Unit Construction Threshold definition

Unit Construction Threshold means, with respect to a Unit, not less than 5% of the cost to construct such Unit as provided in the applicable Unit Budget has been incurred by the Loan Parties (excluding the cost of Lot Improvements associated with such Unit).
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Unit Construction Threshold means, with respect to a Unit, a Unit Completion Percentage of at least 5%.
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Unit Construction Threshold means, with respect to a Unit, not less than 5% of the Cost to construct such Unit as provided in the applicable Unit Budget has been incurred by the Borrowing Group (excluding the cost of Lot Improvements associated with such Unit).
Sample 1

Examples of Unit Construction Threshold in a sentence

  • Construction of the Unit shall have commenced at least to the Unit Construction Threshold.

  • Borrower may reclassify an A&D Lot or Finished Lot as a Unit subject to the provisions of this Agreement relating to Units; provided, however, that before any A&D Lot or Finished Lot is included in Eligible Collateral as a Unit, the conditions precedent set forth in Section 4.4 must have been satisfied with respect to such A&D Lot or Finished Lot, including, without limitation, the provisions of Section 4.4(l) imposing the requirement that the Unit Construction Threshold must be met.

  • Borrower may reclassify an A&D Lot or Finished Lot as a Unit subject to the provisions of this Agreement relating to Units; provided, however, that before any A&D Lot or Finished Lot is included in Eligible Assets as a Unit, the conditions precedent set forth in Section 4.4 must have been satisfied with respect to such A&D Lot or Finished Lot, including, without limitation, the provisions of Section 4.4(f) imposing the requirement that the Unit Construction Threshold must be met.

Related to Unit Construction Threshold

  • New construction means, for the purposes of determining insurance rates, structures for which the "start of construction" commenced on or after the effective date of an initial FIRM or after December 31, 1974, whichever is later, and includes any subsequent improvements to such structures. For floodplain management purposes, "new construction" means structures for which the "start of construction" commenced on or after the effective date of the floodplain management regulations adopted by a community and includes any subsequent improvements to such structures.

  • Direct Construction Cost means the sum of the amounts that the Construction Manager actually and necessarily incurs for General Conditions Costs, Cost of the Work and Construction Manager’s Contingency during the Construction Phase as allowed by this Agreement. Direct Construction Cost does not include Pre-Construction Phase Fees or Construction Phase Fees.

  • Existing construction means any structure for which the "start of construction" commenced before the effective date of the initial floodplain management code or ordinance adopted by the community as a basis for that community's participation in the NFIP.

  • Completion of Construction means the date, as determined by the Division after consultation with the Recipient, that the work of building and erection of the Project is substantially complete.

  • Contribution in aid of construction, as used in this subrule, means a nonrefundable cash payment grossed-up for the income tax effect of such revenue covering the costs of a distribution main extension or service line that are in excess of costs paid by the utility. The amount of tax shall be reduced by the present value of the tax benefits to be obtained by depreciating the property in determining the tax liability.

  • Commenced Construction means (a) all of the following site preparation work is completed: ingress and egress routes exist; the site on which the Project will be located is cleared and graded; there is power service to the site; footings are prepared; and foundations have been poured consistent with purchased equipment specifications and project design; or (b) the following financial commitments have been made: (i) (A) an engineering, procurement, and construction contract (“EPC”) has been executed by all parties and is effective; or (B) contracts (collectively, “EPC Equivalents”) for all of the following have been executed by all parties and is effective: (1) project engineering, (2) procurement of all major equipment, and (3) construction of the Project, and (ii) the cumulative payments made by the Developer under the EPC or EPC Equivalents to the counterparties to those respective agreements is equal to at least thirty (30) percent of the total costs of the EPC or EPC Equivalents.

  • Pre-Construction Phase Services means the participation, documentation and execution of Contractor’s Pre-Construction Phase deliverables as required by this Agreement and further defined in Article 5.

  • The constructional plant means all appliances, tools, plants or machinery or whatsoever nature required in or about the execution, completion or maintenance of the works but does not include materials or other things intended to form part of the permanent work.

  • Commence Construction means that an owner or operator has either undertaken a continuous program of construction or has entered into a contractual obligation to undertake and complete, within a reasonable time, a continuous program of construction.

  • Estimated Construction Cost or “ECC” means the amount calculated by Contractor for the total cost of all elements of the Work based on this Agreement available at the time(s) that the ECC is prepared. The ECC shall be based on current market rates with reasonable allowance for overhead, profit and price escalation and shall include and consider, without limitation, all alternates and contingencies, designed and specified by A/E and the cost of labor and materials necessary for installation of Owner furnished equipment. The ECC shall include all the cost elements included in the AACC, as defined above, and shall represent Contractor’s best current estimate of the Guaranteed Maximum Price it will propose for the Project based on the information then available. The ECC shall not include Contractor’s Pre-Construction Phase Fee, A/E’s Fees, the cost of the land and rights-of-way, or any other costs that are the direct responsibility of Owner.

  • Construction and demolition debris means and includes:

  • Commencement of Construction means the initial disturbance of soils associated with clearing, grading, or excavating activities or other construction activities.

  • Pipeline Construction means a substantial disturbance to agricultural land associated with installation, replacement, removal, operation or maintenance of a pipeline, but shall not include work performed during an emergency. Emergency means a condition where there is clear and immediate danger to life or health, or essential services, or a potentially significant loss of property. When the emergency condition ends, pipeline construction will be in accordance with these rules.

  • Construction Completion means physical construction of a cleanup action component is complete.

  • Construction project means the same as that term is defined in Section 38-1a-102.

  • construction site means a workplace where construction work is being performed;