Budget Shortfall definition

Budget Shortfall means the amount by which the aggregate cost as determined by the Lender acting on the advice of its quantity cost surveyor, to complete the construction of the Project after applying any cost savings to Cost Overruns, including hard and soft costs and the interest estimated to accrue due on the Construction Loan up to the date of completion of the Project, exceeds the unadvanced portion of the Construction Loan at such time;
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Budget Shortfall means, for any period, the amount by which Budget Expenditures exceed Budget Receipts for such period.
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Examples of Budget Shortfall in a sentence

  • In each fiscal year of this Agreement, all active or on-leave bargaining unit employees with a time base as of May 1 of the applicable fiscal year shall receive a Budget Shortfall Mitigation Bonus.

  • NAI may elect to terminate its rights and obligations to continue Work at any time prior to the Completion Date if at such time NAI believes in good faith that a Timing or Budget Shortfall exists.

  • The parties agree that for Fiscal Years 2022/23 and 2023/24, the Merit Bonus pool created in Fiscal years 2005/06 and Fiscal Year 2006/07 ($762,300) will be added to the monies available for the Budget Shortfall Mitigation (BSM) Bonus.

  • The parties agree that for Fiscal Years 2017/18; 2018/19 and 2019/20, the Merit Bonus pool created in Fiscal years 2005/06 and Fiscal Year 2006/07 ($762,300) will be added to the monies available for the Budget Shortfall Mitigation (BSM) Bonus.

  • Budget Shortfall: The actual cost of a Project less the budgeted amount.

  • Moreover, the Construction Agreement grants to NAI a right to cause a Termination of NAI’s Work at any time more than forty-five days after giving this notice, provided that NAI continues to believe that a Timing or Budget Shortfall exists at that time.

  • LRC may elect to terminate its rights and obligations to continue Work at any time prior to the Completion Date if at such time LRC believes in good faith that a Timing or Budget Shortfall exists.

  • The Parties agree that for Fiscal Years 2017/2018; 2018/2019 and 2019/2020, the Merit Bonus pool created in Fiscal years 2005/06 and Fiscal Year 2006/07 ($762,300) will be added to the monies available for the Budget Shortfall Mitigation (BSM) Bonus.

  • The parties agree that for Fiscal Years 2024/25, 2025/26 and 2026/27 2022/23 and 2023/24, the Merit Bonus pool created in Fiscal years 2005/06 and Fiscal Year 2006/07 ($762,300) will be added to the monies available for the Budget Shortfall Mitigation (BSM) Bonus.

  • Upon receipt of such notice and documentation of the material budget shortfall, Whitewater Solar agrees to compensate the Local Government in an amount sufficient to cover the portion of the documented material budget shortfall (“Governmental Budget Shortfall Payments”) that is attributable to the Project.