Notification of Increased Costs. If, at any time, Developer definitively establishes that the amount expended on the Project Improvements will exceed the Estimated Cost, Developer shall promptly, and in any case not more than ten (10) Working Days after the Developer definitively establishes the amount of the increase, notify the City thereof in writing. This written notification shall include an itemized cost estimate and a list of recommended revisions (e.g., deductive changes) which Developer believes will bring the cost to within the Estimated Costs. The City may either: (i) approve an increase in Estimated Cost (which approval shall not be unreasonably withheld, conditioned, or delayed) or (ii) reasonably delineate a project which may be constructed for the Estimated Cost; provided that such delineation does not have a material and adverse effect on the design, development, or construction of the Developer’s Private Improvements (as defined in the DDA) or the Convention Center (as defined in the DDA); or (iii) any combination of (i) and (ii).
Notification of Increased Costs. Each Lender will promptly notify the Agent, and the Agent will promptly notify the Funds Administrator, of any event of which it has knowledge that would entitle such entity to additional compensation under this Section 4.15. Neither the Agent nor any Lender shall request any additional compensation under this Section 4.15 unless it is generally making similar requests of other borrowers similarly situated, and the Agent and each Lender agrees to use a reasonable basis for calculating amounts allocable to its commitment to lend or its Revolving Loans and Letter of Credit Obligations, if any, hereunder.
Notification of Increased Costs. If, at any time, Developer anticipates that the amount expended on the Project Improvements will exceed the Estimated Cost, Developer shall immediately, not more than ten (10) Working Days from becoming aware of the potential increase, notify the City in writing. This written notification shall include an itemized cost estimate and a list of recommended revisions (e.g., deductive changes) which Developer believes will bring the construction cost to within the Estimated Costs. The City may either: (i) approve an increase in Estimated Cost; or (ii) delineate a project which may be constructed for the Estimated Cost; or (iii) any combination of (i) and (ii).
