Completion Obligations definition

Completion Obligations means the construction and full and final completion of the PIP on or before the Completion Deadline, and Final Completion of the PIP on or before the Final Completion Date, all in accordance with, the PIP plans and specifications (modified as provided above), Applicable Law, and the terms, conditions, and requirements of the Loan Agreement (including without limitation, Section 2.2(h) of the Loan Agreement), and other Loan Documents, free and clear of all mechanic’s and materialmen’s Liens and free from defects, errors, or omissions. ​

Completion Obligations has the meaning ascribed to it in Clause 5.2;

Completion Obligations means the obligations set out in Clause 6.3 and 6.4 and Schedule 3, Part B and “Completion Obligation” shall be construed accordingly;

Examples of Completion Obligations in a sentence

• In addition, Lender may bring an action at law or in equity, or both, to compel Guarantor to perform the Completion Obligations and Lender shall be entitled to damages and compensation for the cost to complete the PIP and all other loss, costs, damage, injury and expense which may be sustained or incurred by Lender as a direct or indirect consequence of Guarantor’s failure to perform the Completion Obligations, including interest at the Default Rate.

• Upon completion of all the matters referred to in Part 1 of Schedule 5 (Completion Obligations) in relation to the relevant Completion, if the Purchaser shall fail to comply with the requirements of Part 2 of Schedule 5 (Completion Obligations) and/or shall fail to complete the purchase of each of the Sale Shares the Sellers shall not be obliged to complete this Agreement.

• Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Completion Obligations as a primary obligor.

• Allegiant Guarantor is the indirect owner of one hundred percent (100%) of the equity interests in Borrower, Sunrise Guarantor is an Affiliate of Borrower, and Guarantor has received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Completion Obligations.

• Subject to Section 2.e. hereof, the Sureties' obligations under this Bond to each Obligee shall terminate (i) upon the completion of the Performance Bond Construction or (ii) as to each Obligee, upon the termination of the Completion Obligations of the Completion Guarantors with respect to each such Obligee, respectively, pursuant to Section 12.3 of the respective Completion Guarantee in favor of such Obligee.

More Definitions of Completion Obligations

Completion Obligations has the meaning given to that term in clause 25.1;

Completion Obligations means that (i) Guarantor will cause the Completion of the Project in substantial accordance with the Plans, and in accordance with the terms and conditions of the Loan Agreement and other Loan Documents, if for any reason, or under any contingency, Mortgagor shall abandon construction of the Project or shall fail to cause the Completion of the Project within the construction time set forth in the Loan Agreement and Loan Documents, and (ii) Guarantor will pay all cost overruns for construction of the Project. In the preceding sentence, “cost overruns” means costs of constructing the Project that, in the aggregate, exceed the amount provided in the Construction Budget, except that the following expenses shall not be included in calculating cost overruns: operating deficits, taxes and, solely to the extent increased by force majeure, construction interest. “Completion” of the Project will occur upon the issuance of the final certificate of occupancy; the receipt of evidence reasonably satisfactory to Lender that no building has been constructed over any easements or setback areas and no other improvements prohibited by the terms of the easements or setbacks have been constructed within such easements or setbacks, as applicable; the issuance of a certificate of substantial completion from the Mortgagor’s architect; and receipt of a contractor’s release and the receipt of lien waivers or similar evidence of payment from the general contractor and all major subcontractors (i.e., subcontractors whose contract amount exceeds $100,000) to Lender’s reasonable satisfaction; provided, however, that if Senior Lender shall deem the Project to have reached Completion, then Lender shall deem the Project to have reached Completion.

Completion Obligations means the Purchaser’s Completion Obligations and the Sellers’ Completion Obligations.

Completion Obligations means the obligations of the Purchaser and each of the Sellers to be satisfied at Completion pursuant to Clause 7;

Completion Obligations means Borrower’s obligation to (a) construct, equip and complete the Improvements in accordance with the Loan Agreement and in substantial accordance with the Plans and Specifications and (b) pay all expenses, charges, costs and fees of or relating to the requirements the preceding clause (a) (including debt service on the Loan only during construction of the Improvements until the Completion Event), including, without limitation, all of the following items to the extent relating to the Property or the Improvements: permitting fees, licensing fees, utility expenses (other than utility expenses of tenants), all insurance expenses during the construction period, penalties, charges and amounts payable to all architects, engineers, construction managers, contractors, subcontractors, tenants and material suppliers engaged in connection with any of the foregoing and any additional costs, such as overtime charges, necessary to so complete the Improvements on or before the Completion Date.

Completion Obligations means any obligations issued or any increase in the obligations of the Metropolitan Government incurred in accordance with the terms of any Parity Obligation Agreement, which is issued or incurred to (1) pay the costs of completing any portion of the System for which a Parity Obligation has previously been issued or executed and delivered pursuant to the terms of the applicable Parity Obligation Agreement, or (2) pay the costs of meeting, maintaining or restoring any reduction in capacity in any portion of the System or required modifications or improvements to the System, in each case required due to an unforeseen or uncontrollable circumstance or a change in law.

Completion Obligations has the meaning specified in the MGM Resorts Completion Guarantee.