Destruction of the Project Clause Samples

Destruction of the Project. All or a material portion of the assets or operations of the Project are destroyed, or suffer an actual or constructive loss or material damage, and thereafter (a) the following conditions are not met within one hundred twenty (120) days of the occurrence of such destruction, loss or damage: (i) a decision has been made in accordance with the Participation Agreement (or the Borrower is otherwise obligated pursuant to the Participation Agreement) to repair or restore the Project by the Borrower and each of the Co-Participants; (ii) the Borrower’s Percentage (as defined in the Participation Agreement) of all Insurance Proceeds and/or Eminent Domain Proceeds received in respect of the Project shall be deposited into the Loss Proceeds Account; (iii) the Borrower certifies, and the Controlling Party determines in its reasonable judgment (after consultation with the Independent Engineer) that a sufficient amount of funds is or will be available to make repairs and restorations (and to make all payments of Debt Service which will become due during and following such repair period); and (iv) the Borrower certifies that it reasonably believes that each of the other Co-Participants has sufficient funds available to fund their respective portions of the repairs and restorations; or (b) the Project ceases to operate for a period beyond the later of (i) sixty (60) days after the receipt of Loss Proceeds or (ii) one hundred twenty (120) days after the event of loss unless restoration or repair shall have been approved in accordance with clause (a) above.
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Destruction of the Project. All or substantially all of the assets of any Project is destroyed, and thereafter (a) the conditions specified in Section 5.4(c) of the Depositary Agreement are not met or (b) such Project ceases to operate for a period beyond the later of (i) sixty (60) days after the receipt of Insurance Proceeds or (ii) one hundred thirty five (135) days after the event of loss unless, in either case, restoration or repair shall have been approved in accordance with Section 5.4 of the Depositary Agreement.
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Destruction of the Project. All or a material portion of the assets or operations of the Project are destroyed, or suffer an actual or constructive loss or material damage, and: (a) thereafter, the following conditions are not met: (i) a decision has been made to repair or restore the Project by the Majority Lenders; (ii) all Insurance Proceeds and/or Eminent Domain Proceeds received by the Borrower shall be deposited into the Debt Service Reserve Account; and (iii) the Borrower certifies, and the Facility Agent determines in its reasonable judgment that a sufficient amount of funds is or will be available to the Borrower in the Debt Service Reserve Account to make repairs and restorations (and to continue to make all payments in accordance with clause 23.1 (Debt Service Reserve Account) which will become due during and following such repair period);or (b) the Project ceases to operate for a period beyond the later of (i) 60 days after the receipt of Insurance Proceeds from or (ii) 120 days after the event of loss unless restoration or repair shall have been approved in accordance with, clause 24.20(a) above.
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Destruction of the Project. All or a material portion of the assets or operations of the Project are destroyed, or suffer an actual or constructive loss or material damage, and thereafter (a) the following conditions are not met: (i) a decision has been made to repair or restore the Project by the Required Lenders; (ii) all Insurance Proceeds and/or Eminent Domain Proceeds received by the Borrower shall be deposited into the Loss Proceeds Account; and (iii) The Borrower certifies, and the Administrative Agent determines in its reasonable judgment (after consultation with the Independent Engineer) that a sufficient amount of funds is or will be available to the Borrower in the Loss Proceeds Account to make repairs and restorations (and to make all payments of Debt Service which will become due during and following such repair period);
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Destruction of the Project. 27 12.03 Expropriation....................................................27 12.04
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Destruction of the Project. All or a material portion of the assets or operations of the Project is destroyed, or suffers an actual or constructive loss or material damage.
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Destruction of the Project. (a) Despite anything else in this Lease, if twenty-five (25%) percent of the Rentable Area of the Project is damaged or destroyed or becomes unfit for occupancy or unsafe (including, but not limited to smoke and water damage), then, whether or not the Leased Premises are damaged or destroyed, the Landlord may, within ninety (90) days following the occurrence, terminate this Lease by notice in writing to the Tenant with termination to be effective on the thirtieth (30th) day after the notice is given. Minimum Rent and Additional Rent will be due and payable without abatement until the effective date of the termination, unless the Leased Premises have been destroyed or damaged in which case Minimum Rent will ▇▇▇▇▇ as provided in Section 12.01 (a) above. (b) If the Landlord does not elect to terminate this Lease in accordance with Section 12.01 (a), the Landlord will reconstruct or repair, if necessary, that part of the Project immediately adjacent to the Leased Premises, but only to the extent of the Landlord's responsibilities under the leases for the Leasable Premises. If the Landlord reconstructs or rebuilds the Project or any part of it, the Landlord may use plans and specifications and working drawings other than those used in the original construction of the Project or any part of it.
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Related to Destruction of the Project

  • Construction of the Project The Allottee has seen the proposed layout plan, specifications, amenities and facilities of the Apartment/ Plot and accepted the floor plan, payment plan and the specification, amenities and facilities annexed along with this Agreement which has been approved by the competent authority, as represented by the Promoter. The Promoter shall develop the Project in accordance with the said layout plans, floor plans and specifications, amenities and facilities. Subject to the terms in this Agreement, the Promoter undertakes to strictly abide by such plans approved by the competent authorities and shall also strictly abide by the bye-laws, FAR, and density norms and provisions prescribed by the relevant building bye-laws and shall not have an option to make any variation/ alteration/ modification in such plans, other than in the manner provided under the Act, and breach of this term by the Promoter shall constitute a material breach of this Agreement.

