Hard Cost Overrun definition

Hard Cost Overrun means, from time to time, the amount by which (i) the aggregate Hard Costs incurred in connection with the development and construction of the Project as of the date of measurement, excluding Hard Costs relating to Force Majeure Events or Discretionary Changes, exceed (ii) the sum of (A) the portion of the Development Budget allocated to Hard Costs (after any reallocation among line items within the Development Budget allowed by this Agreement), including the available Hard Cost contingency in the Development Budget, (B) Construction Recoveries applied to payment of Hard Costs and (C) all insurance proceeds collected as a result of casualty losses occurring prior to the Completion Date to the extent applied to payment of Hard Costs. Hard Cost Overruns include, without duplication, loan rebalancing payments required by the Construction Lender in connection with the Construction Loan, but only to the extent that such loan rebalancing payments are required by the Construction Lender as a result of an actual or projected Hard Cost Overrun not relating to Force Majeure Events or Discretionary Changes. Hard Cost Overruns also include overruns resulting from Non-Discretionary Changes but not overruns resulting from Discretionary Changes.
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Hard Cost Overrun means, from time to time, the amount by which the aggregate Hard Costs incurred in connection with the development and construction of the Project as of the date of measurement exceed the portion of the Total Project Budget (i.e. for avoidance of doubt, not the Estimated Budget) allocated to Hard Costs, including any contingency in the Total Project Budget then available and any cost savings achieved within the Total Project Budget (i.e. whether a hard cost or soft cost contingency) permitted by the Lender. Hard Cost Overruns include, without duplication, loan rebalancing payments required by a Lender in connection with the Loan, but only to the extent that such loan rebalancing payments are required by the Lender as a result of an actual Hard Cost Overrun. Hard Cost Overruns also include overruns resulting from Non-Discretionary Changes but not overruns resulting from Discretionary Changes. Notwithstanding the foregoing, in no event shall Permitted Overruns or Hard Cost Overruns constitute Hard Cost Overrun Exceptions.
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Hard Cost Overrun means the sum of (i) the amount by which the actual cost incurred for a Hard Cost line item within the Total Project Budget approved by Lender exceeds the portion of the Total Project Budget allocated (or re-allocated in accordance with Section 8.04(c)(3)) to such Hard Cost line item, and (ii) the amount by which (X) any unbudgeted costs (that is, costs not included in any Hard Cost line item in the Total Project Budget approved by Lender) of development and construction of the Project to achieve completion exceeds (Y) the available hard cost contingency in the Total Project Budget that the Lender will allow to be utilized to cover such additional expense. Hard Cost Overrun includes overruns resulting from Non-Discretionary Changes but not overruns resulting from Discretionary Changes. Hard Cost Overruns, if required to be funded, shall be deemed Development Cost Overruns.
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Examples of Hard Cost Overrun in a sentence

  • Upon the receipt of the recommendation with respect to any such Hard Cost Overrun, the Management Committee shall evaluate such recommendation in good faith and shall determine whether such capital call is reasonably required under the circumstances.


More Definitions of Hard Cost Overrun

Hard Cost Overrun means, from time to time, the amount by which the aggregate Hard Costs incurred in connection with the development and construction of the Project as of the date of measurement exceed the portion of the Total Project Budget allocated to Hard Costs, including the available Hard Cost contingency in the Total Project Budget. Hard Cost Overruns include, without duplication, loan rebalancing payments required by a Lender in connection with the Loan, but only to the extent that such loan rebalancing payments are required by the Lender as a result of an actual or projected Hard Cost Overrun. Hard Cost Overruns also include overruns resulting from Non-Discretionary Changes but not overruns resulting from Discretionary Changes. “Initial Capital Contribution.” The initial contribution to the capital of the Company made by a Member pursuant to this Operating Agreement or the Original Operating Agreement, as the case may be. The Initial Capital Contributions of the Initial Members previously made under the Original Operating Agreement are included in the figures set forth on Exhibit A. “Initial Members.” Those persons identified on Exhibit A attached hereto and made a part hereof by this reference, who have executed this Agreement.
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Hard Cost Overrun means, from time to time, the amount by which the aggregate Hard Costs incurred in connection with the development and construction of the Project as of the date of measurement exceed the portion of the Total Project Budget allocated to Hard Costs, including the available Hard Cost contingency in the Total Project Budget. Hard Cost Overruns include, without duplication, loan rebalancing payments required by a Lender in connection with a Loan, but only to the extent that such loan rebalancing payments are required by the Lender as a result of an actual or projected Hard Cost Overrun. Hard Cost Overruns also include overruns resulting from Non- Discretionary Changes but not overruns resulting from Discretionary Changes. "Initial Capital Contribution." The initial contribution to the capital of the Company made by a Member pursuant to this Operating Agreement. The Initial Capital Contributions of the Initial Members are set forth on Exhibit A.
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Related to Hard Cost Overrun

  • Cost Overrun means an obligation exceeding the maxi- mum capital expenditure authorized by an approval.

