Work credit definition

Work credit or “sweat equity” means actual labor per- formed by the applicant and does not include the cost or value of materials used.

Work credit means an amount calculated on the Closing Date equal to:

Work credit means a credit earned as provided in [section 3].

Examples of Work credit in a sentence

• In the event that the cost and expense of Tenant's Work shall exceed the amount of the Work Credit, Tenant shall be entirely responsible for such excess.

• The Tenant Work Credit shall be increased or decreased pro rata at such time as the final measurement of the Building is agreed upon pursuant to Section 26.18 of the Lease.

• If after a second attempt the Deliverable still does not conform to the applicable specifications, Client shall have the right to (1) allow continued attempts to correct the Deliverable, subject to this Section 1.4, or (2) terminate the applicable service obligation for the failed deliverable and receive a Work Credit (as defined below) as to just that failed Deliverable.

• The Work Credit shall be payable by Landlord to Tenant, within twenty (20) days after demand therefor, on the basis of amounts coming due with respect to Tenant's Work, from time to time, but no more frequently than monthly, upon receipt of paid invoices (aggregating an amount not exceeding the Work Credit).

• VCDS shall pay to BURLINGTON in the form of a credit on the Purchase Price at Closing an amount equal to the Work Credit amount for such Lease on Exhibit V hereto, and BURLINGTON shall make the respective leasehold improvements set forth on Exhibit V at BURLINGTON’s sole expense.

More Definitions of Work credit

Work credit allowed to Tenant with respect to the Additional Premises shall be the sum of up to $354,032 and shall be disbursed by Landlord in accordance with the provisions of Article 40 of the Original Lease provided that, as of the date on which Landlord is required to make payments of the Work Credit: (i) the Lease is in full force and effect, and (ii) Tenant is not in monetary default under the Lease or material non-monetary default under the Lease beyond any applicable notice and cure period. Tenant shall pay all costs of the Tenant's Work in excess of the Work Credit. Landlord's Contribution shall be payable solely on account of labor directly related to the Tenant Improvements and materials delivered to the Additional Premises in connection with the Tenant's Work, including "soft costs" incurred in connection with the Tenant's Work, such as architectural, consulting and engineering fees incurred by Tenant in connection therewith. Tenant shall not be entitled to receive any portion of the Work Credit not actually expended by Tenant in the performance of the Work Credit, nor shall Tenant have any right to apply any unexpended portion of the Work Credit as a credit against fixed rent or any other obligation of Tenant under the Lease.

Work credit means an amount up to the product of (A) the then rentable square foot area of the demised premises less 5,000 and (B) $7.00, and (ii) such Work Credit shall be available only with respect to any actual construction performed by Tenant in the demised premises during the one (1) year period commencing on December 1, 2000.

Work credit means the amount equal to the actual costs Tenant incurs in the refurbishment of the demised premises during the period from December 1, 2000 to November 30, 2001, but in no event shall the amount of the Work Credit exceed an amount equal to the product of (A) the then rentable square foot area of the Original Demised Premises less 5,000 and (B) $7.00."

Work credit as defined in First Amendment to Lease, dated July 1, 1999, shall be shared by Sublandlord and Subtenant and calculated as the proportionate rate of space to be developed and used by each party, as contained in Exhibit A hereto. Subtenant shall pay all costs associated with work effort required for the space leased hereunder in excess of the Work Credit.

Work credit means the definition contained in the Original Lease Agreement and First Amendment thereto to include the design, construction, reconstruction and rehabilitation, improvement, renovation and installation of necessary improvement to the space. The Work Credit shall be prorated by Sublandlord and receipts shall be submitted only to Sublandlord for reimbursement thereof.

Work credit means credit given for assessment work performed upon a licence. 1990, c. 18, s. 2; 1992, c. 14, s. 61; 1992, c. 37, s. 1; 1994, c. 36, s. 1; 1999 (2nd Sess.), c. 12, s. 2.

Work credit means credit given for assessment work performed with respect to an exploration licence.