ENGINEERING AND PREDEVELOPMENT COSTS

ENGINEERING AND PREDEVELOPMENT COSTS. Shall mean those pre- and post-formation engineering and pre-development costs incurred by or on behalf of a Member to contract for the Property and conduct the engineering and pre-development work for the Project, such as consulting fees and costs and filing, investigatory and regulatory fees and costs, plus any additional similar costs. To the extent the foregoing are paid by a Member in the ordinary course of business on or prior to the Property Closing, they shall be referred to herein as... the "Paid Engineering and Pre-Development Costs," as more particularly set forth on EXHIBIT "B" attached hereto. As provided herein, a Member shall receive an initial contribution credit and Capital Account credit equal to the amount paid by each respectively of the Paid Engineering and Pre-Development Costs. The Company shall then assume and be responsible for paying 3 those Engineering and Pre-Development Costs other than the Paid Engineering and Pre-Development Costs. View More