Excess Developer Fee definition

Excess Developer Fee means any portion of the Developer Fee for the Manchester Project in excess of: (i) One Million Four Hundred Thousand Dollars ($1,400,000) or (ii) the amount eligible to be included in basis pursuant to the Tax Credit Rules, whichever is lower. Payment of any Excess Developer Fee must be deferred until construction of the Manchester Project has been completed. In addition, any Excess Developer Fee is only eligible to be paid from Developer’s fifteen percent (15%) share of cash flow, after calculation of Residual Receipts. As of the date of this Implementation Agreement, the amount of the Excess Developer Fee is Six Hundred Thousand Dollars ($600,000).
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Excess Developer Fee means any portion of the Developer Fee for either Project in excess of:
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Examples of Excess Developer Fee in a sentence

  • 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.

  • 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.

  • Excess Developer Fee determined at placed-in-service date must be refunded to the Department in an amount pro rata with the other funding sources within 6 months of the placed-in-service date.