Estimated Completion Costs definition

Estimated Completion Costs means the Project Costs which, in the reasonable estimate of the Quantity Surveyor will be required from time to time to complete the Project in accordance with the Plans and Specifications including, but without limitation, (i) any Project Costs previously certified by the Borrower to BNB FTC or BNB which remain unpaid and (ii) all interest accrued and to accrue on the Advances.

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Estimated Completion Costs means the aggregate amount of the actual Hard Costs and Soft Costs that City and Developer shall reasonably estimate shall be incurred by City or Developer in connection with the Final Completion of the Base Building Improvements and/or the Space Improvements, as applicable. In the event that Developer shall exercise its rights under Section 7.A.(2) to accelerate the Closing, City shall exercise its rights under Section 7.A.(3)(a) to complete the construction of the Base Building Improvements and/or the Space Improvements, as applicable, or City shall claim that a Shortfall exists, any dispute regarding the amount of the “Estimated Completion Costs” shall be resolved in accordance with the dispute resolution provisions of Section 20 of this Agreement.

Examples of Estimated Completion Costs in a sentence

At such time either the parties agree on the Estimated Completion Costs or the Completion Cost Arbitrator determines the Estimated Completion Costs, Schedule 3.5(a) shall be completed by incorporating such Estimated Completion Costs therein.
Without limiting the generality of the foregoing, the Parties shall make such adjustments to the Profit Component paid by City to Developer at the time of Closing to account for any discrepancies between the Actual Completion Costs and the Estimated Completion Costs described in Section 3.E.(1)(a) hereof, provided that in no event shall the amount of the Profit Component be less than the Minimum Profit Component Amount or more than the Maximum Profit Component Amount.
The sum of: (i) the Estimated NCA Amount, (ii) the Estimated Completion Costs, and (iii) the Estimated Land Value, will be defined as the "Guaranteed Amount".
The Completion Cost Arbitrator shall, within ten (10) days of such election, then make its own determination of the Estimated Completion Costs, which determination shall be conclusive and binding on all parties to this Agreement.
In connection with the foregoing, the TCR Representatives shall provide, and each of the Contributors and the Contributing Partners shall cooperate with the TCR Representatives in the provision of, all reasonable information requested by the Transferee for the purpose of determining the Estimated Completion Costs for each Development Property.
For the avoidance of doubt, should Administrative Agent elect to require that Guarantor pay the amount of the Estimated Completion Costs, Guarantor shall not have the right to elect to assume responsibility for the performance and completion of the Work as set forth in subclause (i) above.

More Definitions of Estimated Completion Costs

Estimated Completion Costs shall have the meaning set forth in Section 3.5(a).

Estimated Completion Costs means an amount, as determined by Administrative Agent in good faith, equal to the cost to pay for and/or perform, as applicable, the Guaranteed Obligations. Guarantor shall have the right, at its sole cost and expense, within seven (7) Business Days of its receipt of Administrative Agent’s determination of the Estimated Completion Costs, to contest in good faith Administrative Agent’s determination of the Estimated Completion Costs provided that each of the following are satisfied: (1) Guarantor provides, from a Third Party Construction Expert (defined below), its own good faith estimate of the cost to pay for and/or perform, as applicable, the Guaranteed Obligations (the amount of such estimate, the “Guarantor Estimated Amount”), (2) if required by Administrative Agent, Guarantor pays to Administrative Agent (for the benefit of the Lenders) an amount equal to the Guarantor Estimated Amount (which amount shall be credited towards Guarantor’s obligations hereunder) and (3) Administrative Agent’s rights to seek a future claim against Guarantor hereunder are not otherwise materially and adversely impacted as a result thereof (provided that, to the extent that (A) such material and adverse impact could be fully avoided in accordance with applicable laws and in a manner reasonably satisfactory to Administrative Agent by delivery of a waiver by Guarantor and (B) Guarantor duly provides such waiver described in clause (A), then the condition under this subclause (3) shall be deemed satisfied). If each of the foregoing conditions (1) through (3) are satisfied in accordance with the immediately preceding sentence and any disagreement remains between Administrative Agent and Guarantor as to the Estimated Completion Costs, then Administrative Agent shall have the right to challenge the Guarantor Estimated Amount by way of (x) determination by a Third Party Construction Expert mutually agreed to in good faith by Administrative Agent and Guarantor, (y) arbitration, or (z) judicial proceeding, such course of action described in (x), (y) or (z) to be selected by Administrative Agent (the “Dispute Resolution Method”) and upon final determination by the applicable Dispute Resolution Method of the cost to pay for and/or perform, as applicable, the Guaranteed Obligations (the “Dispute Resolution Amount”), (A) the Dispute Resolution Amount shall be binding on the parties hereto and (B) Guarantor shall pay any shortage (or, to the extent Administrative Agent did not previousl...

Estimated Completion Costs means, as of any date of determination, the aggregate amount which the Lessee and the Construction Agent in good faith reasonably expect to be expended in order to achieve Completion, including Construction Costs (and including the then outstanding Property Cost).