Extended Interruption of Operations Sample Clauses

Extended Interruption of Operations. 7.5.1 Prior to the end of any second (2nd) year of any Interruption of Operations, the Parties shall require the Implementation Committee to meet by no later than March 31st of the third (3rd) year of such Interruption of Operations to consider: (a) the likelihood of: (i) the Interruption of Operations extending beyond the end of the third (3rd) calendar year of such Interruption of Operations, or (ii) the issuance of a Permanent Cessation Notice by NWMO; (b) whether further financial payments will be required by the Municipality beyond the end of the third (3rd) calendar year of any Interruption of Operations, taking into account the payments made to the Municipality and amounts spent by the Municipality during the Interruption of Operations; and (c) in the event NWMO plans to deliver a Permanent Cessation Notice within the first fifty (50) years of the Operations Phase, any payments that NWMO should make to the Municipality to address the reduction of the duration of the Operations Phase. 7.5.2 If, based upon the meeting held in accordance with Section 7.5.1, the Implementation Committee agrees that it anticipates that the Interruption of Operations could extend beyond the end of the third (3rd) calendar year, the Implementation Committee shall, by no later than May 31st of the third (3rd) calendar year of the Interruption of Operations, prepare and deliver a report to the Parties and Leadership Table which contains: (a) its findings and any recommendations; (b) a work plan to implement any such recommendations; and (c) if the Implementation Committee considers necessary, recommendations in respect of any payments that NWMO should make to the Municipality in the fourth (4th) and subsequent calendar years of the Interruption of Operations to compensate the Municipality for costs incurred or to be incurred in connection with its satisfaction of its obligations under this Agreement. 7.5.3 The Parties and Leadership Table shall: (a) review and consider the Implementation Committee’s report delivered in accordance with Section 7.5.2; and (b) negotiate any changes, amendments or modifications to this Agreement in order to address such Interruption of Operations that extends beyond the third (3rd) calendar year, or to address the reduction in the duration of the Operations Phase.
Sample 1
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Related to Extended Interruption of Operations

  • Cessation of Operations Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

  • SUSPENSION OF OPERATIONS Concessionaire shall, at the direction of Department, immediately suspend, delay or interrupt Concessionaire’s operation of all or any part of the Concession Premises for such period of time as Department may determine to be appropriate to protect the Concession Premises and/or public health, safety, and welfare due to the occurrence of hazardous work conditions, emergency conditions, and/or any other cause including, but not limited to, Concessionaire's failure to perform any of the covenants, agreements, and conditions contained in this Agreement on its part to be performed. Concessionaire hereby waives any claim, and Department shall not be liable to any party claiming through Concessionaire, for damages, payment abatement, or compensation as a result of Department's actions under this Paragraph or this Agreement. Department's suspension of Concessionaire's operations shall be in addition to any other right or remedy available by law or in equity.

  • Commencement of Operations The Partnership shall not begin operations on its Leases unless the Managing General Partner is satisfied that necessary title requirements have been satisfied.

  • Continuity of Operations Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a "Subchapter S Corporation" (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower's stock, or purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

  • Maintenance of Operations The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken by the Company during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company of operations at the Project during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken by the Company being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.

  • Statement of Operations Statement of Changes in Net Assets.

  • CONTINUITY OF OPERATION Section 1: No Strikes, Work Stoppages or Lockouts

  • Continuous Operations Any employee or group of employees engaged in an operation for which there is regularly scheduled employment on a twenty-four (24) hour a day, seven (7) day a week basis shall be known as continuous operations employees.

  • PERIOD OF OPERATION Subject to certification, this Agreement shall come into force from the first pay period commencing on or after 1st December 2002 and shall remain in force until 31 October 2005.

  • Duration of Operating Expense Limit The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

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