Construction Failure definition

Construction Failure means any actual failure (or, any such failure which is reasonably anticipated by the Construction Agent and/or the Agent) to achieve Completion with respect to the Construction Period Property on or prior to the Construction Period Termination Date.
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Construction Failure shall have the meaning specified in Section 2.1 of the Agency Agreement.
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Construction Failure has the meaning set forth in Section 2.3(f).
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Examples of Construction Failure in a sentence

  • Except in conjunction with a payment by a Lessee or the Construction Agent of the Lease Balance, a Construction Failure Payment or a Leased Property Balance pursuant to the terms of the Lease or the Construction Agency Agreement, the Lessor shall have no right to prepay the Loans.

  • It is expressly agreed that any amounts advanced to Lessee by Lessor hereunder as an Interim Advance shall be treated as a "Construction Advance" for all purposes of this Lease, including, but without limitation, for purposes of computing the amount of the Construction Failure Payment under the Construction Addendum, when applicable.

  • Except in conjunction with a payment by the Lessee of the Lease Balance or a Leased Property Balance pursuant to the terms of the Lease or the Leased Property Balance or Construction Failure Payment pursuant to the Construction Agency Agreement, the Lessor shall have no right to prepay the Loans.

  • If Lessee fails to elect option (ii) within fifteen (15) days after the Construction Failure occurs then Lessee shall irrevocably be deemed to have elected option (i).

  • All reasonable out of pocket costs and expenses so incurred (including actual and reasonable fees and expenses of counsel), together with interest thereon at the Overdue Rate from the date on which such sums or expenses are paid by the Lessor, shall be paid by the Construction Agent to the Lessor on demand; provided that such amount shall not exceed the Construction Failure Payment for the related Leased Property.

  • When an Event of Default or a Construction Failure Event exists, the Lessor shall exercise remedies under Article XIII of the Lease or Section 5 of the Construction Agency Agreement, as the case may be, as directed by the Required Lenders, including, if so directed, demanding payment in full of the Lease Balance by the Lessees (the "ACCELERATION").

  • Section 19.42 of the Lease is hereby -------------------------------- ------------- modified as follows: the date by which Landlord must record a deed of trust is changed from July 1, 1998, to July 15, 1998, and the date on or before which Tenant must give Landlord a Construction Failure Termination Notice is changed from July 15, 1998, to July 31, 1998.

  • In either event neither Agent, the Instrument Holders, nor Lessor shall have any further obligation (other than with respect to the effect upon the computation of the Construction Failure Payment payable under Section 3.1.2 below, if applicable) to Lessee for the cost of constructing the New Improvements.

  • The Lessor hereby directs the Lessee and the Construction Agent to make all payments of Basic Rent, the Lease Balance, the Construction Failure Payment, the Recourse Deficiency Amount and the proceeds of all property insurance payments that are required to be paid to the Lessor pursuant to the Operative Documents to the Agent.

  • Building Construction Failure Payment...............................................................

Related to Construction Failure

  • Transaction Failure means the failure to consummate a Business Combination within 18 months of the Effective Date (or 24 months after the Effective Date, if a letter of intent, agreement in principle or definitive agreement has been executed within 18 months after the Effective Date and the Business Combination relating thereto has not yet been consummated within such 18-month period).

  • MI Failure means when an MI report: a) contains any material errors or material omissions or a missing mandatory field; or b) is submitted using an incorrect MI reporting Template; or c) is not submitted by the reporting date(including where a Nil Return should have been filed);

  • GEP Failure means Seller’s failure to produce Delivered Energy in an amount equal to or greater than the Guaranteed Energy Production amount for the applicable Performance Measurement Period.

  • Conversion Failure shall have the meaning set forth in Section (3)(b)(ii).

  • Service Failure means a failure by the Contractor to provide the Services in accordance with any individual service level described above (measured on a monthly/quarterly/annual basis)