Builder’s Construction Completion Guaranty Sample Clauses

Builder’s Construction Completion Guaranty. The Builder shall execute and submit to the Facility Agent the Construction Completion Guaranty in favor of the Lenders in form and substance reasonably satisfactory to the Facility Agent prior to the Initial Drawdown. The Construction Completion Guaranty shall include a provision that the Builder undertakes to perform its completion obligation (to complete the Project Facilities within 21 months from the Initial Drawdown Date, and the time frame set forth in the Construction Completion Guaranty and in the event of default thereof, to assume the Secured Obligations).