Project Savings. The term “Project Savings” means and refers to the amount by which the total costs and expenses required to be paid by StadCo under the Construction Agreements for the Stadium Project Improvements Work is less than the Project Budget. Subject to the terms of Section 12.3 below, any such Project Savings shall, within forty five (45) days after Final Completion of the Project Improvements Work, be retained by or paid to StadCo.
Project Savings. The Recipient must inform the State if any savings associated with the cost of the Project are made by the Recipient in, or during, the delivery of the Project. The State will decide, in its sole discretion, whether any savings made may be used by the Recipient in accordance with the Approved Purpose, or whether they must be paid to the State.
Project Savings. Project savings identified during design as part of the Service Provider value engineering process are owned by the Trustees. It is one of the collaborative responsibilities of the Service Provider to look for ways of reducing Project construction costs. Proposed cost reductions shall not reduce the Project program requirements, reduce quality of materials or craftsmanship, increase life-cycle costs, negatively affect the architectural aesthetics or design intent, or adversely affect the Project completion.
Project Savings. The term “Project Savings” means and refers to the amount by which the total costs and expenses required to be paid by Bristol under the Construction Agreements for the Project Improvements Work is less than the Project Budget. Subject to the terms of Section 8(c) below, any such Project Savings shall, within forty five (45) days after Final Completion of the Project Improvements Work, be retained by or paid to Bristol. For avoidance of doubt, Bristol shall be entitled to recoup any remaining funds in the Project Accounts that result from Project Savings after the completion of the Project Improvements Work up to the amount of the Bristol Contribution. Any remaining funds above that amount will be retained by or paid to the Authority.
Project Savings. If the PROJECT is anticipated to be delivered under budget, INNOVATIVE TRANSIT PROGRAM funds will be reduced in proportion to CITY’s Financial Contribution to PROJECT.
Project Savings. The Lenders and the Institutional Lenders shall be entitled to use the funds in the Roanoke Account (for the sole account of the Debt Protection Ledger) to satisfy payment obligations of Borrower under the Loan Instruments after distributing funds from the Roanoke Account (for the sole account of the Additional Collateral Ledger) for such purpose pursuant to Section 6.1(g) below. So long as no Event of Default has occurred and is continuing, on each Repayment Date, Agent shall transfer on instruction by Borrower any amount in excess of the Required Debt Protection Balance for deposit in the Roanoke Account (for the sole account of the Project Control Ledger) as an item of Cash Revenues and such amount shall be applied on such date pursuant to the provisions of Section 6.1(c) hereof and shall be available for withdrawal by Borrower from the Roanoke Account (for the sole account of the Project Control Ledger) pursuant to Section 6.1(c)(xi) above on such date, subject to any prior applications pursuant to Section 6.1(c) hereof. Borrower may from time to time withdraw funds then on deposit in the Roanoke Account (for the sole account of the Debt Protection Ledger) up to an aggregate maximum amount of $19,700,000 upon delivery to Agent of one or more (but no more than three at any one time outstanding) unconditional, absolute and irrevocable letters of credit in form and substance and from an issuer whose senior unsecured debt is rated “Aal” or better by Xxxxx’x or “AA+” or better by S&P or possessing an equivalent rating from another nationally recognized credit rating agency of similar standing acceptable to Agent (such letters of credit as each may be amended, supplemented, renewed or replaced (with the consent of Majority Lenders) is hereinafter referred to as the “Debt Protection Letter of Credit”) together with such corporate documents, legal opinions and other documents and information, all as Agent may reasonably request. The amount of any Debt Protection Letter of Credit shall equal the amount of cash withdrawn from the Roanoke Account (for the sole account of the Debt Protection Ledger). Each Debt Protection Letter of Credit shall provide that Agent may draw down the amount of any such Debt Protection Letter of Credit and apply the same to satisfy payment obligations for which funds in the Roanoke Account (for the sole account of the Debt Protection Ledger) may be used, and upon any such drawing Agent shall draw down the full amount of all such Debt P...
