Examples of Persistent Developer Default in a sentence
In addition, if the accumulated number of Noncompliance Points meets the threshold for a Persistent Developer Default, and Developer either fails to timely submit or comply with an approved remedial plan, TxDOT’s remedies include termination of the Agreement.
The foregoing shall not, however, excuse the Collateral Agent or its Substituted Entity from any obligation to cure prior uncured breaches or failures to perform under the PPA Documents, and except for determination of Persistent Developer Default shall not affect any rights and remedies available to IFA respecting uncured breaches or failures to perform.
At its sole discretion, IFA may require more frequent reports of Noncompliance Events; provided, however, that IFA may not require a frequency greater than monthly except that IFA may require reports more frequently during any period of a Persistent Developer Default.
Such reduction shall be taken from the earliest assessed Noncompliance Points that would otherwise then be counted toward Persistent Developer Default.
Developer acknowledges and agrees that measures for determining the existence of such a pattern or practice described in the definition of Persistent Developer Default are a fair and appropriate objective basis to conclude that such a pattern or practice will continue.
New Category 2 Defects in the Toll Road should not be counted in the total non-material breaches and failures that can trigger a Persistent Developer Default.
The remedial plan shall set forth a schedule and specific actions to be taken by Developer to improve its performance and reduce (a) Developer’s cumulative number of Noncompliance Points assessed under Section 11.3 and cumulative number of breaches and failures to perform to the point that such Persistent Developer Default will not continue and (b) the cumulative number of Uncured Noncompliance Points outstanding by at least 50%.
For Category A breaches or failures listed in Attachment 12-1 of Exhibit 12 to the Agreement, the cure period set forth therein shall exclusively govern for the sole purpose of accumulation under clause (b) of the definition of Persistent Developer Default.
The remedial plan shall set forth a schedule and specific actions to be taken by Developer to improve its performance and reduce (a) Developer’s cumulative number of Noncompliance Points assessed under Section 11.3 and cumulative number of breaches and failures to perform to the point that such Persistent Developer Default will not continue and (b) the cumulative number of Uncured Noncompliance Points outstanding by at least fifty percent (50%).
Section 19.2.1 of the Technical Requirements, however, only requires that SH 1308 As referenced above, without conceding that SH 130 was operating under Persistent Developer Default status, and in an effort to work cooperatively with TxDOT, SH 130 prepared the Remedial Plan pursuant to Section17.3.6 of the Concession Agreement, which was submitted to TxDOT on October 14, 2016 (revised December 20, 2016) and approved by TxDOT on January 25, 2017.