Excess Project Costs. In the event the actual cost (“Actual Line Item Cost”) of any matter covered by any given line item in any Budget exceeds the amount allocated to such line item in said Budget (“Approved Line Item Cost”), Borrower either has (a) paid or incurred the amount of the Actual Line Item Cost in excess of the Approved Line Item Cost (“Excess Cost”), or (b) the financial ability to pay such Excess Costs with its own funds, including without limitation the transfer of a portion of any Contingency line item amount provided for in the Budget and/or any “Cost Savings” (as defined in Section 2.3.9(c) below) to such line item in an amount equal to such Excess Cost.
Appears in 3 contracts
Samples: Construction Loan Agreement, Construction Loan Agreement (William Lyon Homes), Construction Loan Agreement (William Lyon Homes)
Excess Project Costs. In the event the actual cost (“Actual Line Item Cost”) of any matter covered by any given line item in any Budget exceeds the amount allocated to such line item in said Budget (“Approved Line Item Cost”), Borrower either has (a) paid or incurred the amount of the Actual Line Item Cost in excess of the Approved Line Item Cost (“Excess Cost”), or (b) the financial ability to pay such Excess Costs with its own funds, including without limitation the transfer of a portion of any Contingency line item amount provided for in the Budget and/or any “Cost Savings” (as defined in Section 2.3.9(c) 2.4.8.3 below) to such line item in an amount equal to such Excess Cost.
Appears in 3 contracts
Samples: Revolving Line of Credit Loan Agreement, Revolving Line of Credit Loan Agreement (TRI Pointe Homes, Inc.), Revolving Line of Credit Loan Agreement (William Lyon Homes)
