Permitted Change Order definition

Permitted Change Order means a change in the Construction Contract and/or the Plans and Specifications (a) that individually does not cause the guaranteed maximum price of the Construction Contract to be increased or decreased by more than $250,000 and, when added to all previous change orders, does not cause such price to be increased or decreased by more than $1,000,000 in the aggregate, (b) that does not result in a material change to the design of the Project, (c) that has been approved in writing by the Architect and/or the Engineer, and any

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Permitted Change Order means any Change Order designated in writing by the Administrative Agent to the Borrower to be non-material to the development, financing, construction, commissioning, management and operation of the Project as determined by the Administrative Agent using its reasonable discretion and acting in consultation with the Technical Agent, provided that, Change Orders contemplating or relating to any of the following shall be automatically designated as material to the development, financing, construction, commissioning and management and operation of the Project, will not be designated as Permitted Change Orders and will require the prior written consent of the Majority Lenders in accordance with Section 13.4(a):

Permitted Change Order means, with respect to any Construction Property, a change order which does not materially change the Plans for such Construction Property, and either (a) (i) increases the cost amount attributable to the item being changed as shown on the Cost Breakdown for such Construction Property, and (ii) when the amount of such increase is added to the aggregate amount of the increases of all prior Permitted Change Orders which increase the cost thereof, such sum does not exceed 5.0% of the amount of the applicable line item or 5.0% of the aggregate costs shown on such Cost Breakdown or (b) (i) decreases the cost amount attributable to the item being changed as shown on the Cost Breakdown for such Construction Property, and (ii) when the amount of such decrease is added to the aggregate amount of the decreases of all prior Permitted Change Orders for such Construction Property which decrease the cost thereof, such sum does not exceed 5.0% of the amount of the applicable line item or 5.0% of the aggregate costs shown on such Cost Breakdown.

Examples of Permitted Change Order in a sentence

If Lender does not approve, disapprove or request additional information within ten (10) Business Days after receipt of such notice, the proposed change order shall be deemed approved on the eleventh (11th) Business Day thereafter, and such change order shall be deemed, for purposes of this Agreement, a Permitted Change Order.
If Tenant and Landlord are unable to agree upon a Change Order which constitutes a Permitted Delay Change Order, either party may submit the necessity or terms of such Permitted Change Order to arbitration pursuant to the rules then obtaining of the American Arbitration Association (“AAA”) and the determination or award rendered by the arbitrator(s) shall be final, conclusive and binding upon the parties and not subject to appeal.
Tenant shall have ten (10) Business Days after receipt of Landlord’s approval within which to withdraw the subject Permitted Change Order Request, TIME BEING OF THE ESSENCE, by written notice to Landlord; if Tenant does not timely give such withdrawal notice, Tenant shall be deemed to have approved ▇▇▇▇▇▇▇▇’s proposal for the subject Permitted Change Order Request (individually, an “Approved Change Order”, or collectively, “Approved Change Orders”).
Any agreement, other than in connection with a Permitted Change Order, which causes a net increase in the Development Budget shall require Lender’s prior written consent.
If Tenant submits a request to Landlord for a Tenant Requested Change Order that does not constitute a Permitted Change Order Request, Landlord may approve or deny such request as determined by Landlord in its sole and absolute discretion, for any reason or no reason, and the absence of a response from Landlord within the time period provided in Section 6(A)(8)(ii) below shall automatically be deemed a denial.

More Definitions of Permitted Change Order

Permitted Change Order means a Change Order meeting each of the following requirements: (1) the amount involved for any one Change Order is (i) less than Five Hundred Thousand Dollars ($500,000) and (ii) the total amount of all Change Orders, including such Change Order, is less than Five Million Dollars ($5,000,000) in the aggregate (whether an increase or decrease and without offset); (2) the change will not violate any Requirements or Gaming Regulations; (3) the change will not adversely affect in any material respect the permitted uses or other entitlements associated with the Project; (4) the change will not adversely affect in any material respect the scope, quality, appearance, functionality, cost of operating, expected lifespan or utility of the Project or any component thereof; (5) the change could not be reasonably expected to materially delay the anticipated Opening Date; (6) the change could not be reasonably expected to adversely impact any Gaming Approval necessary for the operation of the Project for its Primary Gaming Use and will not require a revised submission or approval to or from the Gaming Authority that has not already been submitted or approved, as applicable; (7) in the case of a Change Order with respect to a Material Contract, such Change Order will not result in the termination of such Material Contract; and (8) the change will not result in a loss in any coverage under the Owner’s Title Policy, including, without limitation, the coverage provided by any land under development endorsements.

Permitted Change Order means a change in the Construction Contract and/or the Plans and Specifications (a) that individually does not cause the guaranteed maximum price of the Construction Contract to be increased or decreased by more than $350,000 and, when added to all previous change orders, does not cause such price to be increased or decreased by more than $2,000,000 in the aggregate,

Permitted Change Order means a Change Order entered into at a time when no Event of Default exists which satisfies all of the following conditions: (i) such Change Order does not change the cost of the Initial Construction Work by more than $100,000 with respect to any individual line item for each individual Change Order or $250,000 in the aggregate of such line items for each individual Change Order, (ii) such Change Order does not increase the time scheduled for completion of the Initial Construction Work or materially modify the scope, quality, functionality, or marketability of the Mortgaged Property after completion of the Initial Construction Work, (iii) if such Change Order increases the cost of the Initial Construction Work and the increased cost exceeds the amount remaining in the Hard Cost Contingency of the Development Budget, Borrower deposits the amount of such increase with Lender prior to execution of the Change Order in question, (iv) such Change Order does not materially adversely affect the structural components of the Mortgaged Property, (v) the total of all Change Orders taken in the aggregate do not exceed fifty percent (50%) of the Hard Cost Contingency, (vi) no portion of the Change Order deletes or reduces the Initial Construction Work in any way (it is not a deductive Change Order in whole or in part) and (v) Borrower provides a copy of such Change Order to Lender promptly after execution of such Change Order.

Permitted Change Order means a Change Order entered into at a time when no Event of Default exists which satisfies all of the following conditions: