Construction Disbursement Budget Amendment Process Sample Clauses

Construction Disbursement Budget Amendment Process. The Construction Disbursement Budget may be amended by the Issuers from time to time in the manner set forth herein without review or approval from the Trustee or the Disbursement Agent. Subject to Section 8.2, the Issuers shall have the right from time to time to amend the Construction Disbursement Budget to change the amounts allocated for specific line item components of the work required to complete the Facility, including Soft Costs; provided that, in any such amendment, the Company may neither modify the description of any line item nor modify the amount set forth for any such line item incurred on or prior to the Issue Date. A line item in the Construction Disbursement Budget may be increased only if the funds for such increase are made available in the Construction Disbursement Budget from (a) previously unallocated Available Funds or an increase in Additional Revenue, in each case to the extent not previously expended or dedicated to the payment of items contained in the Construction Disbursement Budget; (b) an increase in Realized Savings from another line item and a corresponding reduction in the construction line items related to such Realized Savings; (c) the reduction of the “contingency” line item, if any, in the Construction Disbursement Budget or (d) the reduction of allocated reserves in the Construction Disbursement Budget pursuant to the terms and condition of this Agreement. Any such amendment shall be in writing and shall identify with particularity the line items to be changed and the amount of such change and (x) in the event of an increase in a construction line item, the Realized Savings, Additional Revenue, line item for “contingency” (if any) in the Construction Disbursement Budget and/or previously allocated reserves which are permitted to be reduced (but not any Retainage Amounts), which are proposed to be utilized to pay for the increase; and (y) in the case of a decrease in a construction line item, the Realized Savings in the amount of such reduction. Construction line items may be reduced only upon obtaining, and in the amount of, Realized Savings. The “contingency” line item, if any, in the Construction Disbursement Budget may be reduced by allocation to other line items. Any amounts of Realized Savings, Additional Revenue, contingency amounts or previously allocated reserves so identified for use in connection with a particular line item thenceforth shall be deemed dedicated to the particular line item, unless and until ...
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Construction Disbursement Budget Amendment Process. 15 8.2 Contract Amendment Process............................................ 15 8.3 Project Cost Schedule and Cost Overruns............................... 16 9.
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Construction Disbursement Budget Amendment Process. The Construction Disbursement Budget may be amended from time to time in the manner set forth herein. Subject to SECTION 9.2 below, the Company shall have the right from time to time to amend the Construction Disbursement Budget to increase the amounts allocated for specific line item components of the work required to complete the Bossier City Project. Any such amendment shall be in writing and be submitted to the Disbursement Agent and the Independent Construction Consultant by an Officer's Certificate in the form of EXHIBIT G hereto, together with the Independent Construction Consultant's certification, as provided in EXHIBIT 1 to the Construction Disbursement Budget Amendment Certificate, the General Contractor's certification from both Bellows and Max Foote, as proxxxxx xx EXHIBIT 2 to the Construction Disbursement Budget Amendment Certificate and the Project Architect's certification, as provided in EXHIBIT 3 to the Construction Disbursement Budget Amendment Certificate. Upon receipt by the Disbursement Agent of an Officer's Certificate in the form of EXHIBIT G and the attachments, all of which must be completed as to the information required therein, such amendment shall become effective hereunder and the Construction Disbursement Budget shall thereafter be as so amended.
Sample 1
Construction Disbursement Budget Amendment Process. The Construction Disbursement Budget may be amended from time to time in the manner set forth herein. Subject to Section 8.2 below, the Company shall have the right from time to time to amend the Construction Disbursement Budget to change the amounts allocated for specific line item components of the work required to complete the Riviera Black Hawk, including Soft Costs, and to reallocate Realized Savings from one line item to another. Any such amendment shall be in writing and shall identify with particularity the line items to be changed and the amount of such change, and shall be submitted to the Disbursement Agent and the Independent Construction Consultant by an Officers' Certificate in the form of Exhibit F attached hereto, together with the Independent Construction Consultant's certification, as provided in Exhibit 1 to the Construction Disbursement Budget Amendment Certificate, and (if and to the extent such amendment relates to Hard Costs) the General Contractor's certification, as provided in Exhibit 2 to the Construction Disbursement Budget Amendment Certificate, and the Architect's certification, as provided in Exhibit 3 to the Construction Disbursement Budget Amendment Certificate. Upon receipt by the Disbursement Agent of an Officers' Certificate in the form of Exhibit F and the attachments, all of which must be completed as to the information required therein, such amendment shall become effective hereunder and the Construction Disbursement Budget shall thereafter be as so amended.
Sample 1
Construction Disbursement Budget Amendment Process. The Construction Disbursement Budget may be amended from time to time in the manner set forth herein. Subject to Section 12.2, the Company shall have the right from time to time to amend the Construction Disbursement Budget to change the amounts allocated for specific line item components of the work required to complete the Project, including Soft Costs, and to reallocate Realized Savings from one line item to another. Any such amendment shall be in writing and shall identify with specificity the line items to be changed and the amount of such change, and shall be submitted to the Disbursement Agent and the Independent Construction Consultant by an Officers' Certificate in the form of Exhibit H-1 attached hereto, together with all exhibits, schedules and documents required thereunder (the "Construction Disbursement Budget Amendment Certificate"). The proposed amendment in the Construction Disbursement Budget Amendment Certificate shall become effective upon the execution and delivery by the Independent Construction Consultant to the Disbursement Agent of an Officer's Certificate in the form of Exhibit H-2 attached hereto. Notwithstanding the foregoing or anything else to the contrary in this Agreement, the Company shall not have the right to amend the Construction Disbursement Budget without the prior written consent of the Trustee and Hyatt Gaming (copies of which shall be delivered to the Disbursement Agent), which consent may be withheld in their sole and absolute discretion, if such amended Construction Disbursement Budget would require funds in excess of the Available Funds at any time.
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Related to Construction Disbursement Budget Amendment Process

