Milestone Cure Plan Sample Clauses

Milestone Cure Plan. (a) If LTES Operator does not, or expects that it will not, achieve a Milestone by the relevant Milestone Date, then LTES Operator must submit a cure plan to SFV no later than 20 Business Days after the earlier of: (i) the date on which LTES Operator became aware that it is unlikely to achieve a Milestone by the relevant Milestone Date; and (ii) the Milestone Date, (“Draft Milestone Cure Plan”). (b) A Draft Milestone Cure Plan must set out: (i) the progress made by LTES Operator in satisfying the relevant Milestone and the remaining steps to be completed to achieve that Milestone; (ii) LTES Operator’s best estimate of when the Milestone will be achieved and the relevant impacts of delay on other Milestones; and (iii) proposed extensions to any of the Milestone Dates, including any proposed extension to the FC Sunset Date, to reflect the impact of delays to the Milestones, provided the FC Sunset Date may not be extended beyond the date that is 18 months after the date set out in item 6(e) of the Reference Details (disregarding any extensions). (c) Within 40 Business Days after receiving the Draft Milestone Cure Plan, SFV (acting reasonably) must use reasonable endeavours to either approve or reject the Draft Milestone Cure Plan and LTES Operator’s proposed extensions to any Milestone Date. (d) For the purpose of paragraph (c), it will be reasonable for SFV to reject a Draft Milestone Cure Plan if the result of SFV approving the Draft Milestone Cure Plan would be: (i) a FC Sunset Date that is more than 18 months after the FC Sunset Date set out in item 6(e) of the Reference Details (disregarding any extensions); or (ii) a project that is not of equivalent or greater merit than the Project, as assessed by SFV (acting reasonably) by reference to the Project’s tender assessment. (e) If SFV approves the Draft Milestone Cure Plan under paragraph (c), then: (i) LTES Operator must comply with the Milestone Cure Plan; (ii) within 10 Business Days after the end of each month, LTES Operator must provide a monthly report that sets out LTES Operator’s progress of achieving the Milestone Cure Plan; and (iii) any references to the Milestone Dates (including the FC Sunset Date) is to the Milestone Dates (including the FC Sunset Date) as extended under the Milestone Cure Plan. (f) If SFV rejects a Draft Milestone Cure Plan, then: (i) SFV will provide reasonable details of its reasons and may propose amendments to the Draft Milestone Cure Plan to LTES Operator; and (ii) with...
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Related to Milestone Cure Plan

  • Milestone A principal event specified in the Contract Documents including the Material Completion and Occupancy Date and other events relating to an intermediate completion date or time.

  • Project/Milestones Taxpayer provides refrigerated warehousing and logistic distribution services to clients throughout the United States. In consideration for the Credit, Taxpayer agrees to invest in a new refrigeration and distribution facility in the XxXxxxxxx Park area of Sacramento, California, and hire full-time employees (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”) and must maintain Milestones for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Salary of California Full-time Employees Hired,” Taxpayer may use the salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Salary of California Full-time Employees Hired,” the salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

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