Total Development Budget definition

Total Development Budget means the development, construction and opening operating expense budget for an Eligible Project as reviewed and approved by the Administrative Agent.
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Total Development Budget means the applicable budget for a Borrowing Base Property specifying all costs and expenses of every kind and nature whatever to be incurred by the Borrower in connection with the Construction of Improvements on such Borrowing Base Property prior to the Termination Date. The Total Development Budget for a Borrowing Base Property shall specify the amount of Project Equity invested in a Borrowing Base Property.
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Examples of Total Development Budget in a sentence

  • That portion of the Borrowing Base composed of Costs Incurred to Date shall be related to expenditures for each Eligible Facility described in the applicable Total Development Budget.

  • Each Total Development Budget may include the cost of (i) the acquisition by the Borrowers of the Land which is the site of such Facility, (ii) the construction on the Premises of a Facility containing residential units and common facilities (iii) marketing, staffing and similar pre-opening expenses and (iv) an Operating Reserve.

  • The amounts set forth in the budgets, including, without limitation, the applicable Total Development Budget, present a full and complete itemization by category of all costs, expenses and fees which the Borrower reasonably expects to pay or reasonably anticipates becoming obligated to pay to complete the related Construction and operate the related Borrowing Base Property (until such Borrowing Base Property achieves breakeven operations).

  • To the extent provided in the Total Development Budget, Loans made pursuant to this Agreement shall only be used to reimburse the Borrower for the actual costs incurred or expended for the Construction of Improvements on the Borrowing Base Properties included in the Borrowing Base, as approved by the Agent.

  • Except as provided in Section 2.7 Permitted Costs hereof, after the earlier of the issuance of certificate of occupancy for a Facility or the expiration of the Construction Phase, no further advances shall be made from the Interest Reserve in such Total Development Budget.

  • After review and approval of a Total Development Budget by the Agent, permit any change order increasing the price of the Improvements for an Eligible Project by more than $50,000 for any one change order or by more than $50,000 in the aggregate or materially altering the scope of the Improvements, without the prior written consent of the Agent which consent will not be unreasonably withheld.

  • The Borrower shall provide the Agent with a Notice of Completion upon the completion of all Construction for a Borrowing Base Property contemplated by the Total Development Budget and related Construction Documents within fifteen (15) Business Days of such completion.

  • The Borrower is unaware of any other such costs, expenses or fees which are material and are not covered by such Total Development Budget.

  • The Borrower shall use the proceeds of the Loans to finance the construction costs actually incurred with respect to Construction of Improvements on any Borrowing Base Property and to the extent provided for in the Total Development Budget.

  • The Borrower shall receive and hold in trust for the sole benefit of the Agent and the Lenders (and not for the benefit of any other person, including, but not limited to, contractors or any subcontractors) all advances made hereunder directly to the Borrower, for the purpose of paying costs of the Construction in accordance with the applicable Total Development Budget.