Construction Failure Payment means, with respect to any Leased Property and as of any date of calculation, an amount equal to (i) 100% of the related Land Acquisition Cost, plus (ii) 89.9% of an amount equal to the costs of acquiring any Building located on the related Land as of the Closing Date therefor, plus the Construction Costs (exclusive of Land Acquisition Cost) that are capitalizable in accordance with GAAP as construction costs incurred as of such date of calculation or incurred by the Agent or any of the Funding Parties after the occurrence of a Construction Agency Event of Default.
Construction Failure Payment with respect to any Leased Property means an amount equal to the sum of (i) 89.9% of the acquisition cost of the related Land, plus (ii) 89.9% of the Construction costs (including development and transaction costs, but excluding any upfront structuring fees) related to such Leased Property that have been incurred through the date of payment, plus (iii) any amounts owed with respect to such Leased Property pursuant to Section 3.3 of the Construction Agency Agreement or Section 7.2 or 7.5 of the Master Agreement, plus (iv) the cost of tenant improvements that were not part of the Construction Budget for such Leased Property.
Construction Failure Payment means, with respect to any Leased Property and as of any date of calculation, an amount equal to (i) 100% of the related Land Acquisition Cost, plus (ii) 89.9% of an amount equal to the costs of acquiring any Building located on the related Land as of the Closing Date therefor, plus the Construction Costs (exclusive of Land Acquisition Cost) that are capitalizable in accordance with GAAP as construction costs incurred as of such date of calculation or incurred by the Agent or any of the Funding Parties after the occurrence of a Construction Agency Event of Default, minus Force Majeure Losses related to such Leased Property.
Examples of Construction Failure Payment in a sentence
Except in conjunction with a payment by a Lessee or the Construction Agent of the Lease Balance, a Construction Failure Payment or a Leased Property Balance pursuant to the terms of the Lease or the Construction Agency Agreement, the Lessor shall have no right to prepay the Loans.
It is expressly agreed that any amounts advanced to Lessee by Lessor hereunder as an Interim Advance shall be treated as a "Construction Advance" for all purposes of this Lease, including, but without limitation, for purposes of computing the amount of the Construction Failure Payment under the Construction Addendum, when applicable.
Except in conjunction with a payment by the Lessee of the Lease Balance or a Leased Property Balance pursuant to the terms of the Lease or the Leased Property Balance or Construction Failure Payment pursuant to the Construction Agency Agreement, the Lessor shall have no right to prepay the Loans.
All reasonable out of pocket costs and expenses so incurred (including actual and reasonable fees and expenses of counsel), together with interest thereon at the Overdue Rate from the date on which such sums or expenses are paid by the Lessor, shall be paid by the Construction Agent to the Lessor on demand; provided that such amount shall not exceed the Construction Failure Payment for the related Leased Property.
With respect to any Leased Property, the payment by the Construction Agent of the Construction Failure Payment with respect thereto pursuant to the Construction Agency Agreement shall be applied by the Agent, first to the accrued and unpaid interest on, and the outstanding principal of, ----- the Loans in respect of such Leased Property, and second to the accrued and ------ unpaid Yield on, and outstanding Lessor's Invested Amount related to such Leased Property.
More Definitions of Construction Failure Payment
Construction Failure Payment with respect to any Leased Property means the amount equal to the sum of (i) 89.9% of the acquisition cost of the related Land, if the cost of the related Land is less than 25% of the total expected cost of such Leased Property or 100% of the acquisition cost of the related Land, if the cost of the related Land is equal to or more than 25% of the total expected cost of such Leased Property, plus (ii) 89.9% of the Construction costs (including development and transaction costs) related to such Leased Property that have been incurred through the date of payment that are or would be considered project costs in accordance with GAAP, plus (iii) any amounts owed with respect to such Leased Property pursuant to Section 3.4 of the Construction Agency Agreement or Section 7.2 of the Master Agreement, plus (iv) the cost of tenant improvements not paid by the Construction Agent that were not part of the Construction Budget for such Leased Property.
Construction Failure Payment shall have the meaning given to that term in the Master Agreement.
Construction Failure Payment is defined in Section 5.3(a) of the Construction Agency Agreement.
Construction Failure Payment means, with respect to any Leased Property ---------------------------- and as of any date of calculation, an amount equal to (i) 100% of the related Land Acquisition Cost, plus (ii) the excess of (A) 89.9% of the Project Costs (exclusive of Land Acquisition Cost) incurred as of the date of calculation, minus (B) the sum of (without duplication) (1) the Present Value of any payments (other than Unrestricted Indemnification Amounts) payable by the Construction Agent under the Operative Documents that the Construction Agent is legally required to pay as of the date of calculation that have not been reimbursed as of the date of calculation to the extent such payments have been included in Project Costs and (2) the Future Value of any payments (other than Unrestricted Indemnification Amounts) previously paid by the Construction Agent under the Operative Documents that have not been reimbursed as of the date of calculation to the extent such payments have been included in Project Costs and (without duplication) any indemnification payments (other than Unrestricted Indemnification Amounts) made by the Construction Agent pursuant to Section 3.3 that are related to Construction completion; provided that it is understood that -------- the Lessor shall be entitled to receive amounts reimbursed to the Construction Agent in accordance with Section 5.10 of the Construction Agency Agreement.
Construction Failure Payment with respect to any Second Group Property means the amount equal to the sum of (i) 89.9% of the acquisition cost of the related Land, if the cost of the related Land is less than 25% of the total expected cost of such Second Group Property or 100% of the acquisition cost of the related Land, if the cost of the related Land is equal to or more than 25% of the total expected cost of such Second Group Property, plus (ii) 89.9% of the Construction costs (including development and transaction costs) related to such Second Group Property that have been incurred through the date of payment, plus (iii) any amounts owed with respect to such Second Group Property pursuant to Section 3.3 of the Construction Agency Agreement or Section 7.2 of the Master Agreement, plus (iv) the cost of tenant improvements not paid by the Construction Agent that were not part of the Construction Budget for such Second Group Property.
Construction Failure Payment with respect to any Leased Property means the amount equal to the sum of (i) 89.9% of the acquisition cost of the related Land, if the cost of the related Land is less than 25% of the total expected cost of such Leased Property or 100% of the acquisition cost of the related Land, if the cost of the related Land is equal to or more than 25% of the total expected cost of such Leased Property, plus (ii) 89.9% of the Construction costs (including development and transaction costs) related to such Leased Property that have been incurred through the date of payment, plus (iii) any amounts owed with respect to such Leased Property pursuant to Section 3.4 of the Construction Agency Agreement or Section 7.2 of the Master Agreement, plus (iv) the cost of tenant improvements not paid by the Construction Agent that were not part of the Construction Budget for such Leased Property.
Construction Failure Payment means, with respect to any Leased Property and as of any date of calculation, an amount equal to (i) 100% of the related Raw Land Cost, plus (ii) the excess of (A) 89.9% of the Project Costs (exclusive of Raw Land Cost) incurred as of the date of calculation, minus (B) the sum of (1) Force Majeure Losses incurred with respect to such Leased Property during the Construction Term, and (2) the Present Value of any payments (other than Unrestricted Indemnification Amounts) paid or payable by the Construction Agent under the Operative Documents that the Construction Agent is legally required to pay as of the date of calculation (PROVIDED that such payments shall not include any amounts that are payable by the Construction Agent that require the approval or consent but have not been approved or consented to by the Agent in accordance with Section 3.4 of the Construction Agency Agreement) that have not been reimbursed as of the date of calculation.