Construction interest definition
Construction interest means a company whose primary function
Construction interest means the sum of money to be added to the direct construction cost and reimbursed to the developer for the use of the developer’s monies during the construction term. The interest rate shall be one percent above the Federal Reserve Bank prime loan rate published most recently before the date of the Right of Way Use permit or required utility permit. Interest accrual begins on the date of execution of the permit and will continue throughout the construction term. Construction interest shall be computed utilizing the two- thirds rule; i.e., direct cost of construction x construction interest rate divided by 365 x the construction term expressed in days x 0.67 = construction interest.
Construction interest means all interest expense of the Borrower and its Subsidiaries for the construction of projects which is capitalized in accordance with GAAP.
More Definitions of Construction interest
Construction interest means Borrower's interest expense for the construction of projects, which is capitalized in accordance with Generally Accepted Accounting Principles; provided, however, that notwithstanding Generally Accepted Accounting Principles, interest applicable to each building under construction shall be capitalized as to such building only until substantial completion thereof and such building is ready for its intended use and thereafter interest attributable thereto shall be expensed.
Construction interest means the sum of money to be added to the direct construction
Construction interest and "Lease Up Reserve" on the Budget for each Borrower as most recently approved by FINOVA. Total Advances of Loan B1 shall be subject to the further limitation that in no event shall the total fundings made to any individual Borrower in respect of Loan B1 exceed 75.0% of the total acquisition, development and construction costs applicable to the particular Facility to be owned and operated by such Borrower. The Borrowers shall be required to have acquired each of the parcels of Real Property upon which the Facilities are to be constructed by a date not later than December 31, 1998. Each of the Borrowers shall thereafter be permitted to request Advances of the Loan proceeds allocated to such Borrower during a term of up to sixteen (16) months from the date each Borrower acquires the parcel of Real Property upon which its individual Facility is to be constructed. ================================================================================ CONDITIONS PRECEDENT (SECTION 2.1): The obligation of FINOVA to make the initial Advance of any Loan hereunder is subject to the fulfillment, to the satisfaction of FINOVA and its counsel, of each of the following conditions, in addition to the conditions set forth in Section 2.1 above. To the extent individual items relate to the Facilities or the Collateral, such items shall be interpreted to refer solely to the individual Facility to be acquired by an individual Borrower and the other Collateral to be provided by such Borrower, on a Borrower by Borrower basis. Such conditions are designated with an "*":
Construction interest means a company whose primary function consists of building freeways, highways or major arterial streets.
Construction interest means interest on cost incurred by the Contractor on the Project from the beginning of the Project through the time the Contractor begins to receive progress payments. A bank (or other financing entity) „construction interest‟ certification will be provided as part of the Project‟s „open book pricing‟ summary and recapitulation at the end of the Project.