Cost Overrun Event has the meaning given in Section 3.9(d)(vi).
Cost Overrun Event means (a) the delivery by Lessee of an Advance Request for any Advance that will reduce the Unused Total Commitment to $0 prior to the Completion Date, (b) the occurrence of any event or the existence of any condition that causes the likely aggregate remaining cost for Completion of the New Improvements at any time to exceed the Unused Total Commitment at such time or (c) the delivery by Lessee to any Lessor Party at any time of any notice, certificate or other writing which indicates that the likely aggregate remaining cost for
Cost Overrun Event with respect to any Project (or any phase thereof), shall have been deemed to have occurred on any date of determination if the aggregate amount of all Project Costs actually incurred and necessary to complete construction and development of the Project (or any phase thereof) exceed the Project Costs as estimated in the Project Budget for such Project then most recently approved by Lender.
Examples of Cost Overrun Event in a sentence
As soon as possible and in no event later than five (5) Business Days after learning of any Cost Overrun Event or Completion Delay Event, Lessee shall deliver to Lessor a written notice of such event that sets forth in detail the nature of such event and Lessee's estimate of the effect that such event will have on the costs to Complete the New Improvements and/or the likely Completion Date.
More Definitions of Cost Overrun Event
Cost Overrun Event means that the Cost Overrun is in excess of ten (10) per cent.
Cost Overrun Event means (a) the delivery by Lessee of an Advance Request for any Advance that will reduce the Unused Total Facility 2 Commitment to $0 prior to the Completion Date, (b) the occurrence of any event or the existence of any condition that causes the likely aggregate remaining cost for Completion of the New Improvements at any time to exceed the Unused Total Facility 2 Commitment at such time or (c) the delivery by Lessee to any Lessor Party at any time of any notice, certificate or other writing which indicates that the likely aggregate remaining cost for Completion of the New Improvements at such time will exceed the Unused Total Facility 2 Commitment at such time.
Cost Overrun Event means (a) the delivery by the Lessee of an Advance Request for any Advance that will reduce the Unused Total Commitment to $0 prior to the Completion Date, (b) the occurrence of any event or the existence of any condition that causes the likely aggregate remaining cost for Completion of the Improvements at any time to exceed the Unused Total Commitment at such time or (c) the delivery by the Lessee to any Lessor Party at any time of any notice, certificate or other writing which indicates that the likely aggregate remaining cost for Completion of the Improvements at such time will exceed the Unused Total Commitment at such time.
Cost Overrun Event means (a) the delivery by the Lessee of a Funding Request for any Expansion Improvements Advance that will reduce the Unused Total Commitment to $0 prior to the Completion Date with respect to the Expansion Improvements, (b) the occurrence of any event or the existence of any condition that causes the likely aggregate remaining cost for Completion of the Expansion Improvements at any time to exceed the Unused Total Commitment at such time, or (c) the delivery by the Lessee to the Lessor at any time of any notice, certificate or other writing which indicates that the likely aggregate remaining cost for Completion of the Expansion Improvements at such time will exceed the Unused Total Commitment at such time.