Verified Project Costs definition

Verified Project Costs means the aggregate, from time to time, of (i) Soft Costs actually incurred by Borrower and approved for funding by Lender in accordance with the applicable Construction Budget, and (ii) Hard Costs actually incurred by Borrower for work in place as part of the applicable Project, as certified by Lender’s Inspector (as hereinafter defined) pursuant to the provisions of this Agreement, minus the Retainage. Equity Requirement. Prior to the initial Construction Loan advance for a Project, Borrower shall invest into the Project the Equity Requirement as set forth in the Construction Budget for such Project Tranche or such other amount as otherwise approved in writing by Lender, it being understood that the Property (including a ground leasehold interest pursuant to a ground lease in form and content approved by Lender) will be contributed as a portion of the equity in partial satisfaction of this requirement (“Equity Requirement”). In no event shall any single Project have less than twenty percent (20%) equity invested by Borrower as determined by Lender. If at any time Lender and Lender’s Inspector determine in their sole discretion that based on revised or actual costs for the Project additional equity is required, Lender may, prior to any further Construction Loan advances, require that additional funds be invested in the Project by Borrower to satisfy the Equity Requirement. The Equity Requirement shall remain invested in the Project and Borrower agrees that no portion of the Equity Requirement will be reimbursed directly or indirectly without Lender’s prior written consent. Notwithstanding the foregoing, if, after completion of a Project for which additional equity was injected by Borrower hereunder, the final Project Budget for such Project exceeds Borrower’s final costs in completing the Project (any such difference being referred to herein as “Final Project Savings”), Lender may, in Lender’s sole and absolute discretion, advance to Borrower an amount equal to the lesser of (i) the remaining unadvanced proceeds under the applicable Project Tranche, (ii) the amount of additional equity contributed toward the Project by Borrower and (iii) the amount of Final Project Savings for such Project. Retainage. Lender shall retain from each advance of Construction Loan proceeds an amount equal to the greater of (i) 5.0% of Hard Costs actually incurred by Borrower for work in place as part of the Project, as certified from time to time by Lender’s Inspector, or (ii)...
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Verified Project Costs means the aggregate, from time to time, of (i) Indirect Costs actually incurred by Xxxxxxxx and approved for funding by Bank, and (ii) Direct Costs actually incurred by Borrower for work in place as part of the Project, as certified by Bank's Inspector, from time to time, pursuant to the provisions of this Agreement, minus a sum equal to the portion of the Equity Requirement which Borrower is required to have invested in the Project from time to time pursuant to this Agreement.
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Verified Project Costs as used in this Agreement shall mean the aggregate, from time to time, of (a)
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Examples of Verified Project Costs in a sentence

  • Subject to compliance by Borrowers with the terms and conditions of this Agreement, including without limitation, satisfaction of the conditions set forth on Schedule 2.2 attached hereto, Lender shall make Advances to Bayshore Landing of the Construction Loan during the Construction Period for Direct Costs and Indirect Costs; provided, however, that in no event shall Lender be obligated to make disbursements of the Construction Loan in excess of Verified Project Costs.

  • Other than Lender’s obligation to fund Retainage upon achievement of certain completion hurdles, Lender shall not be obligated to make aggregate Renovation Advances for the Renovation Work in excess of the amount, from time to time, of Verified Project Costs unless Lender, in its sole discretion, deems it advisable to do so.

  • The Bank shall not be obligated to consent to any request for an advance of Bond proceeds by the Trustee in excess of the amount, from time to time, of Verified Project Costs, unless the Bank, in its sole and absolute discretion, deems it advisable to do so.

  • Subject to compliance by Borrower with the terms and conditions of this Agreement, Bank shall make Advances to Borrower for Direct Costs and Indirect Costs; provided, however, that in no event shall Bank be obligated to make disbursements of the Loan in excess of Verified Project Costs.

  • Amortized cost is calculated by taking into account any discount or premiums on acquisition and fees that are an14 SILVERCORP METALS INC.Notes to Consolidated Financial Statements(Expressed in thousands of U.S. dollars, unless otherwise stated)integral part of the effective interest method.


More Definitions of Verified Project Costs

Verified Project Costs means the aggregate, from time to time, of (i) Soft Costs actually incurred by Borrower and approved for funding by Bank (which costs, for purposes of clarification, do not have to be paid first by Borrower, but may be paid with the proceeds from advances), and (ii) Hard Costs actually incurred by Borrower for work in place as part of the Project, as certified by Bank’s Inspector (as hereinafter defined) pursuant to the provisions of this Agreement (which costs, for purposes of clarification, do not have to be paid first by Borrower, but may be paid with the proceeds from advances), minus a sum equal to the aggregate of (i) the portion of the Equity Requirement which Borrower is required to have invested in the Project pursuant to this Agreement, and (ii) the Retainage, if any. Limitation on Loan Advances. In no event will the maximum principal amount of the Loan exceed the lesser of (a) 75% of the projected “as-built” fair market value of the Project, as determined by Bank’s appraisal, or (b) 76.5% of the total Project development costs approved by Bank. The maximum amount outstanding at any one time under the Revolving Loan will be limited to $8,352,921.00, itemized as follows:
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Verified Project Costs means the aggregate, from time to time, of (a) Hard Costs actually incurred by Borrower for work in place as part of the Unit, as certified by Lender’s Inspector (as hereafter defined) pursuant to the provisions of this Agreement, and (b) an overhead allowance of six percent (6%) of approved Hard Costs for the construction of new Units on the Lots (which shall be added to the line item for Hard Costs in every Construction Budget). There shall be no overhead allowance for advances related to the Existing Units (as hereafter defined).
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Related to Verified Project Costs

