Delay in Start-up Sample Clauses
The 'Delay in Start-Up' clause defines the terms and conditions under which compensation or remedies are provided if a project or business operation fails to commence on the agreed-upon date. Typically, this clause outlines the circumstances that constitute a delay, the process for notifying relevant parties, and the calculation of financial losses or penalties incurred due to the postponement. Its core practical function is to allocate risk and provide financial protection to the party affected by the delay, ensuring that losses resulting from the late start are addressed and incentivizing timely project completion.
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Delay in Start-up. The Borrower shall also maintain or cause to be maintained delay in start-up insurance following all perils required and insured under Section 1.1.1 above, with an aggregate limit of not less than the projected equivalent of twenty-four (24) months gross revenues (including renewable energy credits, as applicable), less non-continuing expenses for the Project (subject to a maximum of $542,092,000). Delay in start-up may be included as part of an acceptable loss limit agreed to by the Administrative Agent in accordance with the provisions outlined in Section 1.1 above. If coverage is subject to an indemnification period, such period shall not be less than twenty-four (24) months unless otherwise agreed by the Required Lenders. Contingent delay in start-up shall also be included for scheduled non-owned assets up to and including for damage to the first non-owned onshore substation as well as non-owned interconnection and transmission facilities between the Project substation and first non-owned onshore substation), on an all-risk basis, with limit equal to the projected equivalent of a twelve (12) months of gross revenue (or its dollar equivalent), less non-continuing expenses (subject to commercial availability) or such other limit required or agreed to by the Administrative Agent. The deductible or waiting period shall not exceed sixty (60) days in the aggregate, except seventy-five (75) days in the aggregate for damage to wind turbine generators and ninety (90) days in the aggregate for damage to electrical service platform, export cables and named windstorm (including storm surge) unless approved and agreed to by the Administrative Agent.
Delay in Start-up. Period From no later than the Closing Date until Project Completion Date Insureds • the Borrower • the Project Sponsor • each Secured Party • Any Insured’s subsidiary companies and their respective officers, directors and employees. Interest Insured Actual loss of gross profit and increased cost of working arising from delayed completion of the project and caused by physical loss or damage indemnifiable under the Construction All Risks insurance. Sum Insured Gross profit for an indemnity period of twelve months, plus additional cost of working.