Completion Reserve Sample Clauses

Completion Reserve. To the extent any item on the Punch List is not completed (the “Uncompleted Punch List Items”) on or before the Closing Date, representatives of WPPI and CWI shall meet at Closing and mutually agree upon (each acting reasonably and in good faith) a reserve in the estimated amount to complete the Uncompleted Punch List Items (the “Completion Reserve”). The Completion Reserve shall be funded by WPPI in accordance with the terms and conditions of an escrow agreement to be entered into and mutually agreed among WPPI, CWI and Escrow Agent. Thereafter, WPPI shall utilize the funds in the Completion Reserve for purposes of completing or causing WPPI’s construction manager to achieve Final Completion. WPPI agrees to diligently and in good faith pursue completion of the Uncompleted Punch List Items and Final Completion of the Hotel as soon as reasonably possible and upon Final Completion, WPPI shall be entitled to receive all of the funds remaining in the Completion Reserve. In the event that WPPI fails to achieve Final Completion within thirty (30) days following the Closing Date (and such failure is not the result of any force majeure event beyond WPPI’s control), then, upon fifteen (15) days prior written notice to WPPI, the Company shall have the right (but not the obligation) to exercise self-help remedies and if the Company so elects such self-help remedy, CWI or the Company shall be entitled to take all reasonable action necessary (determined by CWI in its good faith judgment) to cause Final Completion and draw down on the Completion Reserve to pay for the reasonable third-party out-of-pocket costs thereof incurred by CWI and/or the Company in achieving Final Completion so long as CWI provides reasonable evidence to WPPI of such expenditures prior to drawing down on the Completion Reserve; provided, however, that in the event that CWI does not elect to exercise the aforementioned self-help remedies, WPPI shall nevertheless remain obligated to complete or cause WPPI’s construction manager to complete the Uncompleted Punch List Items that were not completed prior to Closing and cause the Final Completion of the Hotel. In addition, from and after the Closing and the Final Completion of the Hotel, WPPI covenants and agrees to cooperate (in good faith) with the Company in connection with the Company’s enforcement of any warranty, guaranty and/or indemnity claims against Xxxxx, the Architect and/or any subcontractor (including assigning any claims WPPI may have ag...
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Completion Reserve. 16 6.1 Conditions Precedent to Completion Reserve Disbursements............................................16 6.2 Disbursement to the Interest Reserve Account........................................................16
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Completion Reserve. In the event a Completion Reserve is established, Symantec shall have no further responsibility for completion of any of the Remaining Construction Items whether or not TST believes they have been properly completed prior to the First Closing Scheduled Date, and TST shall accept the Completion Reserve as TST's sole remedy on account of such alleged failure to properly complete. If Symantec disagrees with TST as to whether any particular Remaining Construction Items were properly completed, then following the First Closing, Symantec and TST agree to attempt to reach agreement with regard to such disagreement and the amount, if any, to be retained by TST out of the Completion Reserve. If Symantec and TST are unable to reach agreement within sixty (60) days following the First Closing, then either of them may submit the issue to binding arbitration pursuant to the applicable rules of the American Arbitration Association with the venue for any arbitration proceeding to be within either San Francisco or Santa Clarx Xxxnty, California.
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Completion Reserve. 48 2.22 FF&E Reserve Accounts..........................................................................50 2.23
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Completion Reserve. (a) On the Effective Date, Co-Borrowers have deposited the sum of $133,972,737.70 in a segregated account of Texas Co-Borrower maintained with the Reserve Account Bank (the "Completion Reserve Account"), which account is subject to an Account Control Agreement. In addition, except as otherwise required under Section 2.2, prior to the Final Completion Date, Parent Guarantor and Co-Borrowers shall deposit or cause to be deposited into the Completion Reserve Account as and when received (i) 100% of all Net Cash Proceeds of Asset Sales and (ii) 100% of all Net Debt/Equity Proceeds. Co-Borrowers will direct that all funds from time to time on deposit in the Completion Reserve Account be invested solely in Cash Equivalent Investments. In no event shall the amount held in the Completion Reserve Account ever be reduced to less than $35,000,000 (other than by application of such amount to the Secured Obligations pursuant to Section 2.21(f)) prior to the date on which all Post-Closing Requirements have been met in accordance with Section 6.43.
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Completion Reserve 
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Related to Completion Reserve

  • Final Completion The full and final completion of all Work in accordance with the Contract Documents.

  • Project Completion Part 1 – Material Completion

  • Construction Contract; Cost Budget Prior to execution of a construction contract, Tenant shal] submit a copy of the proposed contract with the Contractor for the construction of the Tenant Improvements, including the genera] conditions with Contractor (the “Contract”) to Landlord for its approval, which approval shall not be unreasonably withheld, conditioned or delayed. Following execution of the Contract and prior to commencement of construction, Tenant shall provide Landlord with a fully executed copy of the Contract for Landlord’s records. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids and proposals for the Tenant Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, for all of Tenant’s Agents, of the final estimated costs to be incurred or which have been incurred in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor (the “Construction Budget”), which costs shall include, but not be limited to, the costs of the Architect’s and Engineers’ fees and the Landlord Coordination Fee. The amount, if any, by which the total costs set forth in the Construction Budget exceed the amount of the Tenant Improvement Allowance is referred to herein as the “Over Allowance Amount”. In the event that an Over-Allowance Amount exists, then prior to the commencement of construction of the Tenant Improvements, Tenant shall supply Landlord with cash in an amount equal to the Over- Allowance Amount. The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the total costs set forth in the Construction Budget have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Tenant Improvements shall change, any additional costs for such design and construction in excess of the total costs set forth in the Construction Budget shall be added to the Over-Allowance Amount and the total costs set forth in the Construction Budget, and such additional costs shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in items (1), (ii), (iii) and (iv) of Section 2.2.2.1 of this Tenant Work Letter, above, for Landlord’s approval, prior to Tenant paying such costs. All Tenant Improvements paid for by the Over-Allowance Amount shall be deemed Landlord’s property under the terms of the Lease. 4.2.2

  • Construction Budget The total amount indicated by the District for the Project plus all other costs, including design, construction, administration, financing, and all other costs.

  • Construction Phase Part 1 –

  • Completion Date The Work under this Contract shall be completed by midnight of the date required in the Contract as the Material Completion and Occupancy Date unless extended by approved requests for extension of time.

  • Cost Overruns The Borrower shall ensure that all cost-overruns over the estimated construction costs of the Project as certified by a quantity surveyor or the Architect or as ascertained by the Lender as and when they occur shall be funded by the Borrower’s own equity;

  • Construction, Etc Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.

  • Tenant Improvement Allowance Items Except as otherwise set forth in this Tenant Work Letter, the Tenant Improvement Allowance shall be disbursed by Landlord only for the following items and costs (collectively the “Tenant Improvement Allowance Items”):

  • Construction Period During the construction period, Redeveloper agrees to keep the construction area, including completed operations insured against loss or damage by fire, and such other risks, casualties, and hazards as are customarily covered by builders’ risk or extended coverage policies in an amount not less than the replacement value but allowing for reasonable coinsurance clauses and deductibles. In the event of any insured damage or destruction, Redeveloper agrees to use its good faith efforts to commence restoration of the Private Improvements to its prior condition within nine (9) months from the date of the damage or destruction, and shall diligently pursue the same to completion.

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