Contingency (Soft Costs) definition

Contingency (Soft Costs) means the amount allocated as a contingency reserve in the Loan Budget for Soft Costs, which shall in no event start out being less than five percent (5%) of the total amount of the Soft Costs included in the Loan Budget, excluding, however, the interest Line Item.
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Examples of Contingency (Soft Costs) in a sentence

  • Any expenditure of Contingency (Hard Costs) for Soft Costs or Contingency (Soft Costs) for Hard Costs shall be prohibited unless expressly approved by Lender in its sole and absolute discretion.

  • Borrowers shall not cause or permit Mortgage Borrower to request or accept any disbursements from or reallocation of the Building Loan Contingency (Hard Costs) in the Building Loan Budget or the Project Loan Contingency (Soft Costs) in the Project Loan Budget without the consent of Lender in its sole discretion.

  • Notwithstanding the foregoing (and without limiting Lender’s consent rights relative to reallocations of the Contingency (Hard Costs) and the Contingency (Soft Costs)), Lender expressly acknowledges that the General Contractor shall have the right to apply contingency under the General Contract as permitted thereunder.

  • At any time and from time to time, the amounts allocated in each Budget as Building Loan Contingency (Hard Costs) and the amounts allocated in each Budget as Building Loan Contingency (Soft Costs) shall be disbursed or moved to another line item upon request by Borrower and upon approval by Agent, which approval shall not be unreasonably withheld, and may be used only for Building Loan Costs set forth in the applicable Budget for which such contingency has been reserved.

Related to Contingency (Soft Costs)

  • Soft Costs means the costs of professional work and fees, interim costs, financing fees and expenses, syndication costs, soft costs and Developer’s fees as shown in the Applicant’s properly completed UniApp, Section C - Uses of Funds. Soft Costs do not include operating or replacement reserves.

  • contingency fee means any payment or other compensation that is contingent upon or is calculated upon the basis of a degree of success in soliciting or obtaining a Government contract or negotiating the whole or any part of its terms;

  • Contingency Fund means a monetary amount that continues month to month, if approved by a case manager, that is set aside in the Independent Choices Program service budget to purchase identified items that substitute for personal assistance.

  • Contingency operation means a military operation that results in the call or order to, or retention on, active duty of members of the uniformed services during a war or during a national emergency declared by the President or Congress.

  • Original Project Cost means the capital expenditure incurred by the Generating Company or the Transmission Licensee, as the case may be, within the original scope of the project up to the cut-off date as admitted by the Commission;