Completion Costs. (a) Table 1 of Schedule 2.5(a) sets forth an estimate by the --------------- TCR Parties of each component of the Completion Costs (the "ESTIMATED COMPLETION COSTS") anticipated to finalize construction of each of the Real Properties listed thereon (collectively, the "DEVELOPMENT PROPERTIES"). Twenty (20) days before the Closing Date, the TCR Representatives shall provide the Transferee a revised estimate of the following components of the Completion Costs for one or more of the Development Properties: "Hard Cost" and/or "Operating Income Offset" (together, the "AUDITABLE COMPONENTS"). Based on such revised components and the instructions set forth in Schedule 2.5(e), a revised estimate --------------- of each component of the Completion Costs (the "REVISED COMPLETION COSTS") shall be calculated for each of the Development Properties, and Table 1 of Schedule -------- 2.5(a) shall be revised to incorporate the Revised Completion Costs. From and ------ after the Effective Date until the Closing or until this Agreement is terminated as herein provided, the TCR Representatives shall provide, and each of the Contributors and the Contributing Partners shall cooperate with the TCR Representatives in the provision of, all reasonable information requested by the Construction Auditor for the purpose of determining its estimate of the Auditable Components for each of the Development Properties. Ten (10) Business Days before the Closing Date, the Construction Auditor shall report to the TCR Representatives and the Transferee its estimate of the Auditable Components for each Development Property as of the Closing Date. Based on the Auditable Components as so determined by the Construction Auditor and the instructions set forth in Schedule 2.5(e), an audited estimate of the Completion Costs (the --------------- "AUDITED COMPLETION COSTS") shall be calculated for each of the Development Properties, and Table 2 of Schedule 2.5(a) shall be completed by incorporating --------------- those audited estimates therein and calculating the reserve amounts shown thereon (each, a "RESERVE AMOUNT"), which shall be, for each Development Property, the excess, if any, of (i) the Audited Completion Costs for the Property over (ii) the Revised Completion Costs for the Property.
Completion Costs. Notwithstanding anything to the contrary herein, if Guarantor shall at any time default in the performance of, or disclaim, its obligations under Section 1 above, or if Lender shall elect, in its sole and absolute discretion, to demand payment of the Completion Costs (as hereinafter defined) by Guarantor, Guarantor shall, at Lender’s election and upon demand by Lender, pay to Lender an amount equal to the positive difference, if any, between: (x) the Completion Costs (specifically excluding amounts in respect of leasing commissions, tenant improvement allowances and tenant improvement work unless required pursuant to Leases then in effect), and (y) the sum of the unfunded portions of the Building Loan and the Project Loan (specifically excluding, however, unfunded amounts of the Building Loan and the Project Loan that are budgeted for the payment of leasing commissions, tenant improvement allowances and tenant improvement work unless required pursuant to Leases then in effect) and all Equity Deposits and School Cost Payments held by Lender and School Cost Payments anticipated to be made under the School Unit Purchase Agreement and Carry Cost Reserve Funds and amounts on deposit in the Loan Reserve and amounts on deposit in the MTA Cash Collateral Account (collectively, the “Unfunded Construction Loan Proceeds”). Each component of Unfunded Construction Loan Proceeds shall only be taken into account to the extent there are corresponding Completion Costs for which such Unfunded Construction Loan Proceeds can be utilized (i.e., amounts on deposit in the MTA Cash Collateral Account shall only be taken into account to the extent of remaining MTA Work for which such amounts can be utilized). As used herein, the term “Completion Costs” means all of Lender’s direct and indirect costs incurred or estimated to be incurred in connection with (i) the Final Completion of the Construction Work as required of Borrower under the Master Loan Agreement, (ii) completion of the MTA Work in accordance with the Transit Improvement Agreement (as and to the extent required thereunder) or payment of any amounts required to be paid under the Transit Improvement Agreement in lieu of such completion (whichever is greater and could still be applicable at the time of determination), and (iii) completion of all SCA Additional Construction Items, SCA Fit-Out Impacted Work and SCA Pre- and Post-Turnover Work in accordance with the School Unit Purchase Agreement, including, without being li...
