LEED Silver Rating Clause Samples

The LEED Silver Rating clause requires that a building or project meets the standards necessary to achieve a Silver certification under the Leadership in Energy and Environmental Design (LEED) rating system. This typically involves incorporating sustainable design features, energy efficiency measures, and environmentally responsible construction practices to accumulate enough points for the Silver level. By mandating this certification, the clause ensures that the project adheres to recognized green building standards, promoting environmental responsibility and potentially reducing long-term operational costs.
LEED Silver Rating. (a) Project Co shall cause the Project to be registered with CaGBC. Project Co shall verify that the Project is registered with CaGBC within 60 days following Financial Close and confirm to the CTC that Project Co is satisfied that the registration is valid, and is effective as of the date it was made. (b) If there is a change in the requirements for achievement of LEED Silver Rating under the LEED Rating System, and Project Co is required by the CaGBC to comply with such change, then Project Co shall notify the CTC of such change and such change shall, subject to and in accordance with Schedule 22 – Variation Procedure, result in a Variation. (c) Project Co shall apply to the CaGBC to obtain LEED Silver Rating for the Facility as soon as possible. (d) In the event that LEED Silver Rating is not obtained by 24 months after the Substantial Completion Date, other than as a direct result of any act or omission of the CTC or any CTC Party, the CTC shall be entitled to be paid liquidated damages by Project Co in the amount of [REDACTED]. The Parties agree that such liquidated damages are not a penalty but represent a genuine and reasonable pre-estimate of the damages that the CTC will suffer as a result of LEED Silver Rating not being obtained by the date that is 24 months after the Substantial Completion Date and would be difficult or impossible to quantify upon the happening of such event. Such payment shall constitute full and final settlement of any and all damages that may be claimed by the CTC as a result of a failure by Project Co to achieve LEED Silver Rating and, for greater certainty, a failure by Project Co to achieve LEED Silver Rating shall not result in a Project Co Event of Default. The Parties agree that such liquidated damages shall be payable whether or not the CTC incurs or mitigates its damages, and that the CTC shall not have any obligation to mitigate any such damages. For clarity, Project Co’s failure to achieve a LEED Silver Rating on any one or more of the Brampton Facility, the Mississauga Facility and the Oakville Facility shall give rise to a CTC right to claim the full amount of
View SourceView Similar (6)
LEED Silver Rating. (a) Project Co shall register the Project with CaGBC within 60 days following Financial Close. (b) If, after application for registration of the Project is made in accordance with Section 22.4(a), there is a change in the requirements for achievement of LEED Silver Rating under the LEED Rating System, and Project Co is required by the CaGBC to comply with such change, then Project Co shall notify HMQ of such change and such change shall, subject to and in accordance with Schedule 22 - Variation Procedure, result in a Variation. (c) Project Co shall apply to the CaGBC to obtain LEED Silver Rating for the Facility as soon as possible. (d) In the event that: (i) Project Co fails to obtain the minimum number of points required pursuant to Section 22.2(c); or (ii) LEED Silver Rating is not obtained within 24 months after the Substantial Completion Date, other than as a direct result of any act or omission of HMQ or any HMQ Party, Project Co shall pay to HMQ liquidated damages in the amount of $[REDACTED]. The Parties agree that such liquidated damages are not a penalty but represent a genuine and reasonable pre- estimate of the damages that HMQ will suffer as a result of the happening of either of the specified events and would be difficult or impossible to quantify upon the happening of either of the specified events. Such payment shall constitute full and final settlement of any and all damages that may be claimed by HMQ as a result of a failure by Project Co to obtain the minimum number of points required pursuant to Section 22.2(c) or to achieve LEED Silver Rating and, for greater certainty, a failure by Project Co to obtain any of the mandatory prerequisites or credits set out in Section 22.2 or to achieve LEED Silver Rating shall not result in a Project Co Event of Default. The Parties agree that such liquidated damages shall be payable whether or not HMQ incurs or mitigates its damages, and that HMQ shall not have any obligation to mitigate any such damages.
View SourceView Similar (2)

Related to LEED Silver Rating

  • Moody’s ▇▇▇▇▇’▇ Investors Service, Inc. and its successors.

  • Credit Rating With respect to the Competitive Supplier or Competitive Supplier’s Guarantor, its senior unsecured, unsubordinated long-term debt rating, not supported by third party credit enhancement, and if such debt is no longer rated, then the corporate or long-term issuer rating of Competitive Supplier or Competitive Supplier’s Guarantor.

  • Insurance Company Rating The required insurance must be written by a company approved to do business in the State or Texas with a financial standing of at least an A- rating, as reflected in Best’s insurance ratings or by a similar rating system recognized within the insurance industry at the time the policy is issued.

  • Insurance Carrier Rating Coverages provided by Contractor must be underwritten by an insurance company deemed acceptable to the State of Washington’s Office of Risk Management. Insurance coverage shall be provided by companies authorized to do business within the State of Washington and rated A- Class VII or better in the most recently published edition of Best’s Insurance Rating. Enterprise Services reserves the right to reject all or any insurance carrier(s) with an unacceptable financial rating.

  • Credit Ratings Use commercially reasonable efforts to maintain at all times (a) a credit rating by each of S&P and ▇▇▇▇▇’▇ in respect of the Term Facility and (b) a public corporate rating by S&P and a public corporate family rating by ▇▇▇▇▇’▇ for the Borrower, in each case with no requirement to maintain any specific minimum rating.