Current Distribution Amounts shall have the meaning given such term in Section 7(c) hereof. Developer’s Equity shall be calculated according to the formulas outlined in Attachment C of the Cost Certification Guidance, using the Cost Method until the Cost Certification process is complete, and either the Cost Method or the Value Method, whichever results in the greater amount, thereafter. Developer’s Equity shall be retroactively applied to the period from the start date (commencement of construction of the Development as evidenced by issuance of the first building permit) until Substantial Completion (the “Construction Period”). For the Construction Period, Developer’s Equity shall mean the average of costs expended by the Developer on the Development during the period in question, based on a review of Developer’s financial reports by an independent accounting firm. By way of example only, if on the first day of construction the Developer’s costs are $10,000,000 (all attributable to land acquisition costs), and one year later the Developer’s costs are $20,000,000 (half attributable to land acquisition costs, half attributable to construction costs), then the Developer’s Equity for that year of construction would be the average of those two amounts of $15,000,000. The Developer’s Equity for the construction period shall be appropriately prorated for any partial year during such period. Developer Parties shall have the meaning given such term in Section 7(b) hereof. Development shall have the meaning given such term in the Recitals hereof. Development Revenues shall have the meaning given such term in Section 7(b) hereof.. Distribution Payments shall have the meaning given such term in Section 7(b) hereof.
Examples of Current Distribution Amounts in a sentence
Current Distribution Amounts shall have the meaning given such term in Section 7(c)hereof.