Construction Covenants Sample Clauses

Construction Covenants. 61 Article 7 INFORMATION AND REPORTING REQUIREMENTS..............................................................63 7.1 Financial and Business Information.........................................................63 7.2 Compliance Certificates....................................................................66 Article 8 CONDITIONS..........................................................................................67 8.1 The Effective Date.........................................................................67 8.2 Any Advance................................................................................69 Article 9 EVENTS OF DEFAULT AND REMEDIES UPON EVENT OF DEFAULT................................................70 9.1 Events of Default..........................................................................70 9.2 Remedies Upon Event of Default.............................................................72

Construction Covenants. The Borrower hereby covenants and agrees, from the date of this Agreement, and as long as the Borrower remains indebted to the Lender hereunder, as follows:

Construction Covenants. (a) Make any change to the Plans or Budget which would (i) result in any material change in the scope of the Expansion Project, or (ii) delete or materially amend any of the amenities described on Schedule 6.19. (b) Fail to construct the Expansion Project in a good and workmanlike manner in accordance with sound building practices and without material deviation from the Plans (except to the extent approved by the Requisite Lenders), and comply in all material respects with all existing Laws and requirements of all Governmental Agencies having jurisdiction and in all material respects with all future Laws and requirements that become applicable to the Expansion Project. (c) Purchase or contract for any materials, equipment, furnishings, fixtures or articles of personal property to be placed or installed on the Expansion Project (or on the existing Wheeling Downs facility as contemplated pursuant to the Plans) under any security agreement or other agreement where the seller reserves or purports to reserve title or the right of removal or repossession (EXCEPT for such reservations as may arise solely by operation of Law), or the right to consider such materials personal property after their incorporation in the work of construction, unless the Administrative Agent in each instance has authorized the Borrower to do so in writing in each case except as permitted by Section 6.9(c). (d) Fail to promptly pay prior to delinquency (subject to applicable retentions) or otherwise discharge all claims and Liens for labor done and materials and services furnished in connection with the construction of the Expansion Project (and any improvements to the existing Wheeling Downs facility contemplated by the Plans), EXCEPT for claims contested in good faith by appropriate proceedings and without prejudice to the construction timetable, PROVIDED that any such claims are covered by such payment bonds or title insurance policy endorsements as may be reasonably requested by the Administrative Agent. (e) Fail to properly obtain, comply with and keep in effect all material permits, licenses and approvals which are customarily required to be obtained from Governmental Agencies in order to construct and occupy the Expansion Project as of the then current stage of construction, and deliver copies of all such permits, licenses and approvals to the Administrative Agent promptly following a written request therefor.

Construction Covenants. Borrower and Guarantor hereby covenant and agree with Lender as follows:

Construction Covenants. The Borrowers shall: (i) cause the construction of the Phase I-A Project to proceed diligently and without material interruption (subject to Force Majeure Events) in accordance in all material respects with the Phase I-A Project Budget, the Phase I-A Project Documents, the Phase I-A Project Schedule, the Final Phase I-A Project Plans and Specifications, the Resort Complex Operative Documents and all Legal Requirements; (ii) cause the Substantial Completion Date to occur on or prior to the Outside Completion Date; (iii) not incur nor allow the incurrence of any Phase I-A Project Costs, individually or in the aggregate, that would or could reasonably be expected to cause the Phase I-A Project Budget not to be In Balance; (iv) cause each Person party to a Material Phase I-A Project Document to deliver to the Administrative Agent Consents, substantially in the form of EXHIBIT O (subject to any changes thereto requested by such party and reasonably satisfactory to the Administrative Agent), to any Material Phase I-A Project Documents entered into after the date hereof upon execution of any such Material Phase I-A Project Documents; and (v) if the Work Continuation Agreement is not delivered on the Closing Date, commence negotiations with the appropriate unions and endeavor to enter into the Work Continuation Agreement with such unions as soon as practicable.

Construction Covenants. In addition to the covenants of Borrower otherwise set forth in this Agreement, Borrower hereby agrees that, so long as any part of the Indebtedness is outstanding, unless compliance shall have been waived in writing by Lenders, Borrower shall at all times comply with the following covenants:

Construction Covenants. 79 8.13 Lease Transactions and Future Financings. ....................................................86 8.14 Additional Provisions Regarding Future Financings..............................................88 8.15

Construction Covenants. The following covenants apply to each Project: Construction of Project. Unless otherwise expressly agreed to by Lender, (i) construction of the Project, including delivery of materials or performance of lienable work, shall not commence before recording of the Security Instrument; (ii) construction of the Project shall commence within 30 days from the date of completion of the Project Requirements and shall be carried on diligently and without delay or interruption for more than 10 consecutive days; and (iii) the Project shall be constructed in a good and workmanlike manner, in accordance with the Plans and Specifications, the other Construction Documents (as hereinafter defined) and/or the Construction Budget submitted to Lender, and in compliance with all applicable statutes, ordinances, codes, regulations and restrictions. “Construction Documents” shall mean all construction contracts, contracts with architects, engineers or other design professionals, Plans and Specifications, drawings, budgets, bonds and other agreements pertaining to construction of the Project all engineering, soil and other reports and studies and all surveys pertaining thereto and or required by Lender’s Inspector, together with all modifications and additions thereto.

Construction Covenants. Each of the covenants contained in Section D of Annex II shall apply.