Project Cost Overruns Sample Clauses

Project Cost Overruns. If, at any time, the remaining costs of completing any Project exceeds the remaining undisbursed portion of the Loan allocated for that Project, as determined by Lender, whether such increase is a consequence of modifications or amendments to the Construction Contracts or cost overruns, then, Lender shall not be obligated to approve any Advances or further disbursements from the Collateral Account until such time as Borrower has either provided evidence that it has advanced from its own funds all expenses of such cost overruns or has paid additional sums into the Collateral Account as hereinafter provided. Lender shall have the right to demand that Borrower pay into the Collateral Account additional sums as calculated by Lender in its reasonable discretion sufficient to complete the Project in accordance with the Construction Contracts such that the amounts so deposited into the Collateral Account and the remaining undisbursed balance of the Loan allocated to the Project is in an amount that equals or exceeds the revised Project Budget; and Borrower’s failure to do so within ten (10) days of demand by Lender shall constitute an Event of Default. Lender shall have no obligation to make disbursements from the Collateral Account or make any Advances under the Loan until such funds have been deposited with Lender, as Lender may request from time to time in accordance with the provisions of this Agreement. Such funds shall constitute a portion of Borrower’s Deposits. The Collateral Account shall be an account maintained with Lender into which all of Borrower’s Deposits shall be deposited and into which Advances on the Loan may be deposited and against which checks may be drawn for the purpose of disbursing the proceeds for the purposes described herein and for the other purposes described in this Agreement. Borrower shall not have the right to withdraw the funds for any purpose. No interest shall accrue on the funds deposited into the Collateral Account. All funds in the Collateral Account are pledged as additional Collateral for the Loan.

Project Cost Overruns. If the Recipient determines that the moneys granted pursuant to Section II, together with the Local Subdivision Contribution, are insufficient to pay in full the costs of the Project, the Recipient may make a request for supplemental assistance to its District Committee. Pursuant to Ohio Administrative Code Section 164-1-23, the Recipient must demonstrate that such funding is necessary for the completion of the Project and the cost overrun was the result of circumstances beyond the Recipient's control, that it could not have been avoided with the exercise of due care, and that such circumstances could not have been anticipated at the time of the Recipient's initial application. Should the District Committee approve such request, the action shall be recorded in the District Committee's official meeting minutes and provided to the Director for the execution of an amendment to this Agreement.

Project Cost Overruns. In the event that the Recipient determines that the moneys granted pursuant to Section 2 hereof, together with the Local Subdivision Contribution, are insufficient to pay in full the costs of the Project, the Recipient may make a request for supplemental assistance to the Administrator for approval by the OSGCIC. The Recipient must demonstrate that such funding is necessary for the completion of the Project and the cost overrun was the result of circumstances beyond the Recipient's control, that it could not have been avoided with the exercise of due care, and that such circumstances could not have been anticipated at the time of the Recipient's initial application. If approved by the OSGCIC, the Administrator shall execute an amendment to this Agreement.

Project Cost Overruns. If Lender at any time determines in its sole discretion that the amount in the Loan Fund is insufficient, or will be insufficient, to complete fully and to pay for the Project, then within ten (10) days after receipt of a written request from Lender, Borrower shall deposit in the Loan Fund an amount equal to the deficiency as determined by Lender. The judgment and determination of Lender under this section shall be final and conclusive. Any such amounts deposited by Borrower shall be disbursed prior to any Loan proceeds.

Project Cost Overruns. In the event that the Recipient determines that the moneys provided pursuant to Section II hereof, together with the Matching Funds, are insufficient to pay in full the costs of the Project, the Recipient shall be responsible for such shortfall. In no manner shall this Agreement be deemed to obligate the OPWC for more than the grant money made available in Section II as set forth in Appendix C. Although the OPWC shall not be obligated to provide moneys beyond the grant money identified in this Agreement, the Recipient may request additional funds from the Natural Resources Assistance Council. In no event shall additional grant funds exceed seventy-five percent (75%) of the actual project costs.

