Renewal and Replacement definition

Renewal and Replacement means preservation, replacement, repairs, renewals and reconstruction or modification of the Tollway System or any part of it constituting real or personal property, whether leased or purchased, but does not include System Expansion Projects.

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Renewal and Replacement or “R&R” means the systematic repairs and replacements that extend the life and retain the usable condition of a facility, component or system; the modification of a facility so as to reduce or eliminate functional obsolescence can be completed under this category;

Examples of Renewal and Replacement in a sentence

The Water Charge shall be sufficient to pay the Debt Service Costs, Capital Renewal and Replacement Costs, Fixed Operation and Maintenance Costs, Reserves and Variable Operation and Maintenance Costs incurred by the Cooperative in order to provide Project Water Service to the Project Participants for the upcoming Fiscal Year.
Pursuant to the Bond Document, the District has established the Renewal and Replacement Reserve Fund.
Each Annual Budget shall include planned expenditures (if any) from the Renewal and Replacement Account for the payment of the cost of renewals and replacements which are necessary to protect the revenue generating capacity of the Airport System and of engineering and other expenses incurred in connection therewith.
Those Member Governments who are not Project Associates, who wish to become Project Participants shall, prior to the end of the fiscal year, deliver to the Project Board its Project Water Estimate and pay to the Cooperative its proportionate share of the Capital Cost, Capital Renewal and Replacement Cost, Debt Service Cost, Fixed Operation and Maintenance Costs and Reserves, incurred to date by Project Participants, as well as 7.5% of its proportionate share of such costs expended to date.
The Cooperative shall maintain accounts and records of actual water use by the Project Participants, all revenue received from all sources to meet the cash needs of the Project and the actual Debt Service Costs, Capital Renewal and Replacement Costs, Fixed Operation and Maintenance Costs, Reserves and Variable Operation and Maintenance Costs incurred with respect to the Project.
To receive Project Participant status, the Project Associate shall, prior to the end of the fiscal year, deliver to the Cooperative its Project Water Estimate and pay to the Cooperative its proportionate share of theCapital Cost, Capital Renewal and Replacement Cost, Debt Service Cost Fixed Operation and Maintenance Costs and Reserves, incurred to date by Project Participants, as well as 2.5% of its proportionate share of such costs expended to date.
All Renewal and Replacement activities shall be funded first from the Renewal and Replacement Fund and second by the Village in the event that additional funds are required to pay for Renewal and Replacements in excess of the Renewal and Replacement Fund.
The proceeds of any such sale shall be deposited in the Renewal and Replacement Fund.
The Project Renewal and Replacement Reserve Account shall be held and administered by the Trustee in accordance with this Master Indenture.
Any alterations to the Renewal and Replacement Schedule, approved by the Village, shall be reflected in an updated Renewal and Replacement Schedule.

More Definitions of Renewal and Replacement

Renewal and Replacement means each renewal, replacement or improvement to the Project with a useful life of 12 or more months recommended in the most recent Engineer’s Report.

Renewal and Replacement means any renewal or replacement of the above-ground machinery, Equipment, structures, improvements or facilities constituting part of the Project identified in the Renewal and Replacement Schedule that (i) is not Maintenance and Repair, (ii) replaces or extends the life of the asset, and (iii) having a cost greater than $1,000.00 (excluding overhead, profit and all labor costs of the Company).

Renewal and Replacement means each renewal, replacement or improvement to the I- 25N Express Lanes (or any Operating Segment) of the type set forth in Schedule I to the Indenture that are recommended in the most recent Engineer’s Report.

Renewal and Replacement. FUND: the fund created pursuant to Section 509 of the Trust Agreement.

Renewal and Replacement or "RR" means: component overhaul or replacement tasks. These are tasks that extend a component lifetime and reset the schedule of PM and minor repair tasks. These tasks tend to be more costly, infrequent and require specialized expertise and equipment.