Interim Costs definition

Interim Costs means costs accrued during Project construction including, but not limited to, construction and bridge loan interest costs, servicing fees during construction, real estate tax and insurance during construction, and credit enhancement during construction. Interim Costs is calculated in the “Uses” tab of the Common Application.

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Interim Costs has the meaning set forth in Section 6.2(a).

Interim Costs has the meaning set forth in Section 2.3(b)(i).

Examples of Interim Costs in a sentence

• Kosmos and BP agree that if the information required for such timely preparation of a Monthly Interim Costs Completion Statement is not available, Kosmos’s good faith estimate of such information shall be substituted.

• Conditional Redeveloper shall deposit the sum of Twenty-Five Thousand Dollars ($25,000.00) (“Project Funds”) with the Borough to be maintained in a separate account by the Borough and to be drawn down upon by the Borough to cover Interim Costs as set forth herein.

• All costs and expenses directly incurred by Seller in operating the Business during the Interim Period, including, without limitation, salaries, employee benefits, payments to third party suppliers and vendors, and any other out-of pocket expenses, shall be borne by Buyer (collectively, the "Interim Costs and Expenses").

• The Borough shall provide Conditional Redeveloper with invoice(s) setting forth the Interim Costs which have been drawn down from the Project Funds.

• Upon the occurrence of a Voluntary Termination Date of the Company (whether by Automatic Termination or by the exercise of Voluntary Termination Rights), the Operating Agreement and the Contribution Agreement shall terminate, all of the Properties and Property Rights shall be retained by or distributed to UPK, the obligation of DMB to fund future Interim Costs not already incurred shall terminate and UPK shall paid DMB the amount of its Termination Cost Reimbursement.

• Conditional Redeveloper shall pay all Interim Costs even if a Redevelopment Agreement cannot be executed for any reason.

• Conditional Redeveloper shall pay, indemnify and/or reimburse the Borough, as applicable, for all Interim Costs (as defined herein) which have been incurred by the Borough prior to the Effective Date and which continue to be incurred prior to the execution of a Redevelopment Agreement or the determination by the Borough that such a Redevelopment Agreement cannot be executed, as applicable.

• Conditional Redeveloper further agrees that in the event the Parties continue negotiations following the expiration of the exclusive negotiation period set forth in Section 1.03, all Interim Costs incurred by the Borough shall continue to be reimbursed by Conditional Redeveloper until such time as the Parties execute and enter into a Redevelopment Agreement or until the Borough elects to terminate this Agreement.

• Ten (10) Business Days after the Closing Date, Seller shall provide Purchaser with a detailed statement of the TEOM Interim Costs, together with the documentation supporting such calculation (the “Preliminary TEOM Interim Costs Statement”).

• The Pre-Contract Work Costs (including any Interim Costs) are included within the Contract Sum, and all such Work is subject to all of the provisions of the Contract Documents.

More Definitions of Interim Costs

Interim Costs means all costs and expenses of every kind and nature relating to the Assets during the period of time from the Effective Time to the Closing Date, determined in accordance with GAAP, including maintenance, capital and operating costs, cost of sales, and property taxes but specifically excluding bonuses in excess of those amounts determined and accrued under the bonus plan outlined in Schedule 10.3 to this Agreement, commissions or compensation in excess of rates in effect as at January 1, 2001, interest charges (after April 30, 2001), depreciation, amortization and non-cash charges and any taxes imposed by or under the Income Tax Act (Canada) or any provincial income tax legislation;

Interim Costs means the costs and expenses set out in Schedule 2 of the Seller’s Disclosure Letter, which for the avoidance of doubt shall not exceed a maximum aggregate amount of $200,000 (or such other amount as the Purchaser and the Seller may otherwise agree in writing), which are to be incurred in respect of the Business during the Interim Period (for the avoidance of doubt no such cost or expense shall be deemed to be considered an Interim Cost unless it is set out in Schedule 2 to the Seller’s Disclosure Letter or otherwise agreed in writing by the Purchaser and Seller and is incurred during the Interim Period);

Interim Costs referred to in the Development Agreement shall in no event exceed the sum of $116,503;

Interim Costs shall include, but not be limited to, all expenses, fees and costs incurred by the Borough associated with any issues, claims or tasks related to, in connection with or arising out of the designation of Conditional Redeveloper as the conditional redeveloper of the Project Site, review and evaluation of the proposed Redevelopment Project, review of any additional information provided by Conditional Redeveloper, drafting and negotiation of the Redevelopment Agreement and any other agreements deemed necessary and/or desirable to effectuate the proposed Redevelopment Project, review of any application and drafting and negotiation of an agreement pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20- 1 et seq., all staff time expended by the Borough, and professional fees charged by any legal, planning, financial, engineering, or other third-party consultant, contractor or vendor retained by the Borough in connection with the aforesaid activities. Such professionals, consultants, contractors and vendors shall be compensated at the hourly rate(s) as approved by the Borough, pursuant to contracts entered into with the Borough. Conditional Redeveloper shall reimburse all Interim Costs incurred by the Borough, even if a Redevelopment Agreement between the Borough and Conditional Redeveloper is not executed for any reason. Conditional Redeveloper further agrees that in the event the Parties continue negotiations following the expiration of the exclusive negotiation period set forth in Section 1.03, all Interim Costs incurred by the Borough shall continue to be reimbursed by Conditional Redeveloper until such time as the Parties execute and enter into a Redevelopment Agreement or until the Borough elects to terminate this Agreement.

Interim Costs shall be as defined in Section 2.01(a)(i). “Material Dispute” shall be as defined in Section 2.01(a)(iii).

Interim Costs shall include all reasonable fees and costs of any professional consultant, contractor, legal counsel or vendor retained by the City during the Interim Period.