Overhead Allowance Clause Samples

Overhead Allowance. Provided neither Lender nor Artist willingly and knowingly breaches a material term and/or a continued series of breaches after notice thereof hereunder or under the Agreement, Silver Creek shall provide Lender with an accountable allowance in the amount of $700,000 (the “Extended Term Overhead Allowance”). The Extended Term Overhead Allowance shall be payable in accordance with the terms set forth in Paragraph 8 below, provided that on no less than a quarterly basis, Lender shall provide Silver Creek with verification of such expenses (in form and substance acceptable to Silver Creek) incurred in connection therewith. The Extended Term Overhead Allowance shall be deemed reimbursement for all accountable expenses of Lender which are deemed business expenses under the Internal Revenue Code, as applicable. In no event will Silver Creek be required to pay more than $700,000 per year for the Extended Term for Lender’s and/or Artist’s overhead expenses.

Overhead Allowance. Developer shall be paid an Overhead Allowance in connection with the work in the amount of Dollars ($ ), payable in Installments of Dollars ($ ) per month from 201 (the commencement of pre-construction activity for the Project) through occupancy of the Project by Tenant (which amount shall not be changed notwithstanding any change to the Fixed Price). Such amount shall be paid to the Developer as follows: (i) At Bond Closing, an amount equal to $ multiplied by the number of months elapsed from 201_ to the date of the Bond Closing; (ii) With each monthly Project Application for Payment prior to Final Acceptance, $ (not to exceed in aggregate, including the payment following Bond Closing), the sum of $ ; and (iii) Any unpaid balance shall be paid with the Final Payment.

Overhead Allowance. Developer shall be paid an Overhead Allowance in connection with the work in the amount of Dollars ($ ), which shall be deemed to be earned in installments of (i) Dollars ($ -) per month from (the commencement of pre-construction activity for the Project) through ; (ii) Dollars ($ ) per month from through ; and (iii) ($ ) per month from through occupancy of the Project by Tenant (which amount shall not be changed notwithstanding any change to the Fixed Price). Such amount shall be paid to Developer as follows: (i) At Bond Closing, an amount equal to Dollars ($ ) for installments accrued as of Bond Closing; (ii) With each monthly Project Application for Payment prior to Final Acceptance, Dollars ($ ) (not to exceed in the aggregate, including the payment following Bond Closing, the sum of Dollars ($ )); and (iii) Any unpaid balance shall be paid with the Final Payment.