Economic Reinstatement Test During Construction Sample Clauses

Economic Reinstatement Test During Construction. If prior to the Service Commencement Date the Facility suffers damage or destruction that is likely to cost more than $5 million, Index Linked, to repair, replace and restore, and on the forecast Service Commencement Date following such reinstatement there would be a breach of the Senior Loan Life Cover Ratio test contained in Section 8.39(a) of the Senior Financing Agreements, Project Co may, by notice to the Authority, terminate this Agreement in which case the Authority will pay compensation to Project Co in accordance with Section 5 [No-Fault Termination] of Schedule 9 [Compensation on Termination].
Sample 1See All (5)
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Economic Reinstatement Test During Construction. Project Co may, by notice to the Authority, terminate this Agreement if: (a) prior to the Service Commencement Date one or more Schools suffer damage or destruction that is likely to cost more than $5 million (Index Linked) to repair, replace and restore; and (b) on the date determined (in accordance with this Agreement) to be the revised Service Commencement Date following such reinstatement (the “Forecast Service Commencement Date”) the Project Reinstatement Ratio (as defined below) would be less than 1.05. If this Agreement is terminated in accordance with this Section 6.8, the Authority will pay compensation to Project Co in accordance with Section 4 of Schedule 9 [Compensation on Termination].
Sample 1Sample 2See All (4)
Economic Reinstatement Test During Construction. If material damage to the New Facility occurs prior to the Final Service Commencement Date, and on the forecast Service Commencement Date following such reinstatement there would be a breach of the Loan Life Cover Ratio Default test contained in Section 15.1(16)(c) of the Credit Agreement, Project Co may, by notice to the Authority, terminate this Agreement in which case the Authority will pay compensation to Project Co in accordance with Section 6 of Schedule 9 [Compensation on Termination].
Sample 1
Economic Reinstatement Test During Construction. If prior to the Service Commencement Date the Facility suffers damage or destruction that is likely to cost more than $ of costs and expenses that are not covered by Insurance Proceeds, Index Linked, to repair, replace and restore, and on the forecast Service Commencement Date following such reinstatement the Loan Life Cover Ratio contained in cell D76 of the ‘Summary output’ sheet of the Financial Model is less than 1.05, Project Co may, by notice to BC Hydro, terminate this Agreement in which case BC Hydro will pay compensation to Project Co in accordance with Section 4 [No Fault Termination] of Schedule 16 [Compensation on Termination].
Sample 1
Economic Reinstatement Test During Construction. Project Co may, by notice to the Province, terminate this Agreement if: (a) prior to the Service Commencement Date the Facility suffers damage or destruction that is likely to cost more than $5 million (Index Linked) to repair, replace and restore and provided that such damage or destruction is not, directly or indirectly, a result of any wilful misconduct, negligent act or omission or non-compliance with the terms of this Agreement by Project Co or any Project Co Person; and (b) on the forecast Service Commencement Date following such reinstatement, the Senior Loan Life Cover Ratio (as such term is defined in the Note Indenture as of the Effective Date) would be less than 1. If this Agreement is terminated in accordance with this Section 6.8, the Province will pay compensation to Project Co in accordance with Section 5 of Schedule 9 [Compensation on Termination].
Sample 1

Related to Economic Reinstatement Test During Construction

  • Maintenance during Construction Period (i) During the Construction Period, the Contractor shall maintain, at its cost, the existing lane(s) of the Project Highway so that the traffic worthiness and safety thereof are at no time materially inferior as compared to their condition on Appointed Date, and shall undertake the necessary repair and maintenance works for this purpose; provided that the Contractor may, at its cost, interrupt and divert the flow of traffic if such interruption and diversion is necessary for the efficient progress of Works and conforms to Good Industry Practice; provided further that such interruption and diversion shall be undertaken by the Contractor only with the prior written approval of the Authority’s Engineer which approval shall not be unreasonably withheld. For the avoidance of doubt, it is agreed that the Contractor shall at all times be responsible for ensuring safe operation of the Project Highway. It is further agreed that in the event the Project includes construction of a bypass or tunnel and realignment of the existing carriageway, the Contractor shall maintain the existing highway in such sections until the new Works are open to traffic. (ii) Notwithstanding anything to the contrary contained in this Agreement, in the event of default by the Contractor in discharging the obligations specified in Clause 10.4 (i) above, the Authority shall get these maintenance works completed in the manner recommended by the Authority’s Engineer to avoid public inconvenience at the risk and cost of the Contractor in order to keep the road in traffic worthy condition.

  • Delays during construction Without prejudice to the provisions of Clause 10.3 (ii), in the event the Contractor does not achieve any of the Project Milestones or the Authority’s Engineer shall have reasonably determined that the rate of progress of Works is such that Completion of the Project Highway is not likely to be achieved by the end of the Scheduled Completion Date, it shall notify the same to the Contractor, and the Contractor shall, within 15 (fifteen) days of such notice, by a communication inform the Authority’s Engineer in reasonable detail about the steps it proposes to take to expedite progress and the period within which it shall achieve the Project Completion Date.

  • During Construction Upon request of the Owner the Contractor shall submit written proposals for unit prices to be applied in the event Change Order Work is authorized by the Owner to be performed under Case (b).

