Realized Savings definition
Realized Savings means, as of any date, with respect to any Line Item in a Project Budget, the excess of (i) the Remaining Budgeted Amount for such Line Item over (ii) the Remaining Costs with respect to such Line Item; provided, however, that Realized Savings for any Line Item shall be deemed to be zero unless and until the Borrower has delivered an executed Project Budget Amendment Certificate (together with all exhibits thereto) which includes such Realized Savings and such certificate is reasonably satisfactory to the Construction Consultant and Disbursement Agent (except that any savings achieved by De Minimus Adjustments shall be included so long as Borrower has given the Construction Consultant written notice thereof) ; provided, further, that no Realized Savings shall be obtainable with respect to the “Project Contingency” Line Item in a Project Budget; provided, still further, that the Realized Savings for any Line Item pertaining to amounts payable pursuant to a guaranteed maximum price contract shall be deemed to be zero, except to the extent such contract has been amended to reduce the guaranteed maximum price thereunder.
Realized Savings means the excess of the amount budgeted in the Construction Disbursement Budget for a line item over the amount of funds expended or owed by the Company to complete the tasks set forth in such line item and for the materials and services used to complete such tasks, so long as the terms for such tasks are final and unconditional (other than the satisfactory completion of such tasks), including without limitation the execution of fixed price purchase orders to acquire the materials that are the subject of such line item (as applicable); provided, however, that Realized Savings for any line item shall be deemed to be zero (i) if such savings are obtained in a manner that materially detracts from the overall value, quality and amenities of the Facility and (ii) unless and until the Issuers have delivered a fully executed Construction Disbursement Budget Amendment Certificate (together with all exhibits thereto) which includes such Realized Savings.
Realized Savings means the excess of the amount budgeted in the Construction Disbursement Budget for a line item over the amount of funds expended or owed by RIHC to complete the tasks set forth in such line item and for the materials and services used to complete such tasks, but (i) Realized Savings for any line item shall be deemed to be zero if such savings are obtained in a manner that materially detracts from the overall quality and amenities of the Project, and (ii) Realized Savings for each line item shall in all cases be deemed to be zero until RIHC has (x) satisfied or provided for in all material respects the obligations arising out of the completion of that line item or (y) obtained contracts for the completion of all tasks set forth in such line item and for all materials and services required for such tasks for a fixed or guaranteed maximum price.
Examples of Realized Savings in a sentence
Construction line items may be reduced only upon obtaining, and in the amount of, Realized Savings.
The “Construction Improvements” Line Item may be reduced only upon obtaining, and in the amount of, Realized Savings.
Any amounts of Realized Savings, contingency amounts or previously allocated reserves so identified for use in connection with a particular Line Item thenceforth shall be deemed dedicated to the particular Line Item, unless and until the Project Budget is amended to reduce the amounts budgeted for the Line Item of the Project Budget.
The Vendor shall annually refund the Department any amount of compensation that exceeds the Realized Savings.
Any such amendment shall identify with reasonable particularity (a) the Line Item to be increased or decreased (if any), (b) the amount of the increase or decrease (if any), (c) in the event of an increase in a construction Line Item, the source proposed to be utilized to pay for the increase in accordance with Section 6.1.1, and (d) in the case of a decrease in a construction Line Item, the Realized Savings in the amount of such decrease, or (e) the additional line item category.
More Definitions of Realized Savings
Realized Savings means, with respect to any line item in the Authority Budget, the excess of the Remaining Budgeted Amount for such line item over the amount of funds expended or owed by the Authority after the Issuance Date to complete the tasks set forth in such line item and for the materials and services used to complete such tasks; provided, however, that Realized Savings for any line item shall be deemed to be zero unless and until the Authority has delivered a fully executed Authority Budget Amendment Certificate (together with all exhibits thereto) which includes such Realized Savings. "Release Condition" has the meaning ascribed thereto in the Intercreditor Agreement.
