Default in Construction Sample Clauses

Default in Construction. In the event the Developer, the General Contractor, or the Architect shall fail to perform in accordance with the provisions of any of the Construction Documents to which it is a party in connection with the design, acquisition, construction, furnishing, and/or equipping of the Project, the Lessee shall exercise all of the rights and remedies available to the Lessee in each such Construction Document(s) in consultation with the Lessor. If an Event of Default shall occur and be continuing or if the Lessee shall default under the [Development Agreement], the Lessor may, subject to the rights of the Trustee, assert the rights of the Lessee under the terms of the Borrower Development Agreement, the Construction Contract, and the Architect's Agreement.
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Default in Construction. At any time prior to Completion, the Project shall be abandoned or work thereon shall cease for a period of more than thirty (30) days (which period shall be measured from the first occurrence of a work stoppage and continuing until work of a substantial nature is resumed and thereafter diligently continued, but which period shall not include delays caused by Force Majeure and strikes not extending for any one work stoppage or abandonment beyond 30 days so long as an independent engineer, selected by Borrower and subject to Lender's approval, has certified that Completion is not likely to be achieved beyond the applicable Construction Loan Maturity Date, provided that Borrower gives Lender immediate written notice of all such events) for any reason, or the Project shall not be constructed substantially in accordance with the Plans and Specifications (except as to changes therein approved by the Lender or permitted by Section 6.12), or changes shall be made in the Plans and Specifications without the prior written approval of the Lender (except as to changes permitted by Section 6.12).
Sample 1
Default in Construction. If at any time prior to the completion of the construction and equipping of the Improvements the same shall be abandoned or work thereon shall cease for any cause or causes other than those permitted by the Construction Contract, or if the Improvements are not completed for purposes of final payment (as provided in Section 4.4) prior to the Completion Date described in Section 5.1, whichever is the first to occur, regardless of the reason for the delay, or if the Improvements shall not be constructed and equipped substantially in accordance with the Plans and Specifications (except as to changes therein approved by the Lender or permitted by Section 5.5), or if changes shall be made in the Plans and Specifications without the Lender’s prior written approval (except as to changes permitted by Section 5.5), or if the Borrower shall fail in any respect to comply with the provisions of this Agreement, then, and in any such event, the Lender, at its option, may refuse to make further advances, may accelerate the indebtedness under the Note and other Loan Documents as provided in Section 7, and in addition, without thereby impairing any of the rights, powers or privileges of the Lender under any of the Loan Documents, may enter into possession of the construction site and perform any and all work and labor necessary to complete the Improvements substantially according to the Plans and Specifications, and all sums expended by the Lender in so doing, including, but not limited to, a construction supervision fee, payable to the Lender, up to ten percent (10%) of all such sums, shall be deemed to be paid for the account of the Borrower and secured by the Mortgage and the Security Agreement, notwithstanding that such expenditures (including such fee) may exceed the amount of the loan or the cost of the Construction Contract or any other contracts. For this purpose, the Borrower hereby constitutes and appoints the Lender its true and lawful attorney-in-fact, with full power of substitution, to complete such construction and equipping in the name of the Borrower, and hereby empowers such attorney or attorneys: (a) To use any of the Loan proceeds and any Equity Funds which may remain unadvanced for the purpose of completing the construction and equipping in the manner called for by the Plans and Specifications; (b) To make such changes and corrections in the Plans and Specifications as shall be necessary or desirable to complete the construction in substantially the man...
Sample 1
Default in Construction. In the event the Developer, the General Contractor, or the Architect shall fail to perform in accordance with the provisions of any of the Construction Documents to which it is a party in connection with the design, acquisition, construction, furnishing, and/or equipping of the Project, the Lessee shall exercise all of the rights and remedies available to the Lessee in each such Construction Document(s) in consultation with the Lessor. If an Event of Default shall occur and be continuing or if the Lessee shall default under the Development Agreement, the Lessor may, subject to the rights of the Trustee and the provisions of Sections 12(a) and 36(i) hereof, assert the rights of the Lessee under the terms of the [Development Agreement], the Construction Contract, and the Architect's Agreement.
Sample 1
Default in Construction. In the event of a default by the Developer, the Contractor, or the Architect in connection with the design and/or construction of the Series 2022 Project or by any party to any design or construction documents related to any Additional Improvements, subject to the rights of the Issuer and the Trustee under the Bond Documents, the Lessee shall exercise all of the rights and remedies available to the Lessee in each such agreement, and shall consult with Lessor regarding the same. If Lessee shall fail to exercise such remedies, an Event of Default shall occur and be continuing, or the Lessee shall default under the Construction Documents or any design or construction documents related to Additional Improvements to be constructed by Lessee on the Property, the Lessor may, subject to the rights of the Issuer and the Trustee under the Bond Documents, and without limiting any other rights and remedies of the Lessor under this Ground Lease or at law and in equity, assert the rights of the Lessee under the terms of the Construction Documents or such other design and construction documents, as the case may be.
Sample 1
Default in Construction. In the event of a material default by the Developer or the Architect under the Development Agreement or the Design Services Agreement, respectively, or of any party to any design or construction documents related to the Improvements and any Additional Improvements, subject to the rights of the Trustee under the Bond Documents, the
Sample 1