  • Qualified Project Costs shall have the meaning given to it in the Regulatory Agreement.

  • Project Costs means all allowable costs, as set forth in the applicable Federal cost principles, incurred by a recipient and the value of the contribu- tions made by third parties in accom- plishing the objectives of the award during the project period.

  • Estimated Project Cost means Benchmark cost of MNRE which is Rs 8.00 Crore/MWp as per MNRE letter no. 03/20/2014-15/GCRT/11.12.14 at the time of Bid Due date.

  • Total Project Costs means, with respect to a Project, the sum of (i) the Qualified Project Expenditures plus (ii) all other costs necessary to acquire the Land, construct the Development Work and the Construction Improvements in accordance with the Plans and Specifications and complete the Project.

  • Project Cost means the price payable to Service Provider over the entire period of Agreement (i.e. Rs. <in words>) for the full and proper performance of its contractual obligations.

  • Approved Project Budget means the most recent statement, approved by the FTA, of the costs of the Project, the maximum amount of Federal assistance for which the TJPA is currently eligible, the specific tasks (including specified contingencies) covered, and the estimated cost of each task.

  • Eligible Project Costs means such portion of the Project costs disbursed and loaned from the OPWC to the Recipient for the sole and express purpose of acquiring, constructing, reconstructing, expanding, improving, engineering and equipping the Project, other direct expenses, and related financing costs thereto.

  • Development Costs means costs incurred to obtain access to reserves and to provide facilities for extracting, treating, gathering and storing the oil and gas from reserves. More specifically, development costs, including applicable operating costs of support equipment and facilities and other costs of development activities, are costs incurred to:

  • Qualified project means the construction or expansion of any capital project of the Borrower or any of its Restricted Subsidiaries, the aggregate actual or budgeted capital cost of which (in each case, including capital costs expended by the Borrower or any such Restricted Subsidiaries prior to the construction or expansion of such project) exceeds $50,000,000.

  • Total Project Cost means the lowest of the following:

  • Direct Costs means the sum of the following:

  • Construction Budget means the fully-budgeted costs for the acquisition and construction of a given parcel of real property (including, without limitation, the cost of acquiring such parcel of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Parent in good faith.

  • Improvement Costs means any additional expenditure on a fixed asset that materially increases the capacity of the asset or materially improves its functioning or represents more than 10% of the initial depreciation base of the asset;

  • Approved Project means the Scheme application of the Applicant approved by the CIC.

  • Project Budget means the budget and project description included in the grant application. The Project Budget must succinctly describe all major elements of project work, the estimated cost of each, and clearly allocate requested grant funding and match contributions to each.

  • Development Expenses means, with respect to SAIL Developments as well as HOME Developments when the HOME Development is also at least partially financed with a MMRB Loan (as defined in rule Chapter 67-21, F.A.C.), usual and customary operating and financial costs, such as the compliance monitoring fee, the financial monitoring fee, replacement reserves, the servicing fee and the debt service reserves. As it relates to SAIL Developments as well as HOME Developments when the HOME Development is also at least partially financed with a MMRB Loan (as defined in rule Chapter 67-21, F.A.C.) and to the application of Development Cash Flow described in subsections 67-48.010(5) and (6), F.A.C., as it relates to SAIL Developments or in paragraph 67-48.020(3)(b), F.A.C., as it relates to HOME Developments, the term includes only those expenses disclosed in the operating pro forma on an annual basis included in the final credit underwriting report, as approved by the Board, and maximum of 20 percent Developer Fee per year.

  • Costs of the Project means Recipient’s actual costs (including any financing costs properly allocable to the Project) that are (a) reasonable, necessary and directly related to the Project, (b) permitted by generally accepted accounting principles to be Costs of the Project, and (c) are eligible or permitted uses of the Financing Proceeds under applicable state or federal statute and rule.

  • Cost of the Project means and embraces the cost of construction; the cost of all

  • Base Case Projections means the initial forecast for the Project prepared as of the Effective Date using the Base Case Financial Model.

  • Cost Overrun means an obligation exceeding the maxi- mum capital expenditure authorized by an approval.

  • Soft Costs means the costs of professional work and fees, interim costs, financing fees and expenses, syndication costs, soft costs and Developer’s fees as shown in the Applicant’s properly completed UniApp, Section C - Uses of Funds. Soft Costs do not include operating or replacement reserves.