Required Minimum Contingency definition

Required Minimum Contingency means (w) during the first month after the Effective Date, no less than $24,000,000, (x) during the second month after the Effective Date, no less than $23,000,000, (y) during the third month after the Effective Date, no less than $22,000,000 and (z) thereafter the product of (1) $25,000,000 reduced by (2) the $25,000,000 multiplied by the percentage completed in respect of such Line Item Category on the date that the Advance is made.

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Required Minimum Contingency means, (a) initially, $21,707,526, (b) from time to time after the Twenty Five Percent Completion Date and prior to the Completion Date, the amount determined pursuant to the following formula: the sum of (i) $2,500,000 plus (ii) $19,207,526 amortized pro rata with the Hard Costs incurred from and after the Twenty Five Percent Completion Date in accordance with the Project Budget and allocated to the following Line Item Categories: the "▇▇▇▇▇▇▇ ▇▇▇▇▇▇ GMP Contract," "Interior Furnishings/Signage/Electronic Systems," Miscellaneous Capital Projects," "Golf Course" and "Parking Garage" and (c) from time to time after the Completion Date, 150% of the Project Punchlist Completion Amount; provided, however, that, if at the time of the initial advance of funds from the Second Mortgage Notes Proceeds Account the conditions precedent set forth in Section 3.3.22(b) of the Disbursement Agreement have not been satisfied, then from and after such date and until such time (if ever) as the conditions precedent set forth in Section 3.3.22(b) of the Disbursement Agreement have been satisfied, the reference to $2,500,000 in clause (b)(i) shall be deemed amended to be a reference to $7,500,000 and the amount remaining to be amortized as of such date under clause (b)(ii) above shall be reduced by $5,000,000.

Required Minimum Contingency as defined in the Disbursement Agreement.

Examples of Required Minimum Contingency in a sentence

The Unallocated Contingency Balance shall equal or exceed the Required Minimum Contingency and the Available Funds shall equal or exceed the Remaining Costs as determined by the Administrative Agent and the Construction Consultant.
Without the prior written consent of the Administrative Agent, the Borrowers shall not allocate amounts of the Unallocated Contingency Balance to other Line Items in the Construction Component of the Budget if such allocation causes the remaining Unallocated Contingency Balance to be less than the Required Minimum Contingency.
The failure, from time to time, of (a) Available Funds to equal or exceed the Remaining Costs or (b) the Unallocated Contingency Balance to equal or exceed the Required Minimum Contingency, if such failure shall continue for 30 days without being cured.
The failure, for 30 consecutive days, of the Company to submit an Advance Request which is approved, unless the Company demonstrates to the reasonable satisfaction of the Disbursement Agent after consultation with the Construction Consultant that (a) Available Funds equal or exceed the Remaining Costs and (b) the Unallocated Contingency Balance equals or exceeds the Required Minimum Contingency.
The Unallocated Contingency Balance shall equal or exceed the Required Minimum Contingency and after giving effect to the requested Advance, the Available Funds shall equal or exceed the Remaining Costs.

More Definitions of Required Minimum Contingency

Required Minimum Contingency. (a) until the Lake ▇▇▇▇▇▇▇ Completion Ratio is 0.35, $12,500,000; and (b) thereafter, (i) $14,500,000 times (ii) 1.00 minus the Lake ▇▇▇▇▇▇▇ Completion Ratio.

Required Minimum Contingency. (1) with respect to the Lake ▇▇▇▇▇▇▇ Project, (a) $9,800,000 times (b) 1.00 minus the Completion Ratio of the Lake ▇▇▇▇▇▇▇ Project, and (2) if the St. Louis City Project is designated a Current Project pursuant to Section 5.5, (a) until the Completion Ratio of the St. Louis City Project is 0.35, 5% of the applicable Construction Budget as reduced by capitalized interest and pre-opening costs; and (b) thereafter, (i) 5% of the applicable Construction Budget as reduced by capitalized interest and pre-opening costs times (ii) 1.00 minus the Completion Ratio of the St. Louis City Project, or (3) if the St. Louis County Project is designated a Current Project pursuant to Section 5.5, (a) until the Completion Ratio of the St. Louis County Project is 0.35, 5% of the applicable Construction Budget as reduced by capitalized interest and pre-opening costs; and (b) thereafter, (i) 5% of the applicable Construction Budget as reduced by capitalized interest and pre-opening costs times (ii) 1.00 minus the Completion Ratio of the St. Louis County Project.

Required Minimum Contingency in Section 1.1 of the Credit Agreement shall be amended by deleting the word “or” that appears at the end of clause (2) thereof and adding the following at the end of such definition: if the Biloxi Project is designated a Current Project pursuant to Section 5.5, (a) until the Completion Ratio of the Biloxi Project is 0.35, 5% of the applicable Construction Budget as reduced by capitalized interest and pre-opening costs; and (b) thereafter, (i) 5% of the applicable Construction Budget as reduced by capitalized interest and pre-opening costs times (ii) 1.00 minus the Completion Ratio of the Biloxi Project

Required Minimum Contingency means, as of each date of determination, the amount calculated as follows:

Required Minimum Contingency means: (a) from time to time prior to the Project Completion Date, the amount allocated to the “unallocated contingency” Line Item category in the Project Budget as of the Closing Date less ten percent (10%) of such amount, amortized on a double declining basis from the Closing Date through the then-estimated Project Completion Date; provided that, on the Initial Borrowing Date (but not any day thereafter) the “unallocated contingency” Line Item category set forth in the Project Budget shall be no less than five percent (5%) of the Hard Costs set forth in the Project Budget; and (b) from time to time after the Project Completion Date, 150% of the Project Punchlist Completion Amount.

Required Minimum Contingency means, (a) from time to time prior to the Completion Date, the sum of (i) the amount allocated to the "unallocated contingency" Line Item in the Project Budget as of the Financing Date less $9,830,250 amortized straight line from April 21, 1997 through April 21, 1999, plus (ii) from and after the date that the "unallocated contingency" Line Item is increased pursuant to Section 6.4.1(b) of the Funding Agents' Disbursement and Administration Agreement, the amount of such increase amortized straight line from April 21, 1997 through April 21, 1999, plus (iii) Five Million Dollars ($5,000,000) and (b) from time to time after the Completion Date, 200% of the Project Punchlist Completion Amount.

Required Minimum Contingency. Available Funds" and "Remaining Costs" are defined in the Disbursement Agreement.