  • Hard Costs means all costs and expenses payable for supplies, materials, labor and profit with respect to the Improvements under any Construction Contract.

  • Project Costs means all allowable costs, as set forth in the applicable Federal cost principles, incurred by a recipient and the value of the contribu- tions made by third parties in accom- plishing the objectives of the award during the project period.

  • Eligible Project Costs means such portion of the Project costs disbursed and loaned from the OPWC to the Recipient for the sole and express purpose of acquiring, constructing, reconstructing, expanding, improving, engineering and equipping the Project, other direct expenses, and related financing costs thereto.

  • Project Cost means the price payable to Service Provider over the entire period of Agreement (i.e. Rs. <in words>) for the full and proper performance of its contractual obligations.

  • Total Contract Price/Project Cost/TCO means the price payable to Service Provider over the entire period of Contract for the full and proper performance of its contractual obligations.

  • Construction Budget means the fully-budgeted costs for the acquisition and construction of a given parcel of real property (including, without limitation, the cost of acquiring such parcel of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Parent in good faith.

  • Subprojects means more than one such Subproject.

  • Total Contract Price/Project Cost/TCO means the price payable to Service Provider over the entire period of Contract for the full and proper performance of its contractual obligations.

  • Soft Costs means the costs of professional work and fees, interim costs, financing fees and expenses, syndication costs, soft costs and Developer’s fees as shown in the Applicant’s properly completed UniApp, Section C - Uses of Funds. Soft Costs do not include operating or replacement reserves.

  • Subproject means a development activity proposed by a Beneficiary under Part A.2 (d) of the Project and financed or to be financed through a Subproject Grant (as hereinafter defined) made out of the proceeds of the Development Credit;

  • The Contract Price/Project Cost means the price payable to the Vendor under the Contract for the full and proper performance of its contractual obligations.

  • Line Item means a field of information (or a combination of fields of information) to be entered in a Settlement Schedule by any Participating Subscriber in relation to a Conveyancing Transaction.

  • The Contract Price/ Project Cost means the price payable to the Vendor under the Contract for the full and proper performance of its contractual obligations.

  • Total Project Costs means the total amount of money required to complete the Project.

  • Qualified Project Costs shall have the meaning given to it in the Regulatory Agreement.

  • Construction project means the same as that term is defined in Section 38-1a-102.

  • Original Project Cost means the capital expenditure incurred by the Generating Company or the Transmission Licensee, as the case may be, within the original scope of the project up to the cut-off date as admitted by the Commission;

  • Project Budget means the budget and project description included in the grant application. The Project Budget must succinctly describe all major elements of project work, the estimated cost of each, and clearly allocate requested grant funding and match contributions to each.

  • Construction Costs means land costs, all costs paid to construct and complete the Improvements, as specified on Exhibit "B" attached hereto and made a part hereof.

  • Direct Costs means the sum of the following:

  • Total Project Cost means the lowest of the following:

  • Construction Cost means and includes the cost of the entire construction of the Project, including all supervision, materials, supplies, labor, tools, equipment, transportation and/or other facilities furnished, used or consumed, without deduction on account of penalties, liquidated damages or other amounts withheld from payment to the contractor or contractors, but such cost shall not include the Consulting Engineer/Architect's fee, or other payments to the Consulting Engineer/Architect and shall not include cost of land or Rights-of-Way and Easement acquisition.

  • Construction Loan means the loan to finance construction of the Apartment Housing, made to Owner by the Construction Lender.

  • Improvement Costs means any additional expenditure on a fixed asset that materially increases the capacity of the asset or materially improves its functioning or represents more than 10% of the initial depreciation base of the asset;

  • Direct Cost means a cost not to exceed the cost of labor, material, travel and other expenditures to the extent the costs are directly incurred to provide the relevant assistance or service. “Direct Cost” to the Acquirer for its use of any of a Respondent’s employees’ labor shall not exceed the average hourly wage rate for such employee;