Project Loan Costs definition

Project Loan Costs means all Projected Related Costs that are not Costs of the Improvements.

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Project Loan Costs means those Project Costs that are to be funded from proceeds of the Loan subject to satisfaction of all applicable conditions to Advances hereunder.

Project Loan Costs means, without duplication, (i) all costs and expenses of (a) achieving Final Completion of the Project and Stabilized Occupancy, (b) satisfying the obligations of the Borrower Entities to Agent and Lenders under the Loan Documents, (c) the payment of interest on the Equity Contribution, to the extent the Extension Loan is made, and the payment of interest on the Extension Loan, and (d) Assignments of the Loans (to the extent Borrower is liable therefor pursuant to Section 7.06 of the Project Loan Agreement) and (ii) all other actual or anticipated non-construction costs payable through the maturity of the Project Loan and necessary to achieve Final Completion of the Project and Stabilized Occupancy (including, without limitation, (1) the Leasing Incentive Fee (as defined in the FC Operating Agreement) and (2) from and after the date, if any, that either option described in Section 3.19(a) of the Project Loan Agreement is exercised, that portion of the Extension Fee relating to such option attributable to the Project Loan), but only to the extent, in each of the foregoing clauses (i) and (ii), such costs and expenses do not constitute Building Loan Costs. Subject to Section 7.35(b) of the Project Loan Agreement, with respect to the NYTC Units, Project Loan Costs shall also include amounts Advanced under the last sentence of Section 3.05(d) of the Project Loan Agreement.

Examples of Project Loan Costs in a sentence

If Borrower becomes aware of any change in actual or projected Project Loan Costs which will increase any one or more category or line item of costs reflected in the Project Loan Budget, Borrower shall immediately notify Lender in writing and promptly submit to Lender for its approval a revised Project Loan Budget.
Lender shall not be required to Advance funds hereunder for any category or line item of Project Loan Costs in excess of the amount specified for such line item or category in the Project Loan Budget, subject to Sections 2.1.6 and 2.1.7 hereof and 5.1.33 of the Building Loan Agreement (or other reallocations approved by Lender in its sole discretion).
In no event shall any Advance exceed the full amount of Project Loan Costs theretofore paid or to be paid with the proceeds of such Advance plus any Project Loan Costs incurred by Borrower through the date of the Draw Request for such Advance minus (i) the applicable Retainage for each Contract and Subcontract, and (ii) the aggregate amount of any Advances previously made by Lender.
It is further understood that the Retainage described above is intended to provide a contingency fund protecting Lender against failure of Borrower or Guarantor to fulfill any obligations under the Loan Documents, and that Lender may charge amounts to pay for Project Loan Costs against such Retainage in the event Lender is required or elects to expend funds to cure any Default or Event of Default, in either instance, in accordance with the terms of this Agreement.
Evidence reasonably satisfactory to Agent that the undisbursed proceeds of the Project Loan and the Supplemental Loan together with any Funds then being held by Agent in the Collateral Account will be sufficient to cover all Project Loan Costs and all Supplemental Loan Costs reasonably anticipated to be incurred, to satisfy the obligations of Borrower to Agent and under this Agreement.
The Project Loans shall be advanced for the payment of Project Loan Costs in accordance with the Project Loan Budget.
Borrower shall have furnished Agent with evidence in form and content satisfactory to Agent of the Initial Required Equity Funds contributed as of the date immediately preceding the date hereof, which Initial Required Equity Funds are set forth on Schedule 1 hereto, and that the Loan Amount plus all Initial Required Equity Funds will be sufficient to cover all Building Loan Costs and Project Loan Costs reasonably anticipated to be incurred, as set forth in the Budgets.
The Project Costs Budget accurately reflects all anticipated Project Loan Costs.
The Loan Budget (as adjusted from time to time in accordance with the terms of the Building Loan Agreement) accurately reflects all Building Loan Costs and all Project Loan Costs.
With respect to the final Advance for either Budget, evidence reasonably satisfactory to Agent that all Project Loan Costs and Building Loan Costs allocable to the applicable Units have been paid in full (or will be paid out of the funds requested to be advanced) and that no party claims or has a right to claim any statutory or common law lien arising out of the construction of such Units or the supplying of labor, goods, material and/or services in connection therewith.

More Definitions of Project Loan Costs

Project Loan Costs. Those costs which are not items constituting costs of the Improvements as contemplated by Section 22 of the New York Lien Law, as set forth on Schedule F.

Project Loan Costs means those costs and expenses in connection with the construction of the Improvements which are set forth in the Loan Budget and are not Costs of the Improvement.

Project Loan Costs shall have the meaning as set forth in the Project Loan Agreement.

Project Loan Costs. Those costs described in Schedule B of the Project Loan Agreement which Senior Borrower represents to Senior Lender are not items constituting costs of the Improvements as contemplated by Section 22 of the New York Lien Law.

Project Loan Costs means any costs relating to the construction of the Project, which do not constitute a Cost of Improvement. 18 ny-1258385

Project Loan Costs has the meaning assigned to such term in Section 1.1 of the Project Loan Agreement.