Project Cost Overruns. In the event that the cost of construction, development, and Rehabilitation of the Project exceeds the total project cost set forth in the Development Budget, General Partner shall pay to the Partnership the amount of such excess. Such payment or payments shall be made at such times as may be necessary to assure that the costs of construction, development, and Rehabilitation of the Project are timely paid. Except as provided in this Section 5.7, such payments by General Partner shall not constitute loans nor contributions of capital to the Partnership by General Partner, and General Partner will not be entitled to receive any repayment or other compensation or consideration with respect to such amounts. Notwithstanding the foregoing, to the extent that Investor Limited Partner's Capital Contributions are increased under Section 5.4 as a result of the cost of construction, development, and Rehabilitation of the Project exceeding the total project cost set forth in the Development Budget, then the Partnership will reimburse General Partner for amounts paid by General Partner under this Section 5.7, or will reimburse a Development Guarantor for amounts paid by such Development Guarantor under the Development Guaranty Agreement, upon receipt by the Partnership of Investor Limited Partner's increased Capital Contribution, but such reimbursement shall not exceed the excess of (i) amount of such increase in Investor Limited Partner's Capital Contribution over (ii) the sum of $150,000.00. If the increase in Investor Limited Partner's Capital Contribution is less than the aggregate of the amounts paid by General Partner under this Section 5.7 and amounts paid by the Development Guarantors under the Development Guaranty Agreement, then the proceeds of Investor Limited Partner's increased Capital Contribution in excess of $150,000.00 will be allocated between General Partner and the Development Guarantors as determined by General Partner; provided, however, the Limited Partners shall have no duty to determine the reasonableness of such allocation or oversee the application of such funds by the General Partner to the General Partner and/or the Development Guarantors.

Project Cost Overruns. In the event that the Project Costs set forth in the Construction Budget exceed the amount of proceeds available from the Series 2023 Bonds (a “Cost Overrun”), such Purchaser shall have received satisfactory evidence that the Manager has funded the Construction Account in immediately available funds from the proceeds of a Debt Service Loan and applied such funds to pay any such Cost Overruns of the Project prior to any additional funds being drawn under the Series 2023[●] Bonds.

Project Cost Overruns. In the event that Project Costs (including other eligible costs) exceed, or are reasonably estimated to exceed, the total Project revenues set forth in the Project Finance Plan plus any interest earned on the investment of funds on deposit in the Project Account (plus any funds transferred from the PE Account to the Project Account pursuant to Section 4.4.1), TriMet shall undertake the following actions: (a) Within thirty (30) calendar days of determining the Project Costs exceed or are reasonably anticipated to exceed the Project Budget, TriMet shall prepare and deliver to the Project Representatives for City and Other Regional Partners a memorandum that (i) identifies reductions in Project Scope, subject to FTA approval (if applicable), and any other steps it will undertake to eliminate Project Costs in excess of the Project Budget, and, if appropriate, (ii) proposes a plan for supplemental contributions to the Project Account by one or more of the Parties and Other Regional Partners to eliminate the need for the proposed reductions in Project Scope and/or other steps to be undertaken. (b) The Parties agree that their respective Project Representatives will undertake good faith negotiations with each other and the Other Regional Partners to develop a consensus on Project Scope reductions and/or supplemental contributions to the Project Account, as may be refined or revised through the negotiations. If needed, such good faith negotiations shall take place for a period of fifteen (15) calendar days from the date on which TriMet transmitted the memorandum described in paragraph (a), above, or such longer period as determined by the TriMet Project Representative. Notwithstanding other terms of this Section 7.3, the Parties acknowledge that any such negotiations conducted by Project Representatives with regards to supplemental contributions will not be binding on City until the Portland City Council has approved a formal action appropriating funds for such supplemental contribution by the City. (c) In the event that the negotiations described in paragraph (b), above, result in an agreement to provide supplemental contributions to the Project Account, TriMet shall prepare and transmit, as appropriate, to City and Other Regional Partners, the proposed amendment to their respective intergovernmental grant agreements to reflect their respective obligations to provide the supplemental funding contribution agreed to by each party. At the time any such proposed amen...

Project Cost Overruns. The State must submit project cost overruns requiring additional obligations to FEMA for review and approval. Where review and approval are not sought before incurring the costs of an overrun, there is no assurance that FEMA will reimburse such costs. In compliance with 44 C.F.R. § 206.438, the State must submit project cost overruns requiring additional HMGP Post Fire obligations to FEMA for review and approval before incurring costs.