Project Savings. The Team shall receive the first $41 million in net project savings if total expenditures are less than the costs outlined in Attachment A. (excluding the Team’s share of on-site street improvements and site acquisition/remediation costs). The County and Team shall share equally in the next $100 million in net project savings. The Team, County, and State shall share equally in any net project savings greater than $141 million.
Project Savings. If the Phase I Projects Costs are less than Eight Million Eight Hundred Thousand Dollars ($8,800,000), then, effective upon the completion of the Phase I Projects and without additional consideration, (i) the Investor’s Percentage Interest in the Company shall be reduced by the amount of the Investor Percentage Interest Reduction and (ii) NutraCea’s Percentage Interest in the Company shall increase by the amount of the Investor Percentage Interest Reduction (“Project Adjustment”). The Company, NutraCea and Investor shall cause the Company to adjust the number of Units owned by NutraCea and Investor to reflect such reduction and increase to their respective Percentage Interests (it being expressly acknowledged that such adjustments shall not have any effect on their respective Capital Contributions and Unreturned Capital Contributions). If the Investor Units are exchanged for equity interests in the Company’s Subsidiaries pursuant to a Conversion, the parties shall change the relative ownership of such equity interests to accomplish the same proportionate adjustment with respect to those equity securities as would have occurred with respect to Percentage Interests pursuant to a Project Adjustment.
Project Savings. In the event that the actual aggregate Project Costs for completion of the Project are less than the line item amounts set forth in the Project Budget (for purposes of the foregoing, the parties acknowledge that the line items set forth in the Schedule of Values attached as an exhibit to the Construction Contract shall be used in lieu of the “Hard Cost” line item in the Project Budget and that any “savings” owed to the Developer shall not be deemed Project Costs) (“Cost Savings”), (a) neither Owner nor Borrower shall request a draw from Mortgage Lender or Lender for any portion of such Cost Savings without Lender’s prior written consent; and (b) except as provided in the following sentence, Owner shall not pay (and Developers shall not be entitled to make any claim or demand against Owner for) such Cost Savings out of cash flow from the Project without Lender’s prior written consent. So long as there is no existing Default, Cost Savings shall be distributable by Borrower and/or payable to Developers upon the earlier to occur of (i) repayment in full of the Obligations, and (ii) completion of the Completion Obligations (as defined in that certain Unconditional Guaranty of Completion dated as of even date herewith by Guarantors in favor of Lender, as modified and amended from time to time), and occupancy of the Project of at least fifty percent (50%) by tenants under Leases with average rents of at least $1,023 per unit. For avoidance of doubt, Lender and Borrower acknowledge and agree that the Construction Contract is a lump sum contract and that consequently payment of the Contract Sum thereunder is payable to General Contractor regardless of the actual Project Costs incurred pursuant thereto and that for purposes of this Section 2.16, no Cost Savings will be attributable to the Construction Contract or payable to the General Contractor.
Project Savings. Attached hereto as Exhibit A is an estimated budget agreed upon by the Parties of the cost to complete each of the Seller Projects (the "Approved Budget"). The Approved Budget shall be used by the Parties to monitor the progress of the work on the Seller Projects. If a Required Change Order is issued after the date hereof, then the Approved Budget shall be adjusted to reflect such Required Change Order. Upon completion of all of the Seller Projects, which is expected to occur in the fourth quarter of calendar year 2007, the Buyer shall provide the Seller Entities with the customary documentation of all costs to complete the Seller Projects. Such documentation and costs shall be subject to the audit program set forth in Section 5(q) and the Seller Entities' audit rights set forth in Exhibit C. If all of the Seller Projects are completed at a cost of less than the amount that is provided for in the Approved Budget, then such savings (the "Project Savings") shall be shared by the Buyer and the Parent and allocated as follows: (a) until such time as the Shared Claims Recovery Amount plus the Project Savings equals $4,000,000 and Parent/Seller has received any and all amounts of the Shared Claims Recovery Amount and the Project Savings to which it is entitled under this Agreement, one hundred percent (100%) to the Parent/Seller, and (b) at all times thereafter, in accordance with Section 5(l) below.