  • Completion of the Project The Participating County acknowledges it is obligated to undertake and complete the design and construction of the Project in compliance with all of the applicable terms and conditions of the Project Documents and the Participating County agrees to use its best efforts to cause the completion of design and construction of the Project in compliance with the applicable terms and conditions of such documents. The Participating County agrees to complete the Project in accordance with this Agreement and consistent with the scope, cost and schedule established by the Board and attached hereto in Exhibit A, as such scope, cost and schedule may be modified with the approval of Finance and the recognition of the Board.

  • Execution of the Project (a) DAWASA declares its commitment to the objectives of the Project as set forth in Schedule 2 to the Development Credit Agreement, and, to this end, shall: (i) carry out the Project with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering, environmental, water, sewerage and resettlement practices, and shall provide, or cause to be provided, promptly as needed, the funds, facilities, services and other resources required for the Project; (ii) duly and punctually perform in accordance with the provisions of the Development Contract, Lease Contract and the DAWASA Subloan Agreement all its obligations therein set forth and shall exercise its rights thereunder in such manner as to protect the interests of the Borrower and the Association and accomplish the purposes of the Credit; and (iii) cause the Operator to carry out its obligations under the Project, Lease Contract and DAWASA Subloan Agreement with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering, environmental, water, sewerage and resettlement practices. (b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Association and DAWASA shall otherwise agree, DAWASA shall carry out the Project in accordance with the Implementation Program set forth in Schedule 2 to this Agreement. Section 2.02. Except as the Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Credit shall be governed by the provisions of Schedule 1 to this Agreement. (a) DAWASA shall carry out or cause to be carried out, the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07 and 9.08 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of this Agreement. (b) For the purposes of Section 9.06 of the General Conditions and without limitation thereto, DAWASA shall, in conjunction with the Borrower: (i) prepare, on the basis of guidelines acceptable to the Association and furnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose among the Association, the Borrower and DAWASA, a plan for the future operation of the Project designed to ensure its sustainability; and (ii) afford the Association a reasonable opportunity to exchange views with DAWASA and the Borrower on the said plan. Section 2.04. Without limitation to its obligations under Section 2.01 of this Agreement, DAWASA shall, for the purposes of making available the counterpart contribution to the financing of the Project: (a) replenish the Project Account up to the initial amount of seven hundred fifty million Tanzanian Shillings (Tshs 750,000,000) at the end of each Project Quarter until the completion of the Project, or whenever its balance shall be less than two hundred fifty million Tanzanian Shillings (Tshs 250,000,000); and (b) ensure that amounts deposited into the Project Account shall be used exclusively to make payments to meet expenditures made or to be made in respect of the reasonable cost of goods, works and services for the Project in addition to those financed from the proceeds of the Credit.

  • Upon completion of the Project the Recipient shall make a full and complete accounting to the OPWC of the Eligible Project Cost.

  • Operation of the Property Between June 1, 1998 and the Closing Date, Seller shall (a) lease, operate, manage and enter into contracts with respect to the Property, in the same manner done by Seller prior to the date hereof (provided, however, that without the prior consent of Purchaser, which as to (i) and (ii) shall not be unreasonably delayed, conditioned or withheld, (i) Seller shall not enter into any Service Contract that cannot be terminated with thirty (30) days notice or materially modify any existing Service Contracts to be assumed by Purchaser at Closing, and (ii) after June 1, 1998, Seller shall not materially modify or terminate any existing Tenant Lease or grant any material consents under any existing Tenant Lease (except as otherwise required pursuant to the terms and conditions of such Tenant Lease), or enter into any new Tenant Lease, and (iii) Seller shall not apply any then unapplied Deposits (as reflected on the Rent Roll delivered by Seller to Purchaser pursuant to Schedule 5.3(vii) hereof) under Tenant Leases); and (b) advise Purchaser of the commencement of any litigation, condemnation or other judicial or administrative proceedings affecting the Property of which Seller has current actual knowledge. Notwithstanding anything to the contrary set forth in this Contract, Purchaser acknowledges that after June 1, 1998 and prior to Closing, Seller will enter into contracts for the completion of Tenant improvements under Tenant Leases entered into after June 1, 1998 pursuant to the terms of Section 12.1 hereof (collectively, the "Tenant Finish Contracts"). Purchaser and Seller agree that at Closing, Purchaser shall assume the obligations of Seller under all such Tenant Finish Contracts including, without limitation, the obligations to pay any costs and expenses charged with respect to construction of improvements in the space subject to such Tenant Leases. At Closing, Purchaser shall execute and deliver to the Seller an Assignment, Assumption and Indemnity Agreement in the form attached hereto as Exhibit H and made a part hereof for all purposes.