Project Development Budget definition

Project Development Budget means a detailed estimation of the cost to reconfigure (as to Existing Projects), acquire, construct, furnish, improve, equip, stock and otherwise complete and establish a Project, which estimation may include soft costs approved by Agent Lender in accordance with the terms and conditions of Section 3.3 of this Agreement.

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Project Development Budget shall have the meaning set forth in Article III hereof.

Project Development Budget means the line item budget showing in reasonable detail to the satisfaction of Agent Bank and each of the Lenders the anticipated costs of the developing, constructing, furnishing and equipping the Expansion Project, including the cost of Gaming Devices and other FF&E to be used in connection therewith and including all items shown on the General Contractor's Budget and Borrower Construction Budget.

Examples of Project Development Budget in a sentence

• The parties, however, acknowledge, that the cost per Project will differ and will be more accurately estimated in each Project Development Budget and that the number of Projects may exceed twenty (20) depending on availability of Advances hereunder, identification and approval of acceptable Project sites, and satisfaction of funding requirements pursuant to this Agreement and the Loan Documents.

• To the extent that Project Development Budget changes by Borrower result in increased Project costs for which there is no Available Committed Amount sufficient to permit such an increase in the Project Tranche, Borrower shall be responsible for paying the full amount of such Deficiency, as hereinafter provided.

• After the occurrence of an Event of Default, the Lenders may from time to time make Advances for any other costs on the Project Development Budget, regardless of whether the Borrower has submitted a requisition therefor.

• Borrower agrees to cooperate with Agent Lender in providing such additional information needed by Agent Lender to review and evaluate the accuracy and completeness of each Project Development Budget.

• In the event that the Management Committee of GEM determines that such financing is either not fully-available or is not fully-available on acceptable terms (such a determination being hereinafter referred to as “Unavailable Financing”), Full House and Investor shall each be responsible to provide, as loans to GEM, fifty percent of the additional funds needed to pursue the Development Opportunity in accordance with the approved Project Development Budget.

• The Parties shall agree upon a timeline documenting target dates respecting: (i) the creation of a Project Development Budget (as defined in Article III hereof); (ii) the securing of necessary permits and approvals; and (iii) the securing of third party financing.

• It is hereby agreed by the Parties that each will cause GEM to use its best efforts to so structure the contractual arrangements with the Tribe, in a manner that will permit the Parties’ out-of-pocket expenses as well as costs of their In-House Project Personnel and Outside Project Personnel, which may be incurred or utilized in accordance with the Project Development Budget, to be reimbursed.

• Unless expressly permitted in the Project Development Budget, each Party and their respective Affiliates shall bear the costs of their respective executive and/or key personnel, including their travel and related expenses, incurred in connection with the Development Opportunities.

• The Parties shall work together on this Development Opportunity in accordance with its Project Development Budget and all related expenses shall be incurred in accordance with the Project Development Budget and paid by GEM.

• All expenses related to this Development Opportunity shall be incurred in accordance with the Project Development Budget and borne equally by the Parties, but funded as set forth herein below.

More Definitions of Project Development Budget

Project Development Budget. The budget, which has been or will be approved by the General Partners, defining the scope and details of and setting forth all costs of the Project, including without limitation the costs of the Project Improvements.

Project Development Budget means the development or redevelopment budget for each Target or Project, as applicable, setting forth by line item the estimated Total Project Costs, including the Cost of the Work, Project Construction Interest and Project Development Costs, to be incurred in connection with the acquisition, development or redevelopment, completion and operation to break-even (i.e., the point at which the Subsidiary's Net Operating Income derived from such Target or Project, as applicable, for three (3) consecutive calendar months equals or exceeds the debt service (including required interest and principal payments) on loans for such Target or Project for such three (3) consecutive calendar months), as approved by the Executive Committee as part of the Final Presentation for a Target. The Project Development Budget will include the cost of all financing. Any reference in this Agreement to an "approved Project Development Budget" means a Project Development Budget for a Project, as unanimously approved by the Executive Committee as part of the Final Presentation for such Project in accordance with the procedures hereinafter set forth in Section 4.4 hereof, as the same may be subsequently amended by the unanimous action of the Executive Committee; however, for purposes of determining the amount of any Cost Overrun for a Project, the estimated Project Development Costs for such Project, as set forth in the Project Development Budget initially approved by the Executive Committee, shall be used unless the Executive Committee should thereafter unanimously and expressly approve a different amount in connection with the approval of a Change Order for such Project in accordance with Section 4.13(d)(2) hereof. For the avoidance of doubt, the Executive Committee's approval of an amendment to a Project Development Budget, without more, shall not constitute a change to the reference amount, i.e., the initial estimated Project Development Costs, by which a Cost Overrun is determined.

Project Development Budget means the detailed line item budget for development, construction and furnishing of the Project which shall set forth as to each line item: (i) the amount thereof to be paid by Borrower Construction Expenditures and City Construction Expenditures and (ii) the amount thereof to be paid by Construction Disbursements, which amounts shall be identified as the Loan Construction Budget, as such Project Development Budget may be amended, modified or revised from time to time upon the prior consent of Agent Bank, a copy of which Project Development Budget as prepared by Borrower and approved by Agent Bank as of the Closing Date is marked "Exhibit N," affixed hereto and by this reference incorporated herein and made a part hereof.

Project Development Budget means the project development budget based on the same assumptions as the Initial Project Forecast and agreed between Lender and Borrower on or prior to the Financial Closing Date.

Project Development Budget means, with respect to each of the Projects, the initial construction/development budget, including any updates thereto, prepared by Borrower and delivered to Emeritus for review and approval, showing all anticipated costs and expenses for acquiring, developing and constructing the Project, and covering its carrying costs until anticipated break even and showing the sources of all funds to be obtained by Borrower to fund such expenditures including the amount of the Construction/Permanent Loan, the Borrower Project Subordinated Debt, the amounts to be borrowed by Borrower under this Agreement to fund such Project.