MAJOR COST CATEGORY definition
MAJOR COST CATEGORY means the major capital expenditures of a proposed offshore wind project incurred during development and construction phases, including but not limited to permitting, legal and consulting costs, site and meteorological assessment, ship or barge leases, wharfage fees, construction labor, foundations, support structures, wind turbines, capitalized interest, and owner’s costs.
MAJOR COST CATEGORY shall refer to each of the categories of Project Costs shown on the Approved Budget, for example: land, site improvements, direct construction, indirect construction, model upgrades, advertising/model maintenance, title/taxes/legal, Senior Debt financing costs, sale commissions, closing costs, Warranty Reserve, Builder Management Fee, LERA Management Fee, and "Program Loan" (I.E., the Loan) financing costs. In calculating whether any proposed change in the construction of the Project would result in an increase to a Major Cost Category, Borrower may offset theretofore accrued cost savings and line items within such Major Cost Category. Any such claimed line item cost savings are subject to review and verification by Lender, and Borrower shall provide to Lender copies of subcontracts, work orders, invoices and any other accounting backup information reasonably required for Lender's review.
Examples of MAJOR COST CATEGORY in a sentence
As used in this Agreement, the term "MAJOR COST CATEGORY" shall refer to each of the categories of Project Costs shown on the Approved Budget, for example: land, site improvements, direct construction, indirect construction, model upgrades, advertising/model maintenance, title/taxes/legal, Senior Debt financing costs, sale commissions, closing costs, Warranty Reserve, Builder Management Fee, LERA Management Fee, and "Program Loan" (I.E., the Loan) financing costs.