Completion Costs. Grantee acknowledges and agrees that upon the occurrence of any default or Event of Default under this Deed to Secure Debt or other Loan Document the Deed to Secure Debt payment of the Completion Costs shall be made solely as provided for in Section 4.10(c) of this Deed to Secure Debt and subject to the provisions of Section 10.20 of the Loan Guarantee Agreement.
Completion Costs. 23 Section 3.6 Cash Consideration........................................... 24 Section 3.7 Withdrawn Properties......................................... 24 Section 3.8 Management Contracts and Brokerage Business.................. 25 Section 3.9 Retained Amount.............................................. 26
Completion Costs. 20 Section 5.3
Completion Costs. (a) Seller shall be solely responsible for completing the Mt. Xxxxxxxx Facility and the Mt. Xxxxxxxx Completion Costs including, without limitation, any cost overruns that exceed the current budget for the Mt. Xxxxxxxx Facility to the extent that such Mt. Xxxxxxxx Completion Costs exceed the amount in the Bond Proceeds Account as of the Closing Date plus the amount of any adjustment pursuant to Article 4.2(b)(i). Attached hereto as SCHEDULE 5.2(a) is the current budget for the completion of the Mt. Xxxxxxxx Facility. As used in this Article 5.2, "MT.
Completion Costs. Pro forma costs to complete the first phase of any ----------------- Startup Project, including, but not limited to, anticipated expenditures for land, all Soft Costs, and the amount of any form of future obligation or guaranty to inject cash required in order to construct the first phase of such Startup Project, regardless of which phase such obligation or guaranty shall actually benefit. Consolidated or consolidated. With reference to any term defined herein, ------------------------------ shall mean that term as applied to the accounts of FCI and its Subsidiaries, consolidated in accordance with generally accepted accounting principles. Consolidated Net Income (or Deficit). The consolidated net income (or --------------------------------------- deficit) of FCI and its Subsidiaries, after deduction of all expenses, taxes, and other proper charges, determined in accordance with generally accepted accounting principles. Consolidated Net Operating Income (or Deficit). Consolidated Net Income (or ---------------------------------------------- Deficit), after eliminating therefrom all extraordinary nonrecurring items of income or loss. Consolidated Operating Cash Flow. For any period, an amount equal to (i) --------------------------------- the sum of (A) Earnings Before Interest and Taxes for such period, plus (B) ---- depreciation, amortization and all other noncash charges for such period, less ---- (ii) the sum of (A) cash payments for all taxes paid during such period, plus (B) Capital Expenditures made during such period.
Completion Costs. All interest shall be computed on the premise that a year contains 360 days, and is composed of twelve (12) months, each of which contains thirty (30) days. The Completion Costs Interest Rate used for purposes of determining Tenant's monthly installment of Tenant's Share of Phase 1 Completion Costs shall initially equal that rate of interest (as determined pursuant to the formula set forth above in effect on the Phase 1 Commencement Date, and thereafter, the Completion Costs Interest Rate used for purposes of determining Tenant's monthly installment shall be recalculated at the commencement of each Lease Year (individually referred to as a "Payment Calculation Date") using the interest rate (as determined pursuant to the formula set forth above) in effect on each respective Payment Calculation Date. Tenant's monthly installment of the unpaid portion of Tenant's Share of Phase 1 Completion Costs together with interest thereon shall be adjusted on each Payment Calculation Date as follows:
Completion Costs. The Completion Costs Interest Rate used for purposes of determining Tenant's monthly installment of Tenant's Share of Phase 2 Completion Costs shall initially equal the Completion Costs Interest Rate in effect on the Phase 2 Commencement Date, and thereafter, the interest rate used for purposes of determining Tenant's monthly installment shall be recalculated on the Payment Calculation Date (defined in Section 7.1.3 above) using the Completion Costs Interest Rate in effect on each respective Payment Calculation Date. Tenant's monthly installment of the unpaid portion of Tenant's Share of Phase 2 Completion Costs together with interest thereon shall be adjusted on each Payment Calculation Date as follows:
Completion Costs. A. Capital expenditures for completion costs made during fiscal year to date: $ ---------------------
