Deferred Contractor Fee definition

Deferred Contractor Fee means any deferred Contractor Fee allowable under the financing and the Construction Contract which has been approved by Authority pursuant to Section 310.2 of the Original Agreement. In no event shall the Contractor be eligible for disbursement of the Deferred Contractor Fee or any part thereof for the Manchester Project prior to completion of construction for such Project, including all on-site and off-site improvements, as approved by the Executive Director and as evidenced by the issuance by Authority of the Release of Construction Covenants for the Manchester Project. As of the date of this Implementation Agreement, the amount of the Deferred Contractor Fee is One Million Six Hundred Thousand Dollars ($1,600,000).

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Deferred Contractor Fee means any deferred Contractor Fee allowable under the financing and the Construction Contract which has been approved by Authority pursuant to Section 310.2. In no event shall the Contractor be eligible for disbursement of the Deferred Contractor Fee or any part thereof for either Project prior to completion of construction for such Project, including all on-site and off-site improvements, as approved by the Executive Director and as evidenced by the issuance by Authority of the Release of Construction Covenants for such Project.

Deferred Contractor Fee means any portion of the Contractor Fee for which payment is deferred as set forth in the Partnership Agreement and/or the Construction Contract. The Deferred Contractor Fee may be payable from Tax Credits, or Annual Project Revenue, and/or the proceeds of any permitted sale or approved refinancing of the Site and/or the Project.

Examples of Deferred Contractor Fee in a sentence

In addition, Developer shall have certified in writing to Authority that the Primary Loan, Tax Credits, Authority Subordinate Loan, any additional affordable housing subsidies, Postponed Fees, Deferred Developer Fee, Deferred Contractor Fee, and required equity contributions, are together projected to be sufficient to pay for the completion of development of the applicable Project.
Delay in Payment of Deferred Developer Fee and Deferred Contractor Fee toward Payment of Outstanding Costs, If Any 23 206.1 Condition to Payment of Deferred Developer Fee and Deferred Contractor Fee 23 207.
In addition, Developer shall have certified in writing to Authority that the Authority Loan, together with the Primary Loan, Tax Credits, any additional affordable housing subsidies, Deferred Developer Fee, Deferred Contractor Fee, and required equity contributions, are together projected to be sufficient to pay for the completion of development of the Apartment Complex.
The parties acknowledge that the amounts of the Contractor Fee, Deferred Contractor Fee, Developer Fee, Deferred Developer Fee, Excess Developer Fee, and Postponed Fees may be adjusted after the Effective Date of the Ground Lease and that the amounts and repayment status of these fees affects the Residual Receipts calculation hereunder.
No portion of the Deferred Developer Fee or Deferred Contractor Fee that are deferred and scheduled to be repaid through cash flow shall be counted as a portion of the Postponed Fees, such that the Postponed Fees shall constitute a reserve and/or contingency fund for hard and soft construction costs and costs of managing each Project prior to the conversion of the construction Primary Loan to a permanent source of financing for each Project.
Nothing set forth in Section 203 or this Section 203.1 shall permit either Developer to include any portion of the Excess Developer Fee or any Deferred Developer Fee or Deferred Contractor Fee set forth in the financing structure approved by Authority pursuant to Section 310, et seq.

More Definitions of Deferred Contractor Fee

Deferred Contractor Fee means any portion of the Contractor Fee for which payment is deferred as set forth in the Partnership Agreement and/or the Construction Contract, which amount shall be no less than One Million Six Hundred Fifty Thousand Dollars ($1,650,000). The Deferred Contractor Fee (all or any part thereof) shall be eligible for disbursement only after and conditioned upon completion of the construction of the Project, including all Environmental Remediation, as determined by the Executive Director and subject to (i) Developer’s eligibility for issuance by Authority of the Release of Construction Covenants and (ii) the provisions of the next paragraph hereof. The Deferred Contractor Fee shall be paid from Annual Project Revenue and the proceeds of any permitted sale or refinancing of the Site and/or the Project. In connection with the Developer’s eligibility to disburse all or any part of the Deferred Contractor Fee, in the event the cost of completing the Project, including the Environmental Remediation, exceeds the amount set forth in the Final Budget; then, to the extent necessary, the funds otherwise available to pay the Deferred Contractor Fee shall be expended and used to pay the remaining costs of completing the Project and the Environmental Remediation to the extent necessary to ensure the completion of the Project and the Environmental Remediation and the balance of the Deferred Contractor Fee shall be paid from Annual Project Revenue after payment of Operating Expenses in accordance with the priority set forth in the Partnership Agreement. In no event shall Developer be eligible for disbursement of the Deferred Contractor Fee or any part thereof prior to completion of the Project or the Environmental Remediation as approved by the Executive Director and as evidenced by the issuance by the Authority of the Release of Construction Covenants.