Development Cure Period definition

Development Cure Period has the meaning set forth in Exhibit B.

Development Cure Period means for any Shortfall Year, a six (6) month period commencing on January 1st of the Development Year immediately following such Shortfall Year.

Development Cure Period means day-for-day extensions to either or both, as applicable, the Guaranteed Construction Start Date and the Guaranteed Commercial Operation Date due to Force Majeure or (in case of the Guaranteed Commercial Operation Date) delays caused by Xxxxx’s failure to make the necessary arrangements to receive the Energy at the Delivery Point by the Guaranteed Commercial Operation Date. The Development Cure Period shall be no longer than one-hundred eighty (180) days on a cumulative basis (other than due to Buyer’s failure as described above). Notwithstanding anything to the contrary, no extension shall be given if (i) the delay was the result of Seller’s failure to take all commercially reasonable actions to meet its requirements and deadlines, (ii) Seller failed to provide prompt written notice to Buyer of a delay due to a Force Majeure Event, but in no case more than thirty (30) days after Seller became aware of an actual delay (not including Seller’s receipt of generic notices of potential delays due to a Force Majeure Event) affecting the Facility, except that in the case of a delay occurring within sixty (60) days of the Guaranteed Commercial Operation Date, or after such date, Seller must provide written notice within seven (7) Business Days of Seller becoming aware of such delay; or (iii) Seller failed, upon written request from Buyer, to provide documentation demonstrating to Buyer’s reasonable satisfaction that the delay was a result of a Force Majeure Event and did not result from Seller’s actions or failure to take commercially reasonable actions. In the event that Seller fails to achieve Construction Start by the Guaranteed Construction Start Date, Seller shall pay delay damages to Buyer, (the “Daily Delay Damages”) for each day of delay, in the amount equal to [$XXX/day, which is equal to the Development Security divided by 120]. Daily Delay Damages shall be payable to Buyer by Seller until the earlier of one hundred twenty (120) days after the Guaranteed Construction Start Date, or the date on which Seller reaches Construction Start of the Facility. The Construction Delay Damages shall be refundable to Seller if, and only if, Seller achieves Commercial Operation by the Guaranteed Commercial Operation Date. Failure to achieve Construction Start within one hundred twenty (120) days of the Guaranteed Construction Start Date shall constitute an Event of Default, and Buyer shall have the right, in its sole discretion, to terminate the PPA and retain a da...

Examples of Development Cure Period in a sentence

• Seller shall cause Commercial Operation for the Facility to occur by the Expected Commercial Operation Date (as such date may be extended by the Development Cure Period (defined below), the “Guaranteed Commercial Operation Date”).

• No extension shall be given under the Development Cure Period (a) if the delay was due to Seller’s failure to take commercially reasonable actions to meet its requirements and deadlines, (b) Seller does not satisfy the requirements of a Force Majeure Event, including the notice and documentation requirements under Section Error: Reference source not found.

• Notwithstanding anything to the contrary, no extension shall be given under the Development Cure Period for a Force Majeure Event if the delay was due to Seller’s failure to take commercially reasonable actions to meet its requirements and deadlines or does not otherwise satisfy the requirements of a Force Majeure Event, including the notice and documentation requirements under Section 10.3.

• Notwithstanding anything in this Agreement to the contrary, the cumulative extensions granted under the Development Cure Period above shall not exceed one hundred twenty (120) days, for any reason, including a Force Majeure Event, and no extension shall be given if the delay was the result of Seller’s failure to exercise due diligence to meet its requirements and deadlines.

• If Master Franchisee fails to achieve the Target for the Shortfall Year by the expiration of the Development Cure Period, then, in addition to any other legal rights and remedies available to PLK set out in this Agreement or at Law, PLK may, in its sole discretion, terminate the Development Rights or terminate this Agreement in its entirety.

More Definitions of Development Cure Period

Development Cure Period means the period of 90 days following the end of a Development Year.

Development Cure Period has the meaning set forth in Article 4(3);

Development Cure Period means a six-month period, commencing on January 1st following the Year (which must be Year 2014 or thereafter) in which Master Franchisee has failed to achieve the applicable Exclusivity Milestone or Annual Opening Target.

Development Cure Period has the meaning set forth in Section 16.2(b).

Development Cure Period means a day-for-day extension of the Key Milestones for each day of delay arising out of any of the following circumstances that are beyond the reasonable control of Seller and not the result of Seller’s failure to take commercially reasonable actions to meet its requirements and deadlines to the extent Seller is actually delayed in achieving such Key

Development Cure Period has the meaning set forth in Exhibit B. “Development Security”

Development Cure Period has the meaning set forth in Exhibit B. “Development Security” means (a) cash, or (b) a Letter of Credit,