Realized Savings is annual net savings realized by the State of Florida resulting from Members’ use of the Vendor’s Services. The Vendor shall annually refund the Department any amount of compensation that exceeds the Realized Savings. For payment of administrative fees, this Contract is subject to the transaction fee contained in subsection 287.057(22)(c), Florida Statutes, and the Vendor will comply with the timely reporting and payment of such fee. Specific Appropriation The funds from which the state will make payment for services under the Contract are identified from line number 2797A of the Fiscal Year 2018-2019 General Appropriations Act, House ▇▇▇▇ 5001. The Department of Management Services is authorized to submit budget amendments in accordance with chapter 216, Florida Statutes, to increase Specific Appropriation 2797A in the event administrative service payments exceed the amount of budget authority appropriated. The State of Florida’s performance and obligation to pay under this contract is contingent upon an annual appropriation by the Legislature. Ownership of Materials and Record Retention All Deliverables, papers, documents, materials, work, and other items prepared by Vendor and provided to the State for purposes of the Contract are the property of the Department and shall be available to the Department at any time. The Department has the right to use the same without restriction and without payments to Vendor other than that specifically provided by the Contract. Data deemed proprietary, trade secret or confidential shall be subject to compliance with Florida Statutes and federal laws and regulations. Vendor shall retain sufficient documentation to substantiate Claims for payment under this Contract, and all other records, electronic files, papers and documents which were made for purposes of the Contract. Such records shall include magnetic tapes, CD-ROM, diskettes or other electronic media files maintained by Vendor directly relating to the Services, including file labels, complete file layouts, data element descriptions and detailed processing logic to assist the Department auditor in processing or utilizing files. Vendor shall retain all such records, papers and documentation in compliance with record retention schedules published by the State of Florida Department of State. Vendor Obligations General Vendor will provide any and all labor, materials and supplies necessary to perform the Services in the manner prescribed by this Contract. Vendor will...
Realized Savings means the excess of the amount budgeted in the Construction Disbursement Budget for a line item over the amount of funds expended or owed by the Company to complete the tasks set forth in such line item and for the materials and services used to complete such tasks, so long as the terms for such tasks are final and unconditional (other than the satisfactory completion of such tasks); provided, however, that -------- ------- Realized Savings for any line item shall be deemed to be (i) zero if such savings are obtained in a manner that materially detracts from the overall value, quality and amenities of the Isle-Black Hawk, and (ii) reduced to the extent previously reallocated in the Construction Disbursement Budget.
Realized Savings means the excess of the amount budgeted in the Construction Disbursement Budget for a line item over the amount of funds expended or owed by the Company to complete the tasks set forth in such line item and for the materials and services used to complete such tasks; provided, however, that: (a) Realized Savings for any line item shall be deemed to be zero if such savings are obtained in a manner that materially detracts from the overall quality and amenities of the Bossier City Project and (b) Realized Savings for each line item shall in all cases be deemed to be zero until (i) the Company has completed all work and improvements covered by the line item, or (ii) the Company has satisfied or provided in all material respects for the obligations arising out of the completion of that line item.
Realized Savings means, in respect of each line item of the Budget, a decrease in the anticipated cost to complete the work or acquire the goods and services contemplated by such line item which (i) results from a decrease in the anticipated cost to complete the work which Borrower is able to demonstrate to the reasonable satisfaction of the Administrative Agent and the Construction Consultant, or (ii) results from a Scope Change which complies with the requirements of this Agreement and results, to the reasonable satisfaction of the Administrative Agent and the Construction Consultant, in a quantifiable decrease in materials, supplies, or required services, in each case, which is documented by Borrower to the reasonable satisfaction of the Administrative Agent and the Construction Consultant.
Realized Savings means, as of any date, with respect to any Line Item in the Project Budget, the excess of (i) the Remaining Budgeted Amount for such Line Item over (ii) the Remaining Costs with respect to such Line Item; provided, however, that Realized Savings for any Line Item shall be deemed to be zero unless and until the Borrower has delivered an executed Project Budget Amendment Certificate (together with all exhibits thereto) which includes such Realized Savings and such certificate has been approved by the Construction Consultant (which approval shall not be unreasonably withheld, delayed or conditioned) and, to the extent required under Section 6.1, the Administrative Agent (which approval shall not be unreasonably withheld or delayed); provided, further, however, that no Realized Savings shall be obtainable with respect to the “Project Contingency” Line Item or the “Flex Contingency” Line Item under the Project Budget.
Realized Savings. The amount equal to the Actual Expense less Baseline Expense.