Common use of Recovery Plan Clause in Contracts

Recovery Plan. To the TIFIA Lender and the FTA Regional Office, in the event that the monthly construction progress report described in clause (i) above or any progress report issued pursuant to the FTA Project Management Oversight Regulations indicates either a failure to maintain the Construction Schedule, including a failure to achieve the Substantial Completion by the Projected Substantial Completion Date or actual or projected Eligible Project Costs overruns in excess of five percent (5%) of the Eligible Project Costs reflected in the Project Budget, or both, then the Borrower shall notify the FTA Regional Office and the TIFIA Lender of such failure and shall, upon request by the FTA Regional Office or the TIFIA Lender, as applicable, provide the TIFIA Lender and FTA Regional Office, within thirty (30) days of receipt of such request, a Recovery Plan for review and acceptance by the XXXXX Xxxxxx and the FTA Regional Office. Once the Recovery Plan is accepted in accordance with the terms hereof, the Borrower shall make a good faith effort to implement the Recovery Plan and shall report on progress in the monthly progress report delivered pursuant to clause (i) above and shall document results in the annual Financial Plan.‌

Recovery Plan. To the TIFIA RRIF Lender and the FTA Regional Office, in the event that the monthly construction progress report described in clause (i) above or any progress report issued pursuant to the FTA Project Management Oversight Regulations indicates either a failure to maintain the Construction Schedule, including a failure to achieve the Substantial Completion by the Projected Substantial Completion Date or actual or projected Eligible Project Costs overruns in excess of five percent (5%) of the Eligible Project Costs reflected in the Project Budget, or both, then the Borrower shall notify the FTA Regional Office and the TIFIA RRIF Lender of such failure and shall, upon request by the FTA Regional Office or the TIFIA RRIF Lender, as applicable, provide the TIFIA RRIF Lender and FTA Regional Office, within thirty (30) days of receipt of such request, a Recovery Plan for review and acceptance by the XXXXX Xxxxxx RRIF Lender and the FTA Regional Office. Once the Recovery Plan is accepted in accordance with the terms hereof, the Borrower shall make a good faith effort to implement the Recovery Plan and shall report on progress in the monthly progress report delivered pursuant to clause (i) above and shall document results in the annual Financial Plan.‌

Recovery Plan. To the TIFIA Lender and the FTA Regional Office, in the event that the monthly construction progress report described in clause (i) above or any progress report issued pursuant to the FTA Project Management Oversight Regulations indicates either a failure to maintain the Construction Schedule, including a failure to achieve the Substantial Completion by the Projected projected Substantial Completion Date or actual or projected Eligible Project Costs overruns in excess of five percent (5%) of the Eligible Project Costs reflected in the Project Budget, or both, then the Borrower shall notify the FTA Regional Office and the TIFIA Lender of such failure and shall, upon request by the FTA Regional Office or the TIFIA Lender, as applicable, provide the TIFIA Lender and FTA Regional Office, within thirty (30) days of receipt of such request, a Recovery Plan for review and acceptance by the XXXXX Xxxxxx TIFIA Lender and the FTA Regional Office. Once the Recovery Plan is accepted in accordance with the terms hereof, the Borrower shall make a good faith effort to implement the Recovery Plan and shall report on progress in the monthly progress report delivered pursuant to clause (i) above and shall document results in the annual Financial Plan.‌

Recovery Plan. To the TIFIA Lender and the FTA Regional Office, in the event that the monthly construction progress report described in clause (i) above or any progress report issued pursuant to the FTA Project Management Oversight Regulations indicates either a failure to maintain the Construction Schedule, including a failure to achieve the Substantial Completion by the Projected Substantial Completion Date or actual or projected Eligible Project Costs overruns in excess of five percent (5%) of the Eligible Project Costs reflected in the Project Budget, or both, then the Borrower shall notify the FTA Regional Office and the TIFIA Lender of such failure and shall, upon request by the FTA Regional Office or the TIFIA Lender, as applicable, provide the TIFIA Lender and FTA Regional Office, within thirty (30) days of receipt of such request, a Recovery Plan for review and acceptance by the XXXXX Xxxxxx TIFIA Lender and the FTA Regional Office. Once the Recovery Plan is accepted in accordance with the terms hereof, the Borrower shall make a good faith effort to implement the Recovery Plan and shall report on progress in the monthly progress report delivered pursuant to clause (i) above and shall document results in the annual Financial Plan.‌