Non-Development Cost Overruns Clause Samples

Non-Development Cost Overruns. Except in the instance of a Hard Cost Overrun Loan under Sections 8.04(c) and 8.04(d), and subject further to Catalyst Member's right to call capital as provided in Section 6.05(c) other than for Hard Cost Overruns and the BR Member's right to contribute capital pursuant to Section 6.0S(d), in the event the Borrower is reasonably expected to incur a Non-Development Cost Overrun or is unable to pay its cash obligations as and when they become due, and thus has or is expected to have an actual cash flow deficit, and such funds cannot be obtained pursuant to Section 8.03 above or pursuant to the TIC Agreement, the Catalyst Member shall determine the amount of required funds, shall notify the Management Committee of same and shall recommend that the Management Committee make a capital call for such funds pursuant to this Section 8.04(a). Upon the receipt of the recommendation of the Catalyst Member, the Management Committee shall evaluate such recommendation in good faith and shall determine whether such capital call is reasonably required under the circumstances. In the event that the Management Committee elects to make such capital call, it shall so notify the Members, and the Catalyst Member and the BR Member shall have thirty (30) days to make Capital Contributions in the amounts of 15% and 85%, respectively, of the necessary funds (each, an "Additional Capital Contribution"). Notwithstanding the foregoing: (i) the Catalyst Member must on its own account pay over to the Company any Non-Development Cost Overrun caused by, or any additional capital required by the Company or Borrower because of, a Default Action of the Catalyst Member (a "Catalyst Cost Overrun Loan") (to be paid back as provided in Section 9.0l(f) below, but without any interest or return thereon); and (ii) the BR Member must on its own account pay over to the Company any Non-Development Cost Overrun caused by, or any additional capital required by the Company or Borrower because of, a Default Action of the BR Member (the "BR Cost Overrun Loan") (to be paid back as provided in Section 9.0l(f) below, but without any interest or return thereon). In either such case, it is the intent of the Members that any such Additional Capital Contributions will, in turn, be contributed to the Borrower and that the Borrower will then return such capital contributions to the Company on a priority basis, in accordance with the provisions of the TIC Agreement.
View SourceView Similar (3)
Non-Development Cost Overruns. Except in the instance of a funding obligation under Section 8.4.2, in the event the Company is reasonably expected to incur a Non- Development Cost Overrun, and funds to pay such Non-Development Cost Overrun have not been obtained pursuant to Section 8.3 above, either Member may determine, in the Member’s reasonable judgment and in good faith, the amount of required funds and may make a capital call for such funds pursuant to this Section 8.4.1. When a Member makes such capital call, it shall so notify the other Members, and the Members shall have thirty (30) days to make Additional Capital Contributions in the amounts of 10% (for the TCR Member) and 90% (for the BR Member) of the necessary funds.
View SourceView Similar (2)

Related to Non-Development Cost Overruns

  • Project Cost Overruns In the event that the Recipient determines that the moneys granted pursuant to Section II hereof, together with the Local Subdivision Contribution, are insufficient to pay in full the costs of the Project, the Recipient may make a request for supplemental assistance to its District Committee. The Recipient must demonstrate that such funding is necessary for the completion of the Project and the cost overrun was the result of circumstances beyond the Recipient's control, that it could not have been avoided with the exercise of due care, and that such circumstances could not have been anticipated at the time of the Recipient's initial application. Should the District Committee approve such request the action shall be recorded in the District Committee's official meeting minutes and provided to the OPWC Director for the execution of an amendment to this Agreement.

  • Cost Overruns The Borrower shall ensure that all cost-overruns over the estimated construction costs of the Project as certified by a quantity surveyor or the Architect or as ascertained by the Lender as and when they occur shall be funded by the Borrower’s own equity;

  • Development Costs Licensee shall be responsible for all of its costs and expenses in connection with the Development of, and obtaining and maintaining Regulatory Approvals for, the Licensed Products in the Field in the Territory.

  • Project Cost An updated cost spreadsheet reflecting the current forecasted cost vs. the latest approved budget vs. the baseline budget should be included in this section. One way to track project cost is to show: (1) Baseline Budget, (2) Latest Approved Budget, (3) Current Forecasted Cost Estimate, (4) Expenditures or Commitments to Date, and (5) Variance between Current Forecasted Cost and Latest Approved Budget. Line items should include all significant cost centers, such as prior costs, right-of-way, preliminary engineering, environmental mitigation, general engineering consultant, section design contracts, construction administration, utilities, construction packages, force accounts/task orders, wrap-up insurance, construction contingencies, management contingencies, and other contingencies. The line items can be broken-up in enough detail such that specific areas of cost change can be sufficiently tracked and future improvements made to the overall cost estimating methodology. A Program Total line should be included at the bottom of the spreadsheet. Narratives, tables, and/or graphs should accompany the updated cost spreadsheet, basically detailing the current cost status, reasons for cost deviations, impacts of cost overruns, and efforts to mitigate cost overruns. The following information should be provided:

  • Construction Contract; Cost Budget Prior to execution of a construction contract, Tenant shall submit a copy of the proposed contract with the Contractor for the construction of the Tenant Improvements, including the general conditions with Contractor (the “Contract”) to Landlord for its approval, which approval shall not be unreasonably withheld, conditioned or delayed. Following execution of the Contract and prior to commencement of construction, Tenant shall provide Landlord with a fully executed copy of the Contract for Landlord’s records. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids and proposals for the Tenant Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, for all of Tenant’s Agents, of the final estimated costs to be incurred or which have been incurred in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor (the “Construction Budget”), which costs shall include, but not be limited to, the costs of the Architect’s and Engineers’ fees and the Landlord Coordination Fee. The amount, if any, by which the total costs set forth in the Construction Budget exceed the amount of the Tenant Improvement Allowance is referred to herein as the “Over Allowance Amount”. In the event that an Over-Allowance Amount exists, then prior to the commencement of construction of the Tenant Improvements, Tenant shall supply Landlord with cash in an amount equal to the Over-Allowance Amount. The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the total costs set forth in the Construction Budget have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Tenant Improvements shall change, any additional costs for such design and construction in excess of the total costs set forth in the Construction Budget shall be added to the Over-Allowance Amount and the total costs set forth in the Construction Budget, and such additional costs shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in items (i), (ii), (iii) and (iv) of Section 2.2.2.1 of this Tenant Work Letter, above, for Landlord’s approval, prior to Tenant paying such costs. All Tenant Improvements paid for by the Over-Allowance Amount shall be deemed Landlord’s property under the terms of the Lease.