disbursement Budget by more than $500,000 in the aggregate. Neither the Trustee nor the Disbursement Agent shall have any obligation to (i) review the Construction Disbursement Budget Amendment Certificate or any documents attached thereto, (ii) investigate into any facts or matters contained in such Certificate or documents attached thereto, or (iii) make any determination as to whether the obligation to submit a Construction Disbursement Budget Amendment Certificate is triggered. The Trustee and Disbursement Agent shall not be responsible for determining whether the Issuers have complied with this Section 8.1 or whether the Construction Disbursement Budget Certificate or any documents attached thereto comply with this Section 8.1 or this Agreement generally. Moreover, the Trustee and Disbursement Agent shall not incur any liability for either reviewing or failing to review such Certificate or documents attached thereto. Upon receipt by the Trustee of the Construction Disbursement Budget Amendment Certificate in the form of Exhibit E attached hereto, fully executed and completed as to the information required therein, such amendment shall become effective hereunder and the Construction Disbursement Budget shall thereafter be as so amended; provided, however, that if, pursuant to the proviso in the immediately preceding sentence, the Issuers were not required to submit a Construction Disbursement Budget Amendment Certificate to the Trustee with respect to such amendment, then such amendment shall become effective hereunder at the time it is entered into and the Construction Disbursement Budget shall thereafter be as so amended. No amendment to the Construction Disbursement Budget shall be effective except in accordance with the preceding sentence. Notwithstanding the foregoing, the Issuers shall not be required to comply with this Section 8.1 in connection with entering into the GMP Change Order.