  • Construction Phase Fee Contractor’s Construction Phase Fee is the maximum amount payable to Contractor for any cost or profit expectation incurred in the performance of the Work that is not specifically identified as being eligible for reimbursement by Owner elsewhere in this Agreement. References in the UGSC to Contractor’s “overhead” and “profit” mean Contractor’s Construction Phase Fee. The Construction Phase Fee includes, but is not limited to, the following items: 9.1 All profit, profit expectations and costs associated with profit sharing plans such as personnel bonuses, incentives, and rewards; company stock options; or any other like expenses of Contractor.

  • PRE-CONSTRUCTION PHASE FEE The Pre-Construction Phase Fee is the total compensation payable to Contractor for the performance of Pre-Construction Phase Services, except for Additional Pre-Construction Phase Services approved in advance and in writing by Owner. The Pre-Construction Phase Fee shall be a lump sum amount based on the AACC established in this Agreement. 6.1 Except as specifically allowed by Owner, Contractor shall not be entitled to any increase in the Pre-Construction Phase Fee for any costs, expenses, liabilities or other obligations arising from the performance of Pre-Construction Phase Services. 6.2 Costs associated with the following items are specifically, but not exclusively, included in the establishment of the Pre-Construction Phase Fee: profit and profit sharing; general overhead; salaries and labor; housing and relocation; estimating, scheduling and information management systems and software; contract administration; office expenses; printing and copying; consulting fees; legal or accounting fees; cost of money; taxes; insurance premiums and deductibles; bond costs; purchase or rental of equipment; utilities; travel; per diem; fines or penalties; and damage awards. 6.3 If the scope of the Pre-Construction Phase Services is changed materially, the Pre- Construction Phase Fee shall be equitably adjusted. If the AACC is changed materially before acceptance of the GMP Proposal, the Pre-Construction Phase Fee shall be adjusted in writing in proportion to the change in the AACC. There shall be no adjustments in the Pre-Construction Phase Fee following acceptance of the GMP Proposal. 6.4 For Additional Pre-Construction Phase Services that are approved in advance and in writing by Owner, Contractor shall be entitled to additional compensation computed as follows: 6.4.1 A pre-established lump sum amount; or 6.4.2 The hourly cost of Contractor’s employees or consultants who actually perform the Additional Services based on the employee’s Worker Wage Rate or prorated Monthly Rate plus the actual cost of allowable expenses incurred in the performance of the Additional Pre-Construction Phase Services, plus an overhead and profit markup of ten percent (10%) of the total cost; or 6.4.3 As otherwise agreed in advance and in writing.

  • Construction Phase Part 1 –

  • Intent to Limit Charges to Maximum Lawful Rate In no event shall the interest rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrower is and shall be liable only for the payment of such maximum as allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

  • Minimum Fixed Charge Coverage Ratio As of the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending on March 31, 2015, Borrowers will maintain a Fixed Charge Coverage Ratio of not less than 1.20 to 1.00.

  • Books and Records; Certain Funds Received After the Cut-Off Date From and after the sale of the Mortgage Loans to the Purchaser, record title to each Mortgage (other than with respect to any Outside Serviced Mortgage Loan) and each Note shall be transferred to the Trustee subject to and in accordance with this Agreement. Any funds due after the Cut-Off Date in connection with a Mortgage Loan received by the Seller shall be held in trust on behalf of the Trustee (for the benefit of the Certificateholders) as the owner of such Mortgage Loan and shall be transferred promptly to the Certificate Administrator. All scheduled payments of principal and interest due on or before the Cut-Off Date but collected after the Cut-Off Date, and all recoveries and payments of principal and interest collected on or before the Cut-Off Date (only in respect of principal and interest on the Mortgage Loans due on or before the Cut-Off Date and principal prepayments thereon), shall belong to, and shall be promptly remitted to, the Seller. The transfer of each Mortgage Loan shall be reflected on the Seller’s balance sheets and other financial statements as the sale of such Mortgage Loan by the Seller to the Purchaser. The Seller intends to treat the transfer of each Mortgage Loan to the Purchaser as a sale for tax purposes. Following the transfer of the Mortgage Loans by the Seller to the Purchaser, the Seller shall not take any actions inconsistent with the ownership of the Mortgage Loans by the Purchaser and its assignees. The transfer of each Mortgage Loan shall be reflected on the Purchaser’s balance sheets and other financial statements as the purchase of such Mortgage Loan by the Purchaser from the Seller. The Purchaser intends to treat the transfer of each Mortgage Loan from the Seller as a purchase for tax purposes. The Purchaser shall be responsible for maintaining, and shall maintain, a set of records for each Mortgage Loan which shall be clearly marked to reflect the transfer of ownership of each Mortgage Loan by the Seller to the Purchaser pursuant to this Agreement. It is expressly agreed and understood that, notwithstanding the assignment of the Loan Documents, it is expressly intended that the Seller will receive the benefit of any securitization indemnification provisions in the Loan Documents.

  • Minimum Fixed Charge Coverage The ratio of (a) Adjusted EBIT for any Rolling Four Quarter Period to (b) Fixed Charges for the same Rolling Four Quarter Period, to be less than 1.50 to 1.00.

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