  • Construction Budget Administrative Agent shall have received each of the Construction Budget in form and substance reasonably satisfactory to Administrative Agent (in consultation with the Independent Engineer).

  • Construction Contract; Cost Budget Prior to execution of a construction contract, Tenant shal] submit a copy of the proposed contract with the Contractor for the construction of the Tenant Improvements, including the genera] 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 (1), (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. 4.2.2

  • Disbursement of the Tenant Improvement Allowance Except as otherwise set forth in this Tenant Work Letter, the Tenant Improvement Allowance shall be disbursed by Landlord (each of which disbursement shall be made pursuant to Landlord’s standard disbursement process), only for the following items and costs (collectively, the “Tenant Improvement Allowance Items”):

  • Disbursement of Tenant Improvement Allowance During the construction of the Tenant Improvements, Landlord shall make monthly disbursements of the Tenant Improvement Allowance for Tenant Improvement Allowance Items for the benefit of Tenant and shall authorize the release of monies for the benefit of Tenant as follows.

  • Project Costs The Project costs are true and accurate estimates of the costs necessary to complete the Improvements in a good and workmanlike manner according to the Plans and Specifications presented by Borrower to Lender, and Borrower shall take all steps necessary to prevent the actual cost of the Improvements from exceeding the Project costs.

  • Project Budget The budget approved by Member Consent for the acquisition, construction, development, marketing and financing of the Project. The initial Project Budget is attached hereto as Exhibit G.

  • Construction Phase During Construction, DESIGN/BUILDER shall provide Engineering and Design Professional Services as necessary to complete the Project.

  • Tenant Improvement Allowance Items Except as otherwise set forth in this Tenant Work Letter, the Tenant Improvement Allowance shall be disbursed by Landlord only for the following items and costs (collectively the “Tenant Improvement Allowance Items”):

  • Cost Overruns In the event that the costs and expenses incurred by Borrower in completing any work which is the subject of this Agreement exceed the respective amounts allocated by Lender for such items of expense, Borrower shall be responsible for the payment (from sources other than the Property Reserves) of such excess costs and expenses.

  • Amendment costs If (a) the Borrower requests an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 27.9 (Change of currency), the Borrower shall, within three Business Days of demand, reimburse the Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent in responding to, evaluating, negotiating or complying with that request or requirement.

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