Development Costs Statement Sample Clauses
Development Costs Statement. The Loan Servicer shall have received a detailed description, with supporting documents as reasonably requested, of Development Costs incurred and paid prior to the Initial Advance Date, and a Development Costs Statement (certified as satisfactory in an audit by the Independent Engineer) summarizing those costs that the Borrower seeks credit to be applied toward Base Equity and certifying that such amounts have been applied toward Project Costs in accordance with the Construction Budget; and
Development Costs Statement. The statement, in form and substance satisfactory to the Loan Servicer, summarizing the amount of Development Costs incurred prior to the Initial Advance Date, subject to the requirements of Section 4.2.3(a) of the Loan Guarantee Agreement.