Defects – Existing Trillium Line Assets Sample Clauses

Defects – Existing Trillium Line Assets. (a) As of and from Financial Close, save and except for the City Retained Existing Structures Latent Defect Responsibility, Project Co shall assume full responsibility for any Latent Defects in the Existing Trillium Line Assets. From Financial Close to the commencement of the Shutdown Period, the City agrees to continue to operate the Existing Trillium Line in a manner and at service levels consistent with the operation of the Existing Trillium Line prior to Financial Close. For clarity, Project Co shall not be responsible for any costs or expenses related to the operation and maintenance of the Existing Trillium Line at any time prior to the commencement of the Shutdown Period except for any damages, costs, expenses, losses or claims arising from any acts or omissions of Project Co or any Project Co Party in respect of the Existing Trillium Line. (b) As at 9:00 a.m. on the commencement date of the Shutdown Period the City shall hand over, and Project Co shall assume full care, custody, control, risk and responsibility for the Existing Trillium Line Assets, including without limitation (but subject as hereinafter provided),any Defects or Latent Defects in the Existing Trillium Line Assets. Such assumption of responsibility and liability in respect of the Existing Trillium Line Assets by Project Co is subject only to (i) the City Retained Dow’s Lake Latent Defect Responsibility, and, (ii) the City Retained Existing Structures Latent Defect Responsibility. (c) Project Co shall maintain the Existing Trillium Line Assets in accordance with the Shutdown Period Transition and Maintenance Plan.
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Related to Defects – Existing Trillium Line Assets

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