Related to Default in Construction

  • Default in Performance of Other Covenants and Conditions Any Credit Party or any Subsidiary thereof shall default in the performance or observance of any term, covenant, condition or agreement contained in this Agreement (other than as specifically provided for in this Section) or any other Loan Document and such default shall continue for a period of thirty (30) days after the earlier of (i) the Administrative Agent’s delivery of written notice thereof to the Borrower and (ii) a Responsible Officer of the Borrower having obtained knowledge thereof.

  • Default in Payment of Principal of Loans and Reimbursement Obligations The Borrower shall default in any payment of principal of any Loan or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise).

  • Payment of default interest on overdue amounts The Borrower shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by the Borrower under any Finance Document which the Agent, the Security Trustee or the other designated payee does not receive on or before the relevant date, that is: (a) the date on which the Finance Documents provide that such amount is due for payment; or (b) if a Finance Document provides that such amount is payable on demand, the date on which the demand is served; or (c) if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable.

  • Default in Other Agreements (i) Failure by Holdings, the Borrower or any of its Restricted Subsidiaries to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness referred to in clause (a) above) with an aggregate outstanding principal amount exceeding the Threshold Amount, in each case beyond the grace period, if any, provided therefor; or (ii) breach or default by Holdings, the Borrower or any of its Restricted Subsidiaries with respect to any other term of (A) one or more items of Indebtedness with an aggregate outstanding principal amount exceeding the Threshold Amount or (B) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness (other than, for the avoidance of doubt, with respect to Indebtedness consisting of Hedging Obligations, termination events or equivalent events pursuant to the terms of the relevant Hedge Agreement which are not the result of any default thereunder by any Loan Party or any Restricted Subsidiary), in each case beyond the grace period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, such Indebtedness to become or be declared due and payable (or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; provided that clause (ii) of this paragraph (b) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property securing such Indebtedness if such sale or transfer is permitted hereunder; provided, further, that any failure described under clauses (i) or (ii) above is unremedied and is not waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans pursuant to this Article VII; or

  • Default in Performance of Certain Covenants Any Borrower or any other Credit Party shall default in the performance or observance of any covenant or agreement contained in Sections 7.1, 7.2 or 7.4(a)(i)(A) or Articles IX or X.

  • Compounding of default interest Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded.

  • Default Interest Upon the occurrence and during the continuance of an Event of Default under Section 6.01(a), the Agent may, and upon the request of the Required Lenders shall, require the Borrower to pay interest (“Default Interest”) on (i) the unpaid principal amount of each Advance owing to each Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii) above, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Advance pursuant to clause (a)(i) or (a)(ii) above and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on Base Rate Advances pursuant to clause (a)(i) above; provided, however, that following acceleration of the Advances pursuant to Section 6.01, Default Interest shall accrue and be payable hereunder whether or not previously required by the Agent.

  • Default in Performance (i) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 8.4.(h) or Article IX.; or (ii) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such failure shall continue for a period of 30 days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent.

  • Default in Payment Any payment not made within ten (10) business days after it is due in accordance with this Agreement shall thereafter bear interest, compounded annually, at the prime rate in effect from time to time at Citibank, N.A., or any successor thereto. Such interest shall be payable at the same time as the corresponding payment is payable.

  • Post-Default Interest Upon the occurrence, and during the continuance, of any Event of Default, the unpaid principal amount of each Advance shall bear interest at a rate per annum equal at all times to 2% per annum above the rate per annum otherwise required to be paid on such Advance in accordance with subsection (a), (b) or (c) above; provided that any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal at all times to the greater of (x) 2% per annum above the Base Rate in effect from time to time and (y) 2% per annum above the rate per annum required to be paid on such Advance immediately prior to the date on which such amount became due.