Project Covenant definition

Project Covenant means the covenant, by and between the Agency and the Redeveloper which will govern the development and use of the Redevelopment Project and the Project Area until construction of the Redevelopment Project, or any portion thereof, as the case may be, has been Completed and which Covenant will be recorded and will constitute a restrictive covenant that runs with the land, until the same shall be discharged (or deemed discharged pursuant to Section 4.15(c)) in accordance with the terms of this Redevelopment Agreement, and as such covenant may be amended or supplemented by the Parties in accordance with its terms. A copy of the form of the Project Covenant is attached hereto as Exhibit B and is more particularly described in Article VI hereof.
Sample 1Sample 2
Project Covenant has the meaning set forth in Section 4.28(a) hereof.
Sample 1Sample 2
Project Covenant means the covenant, by and between the Agency and the Redeveloper which will govern the development and use of the Redevelopment Project and the Project Area until construction of the Redevelopment Project, or any portion thereof, as the case may be, has been Completed and which Covenant will be recorded and will constitute a restrictive covenant that runs with the land, until the same shall be discharged in accordance with the terms of this Redevelopment Agreement, and as such covenant may be amended or supplemented in accordance with its terms. A copy of the form of the Project Covenant is attached hereto as Exhibit D and is more particularly described in Article VI hereof. The Redeveloper may execute separate Project Covenants with respect to any portion of the Redevelopment Project so as to facilitate the release and/or discharge of the Project Covenant applicable to a each such portion upon Completion of each such portion.
Sample 1

Examples of Project Covenant in a sentence

  • The parties acknowledge that the damages that will be incurred upon any breach or violation of the Project Covenant would be impossible to ascertain with any reasonable degree of certainty.

  • A violation of the Project Covenant by the Redeveloper shall be an Event of Default.

  • Payment of the Project Covenant Liquidated Damages by the Redeveloper shall be the Authority’s remedy for a breach or violation of the Project Covenant.

  • If the City does not, in the Authority’s reasonable discretion, realize the Public Benefits, then the Redeveloper shall be in breach and violation of the Project Covenant.

  • The Construction and Development Documents and Project Covenant Documents cover all work and services necessary or desirable for the design of the Project, including all work and services necessary for the Improvements to be completed in accordance with all Governmental Approvals and any and all requirements of applicable Law.

  • The Construction and Development Documents and Project Covenant Documents constitute all agreements executed by or for the benefit of Borrower in connection with the Project.

  • Borrower will not commit or permit any act which could give rise to a breach of any term, covenant or condition to be performed under the Construction and Development Documents or the Project Covenant Documents or any other contract to which Borrower is a party or by which it is bound.

  • Borrower will cause the Improvements to be constructed in compliance with the Project Covenant Documents and all other agreements relating to the Project and any Leases and will perform all of its obligations under all of such agreements.

  • Borrower will comply with the Construction and Development Documents and the Project Covenant Documents to which it is a party and in all material respects with all other obligations under other contracts, instruments and agreements to which it is a party or to which any of its properties or assets may be subject.

  • Borrower will not terminate, amend or modify any Project Covenant Documents or the purchase agreement without the prior written consent of Lender.

Related to Project Covenant

  • Maintenance Covenant A covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, that exists regardless of whether or not such borrower has taken any specified action and includes a covenant that applies only when the related loan is funded.

  • Additional Covenant means any covenant in respect of the financial condition or financial position of the Company, including, but not limited to, covenants that specify or require the maintenance of certain financial ratios applicable to the Company, and the default provision related thereto (regardless of whether such provision is labeled or otherwise characterized as a covenant or a default).

  • Financial Covenant has the meaning specified in Section 7.08.

  • Environmental covenant means a servitude arising under an environmental response project that imposes activity and use limitations.

  • Transfer fee covenant means a declaration or covenant purporting to affect real property which requires or purports to require the payment of a transfer fee to the declarant or other person specified in the covenant or declaration, or to their successors or assigns, upon a subsequent transfer of an interest in the real property.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Financial Covenants means the covenants set forth in Section 6.2.

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Non-recourse Project Financing means any Indebtedness incurred in connection with the financing of all or part of the costs of the acquisition, construction or development of any project, provided that: (i) any Security Interest given by the Bank or the relevant Subsidiary is limited solely to assets of the project; (ii) the Person or Persons providing such financing expressly agrees to limit their recourse to the project financed and the revenues derived from such project as the principal source of repayment for the moneys advanced; and (iii) there is no other recourse to the Bank or the relevant Subsidiary in respect of any default by any Person under the financing; and

  • Incurrence Covenant means a covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

  • RFP Project Documents means the following documents to be entered into in respect of the Project, by the parties to the respective agreements:

  • Previously Absent Financial Maintenance Covenant means, at any time, any financial maintenance covenant that is not included in the Loan Documents at such time.

  • Financial Covenant Debt of any Person means Indebtedness of the type specified in clauses (a), (b), (d), (e), (f) and (h) of the definition of “Indebtedness,” non-contingent obligations of the type specified in clause (c) of such definition and Guaranty Obligations of any of the foregoing.

  • Covenant Trigger Period means the period (a) commencing on the day that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $20,000,000 and (b) continuing until, at all times thereafter for a period of 30 consecutive days during which, (i) no Event of Default exists and (ii) Availability shall have been not less than the greater of (x) 10% of Available Credit and (y) $20,000,000.

  • Debt Service Requirement means, as of any date of calculation with respect to the Bonds, the sum of (i) all interest due or to become due on such date on all Outstanding Bonds plus (ii) all Principal Installments due or to become due on such date on all Outstanding Bonds or, if no Principal Installment is due and payable on such date on any Outstanding Bonds, one- half of the Principal Installments, if any, due and payable on all Outstanding Bonds on the next succeeding Interest Payment Date.

  • Project financing gap means the part of the total project cost,

  • Project Document means any one of the foregoing;

  • Replacement Capital Covenant has the meaning specified in the introduction to this instrument.

  • Financial Performance Covenants means the covenants of the Borrower set forth in Section 10.11.

  • Qualifying Replacement Capital Covenant has the meaning specified in the Replacement Capital Covenant.

  • Covenant Compliance Event means, at any time, Availability is less than the greater of (i) ten percent (10%) of the Loan Cap and (ii) $15,000,000. The termination of a Covenant Compliance Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Compliance Event in the event that the conditions set forth in this definition again arise.

  • Covenant Compliance Worksheet means a fully completed worksheet in the form of Attachment A to Exhibit C.

  • Covenant Relief Period means the period commencing on the Amendment No. 1 Effective Date and ending on and including December 31, 2022.

  • Project Documents means all documents relating to the Construction Loan, Mortgage Loan and Construction Contract. It shall also include all documents required by any governmental agency having jurisdiction over the Apartment Housing in connection with the development, construction and financing of the Apartment Housing, including but not limited to, the approved Plans and Specifications for the development and construction of the Apartment Housing.

  • Negative Covenants The Postpetition Financing Documents shall contain negative covenants of the Borrower acceptable to the Lender.

  • Financial Performance Covenant means the covenant set forth in Section 6.11.