Residual Life definition

Residual Life means that part of the Serviceable Life of an element of the Project Facilities that remains at the Termination Date.
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Residual Life means the projected duration of the Serviceable Life of a Maintained Element after the Expiration Date.
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Residual Life means the calculated duration that any Element of the Project, subject to Routine Maintenance, will continue to comply with any applicable Maintenance Performance Requirement or standard before Renewal Work is required.
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Examples of Residual Life in a sentence

  • Developer shall diligently perform Rehabilitation Work as and when necessary to maintain compliance with such Performance Requirements and restore the Useful Life of each Element at the end of its Residual Life.

  • Developer shall submit the Handback Plan, including a Residual Life Methodology plan, to TxDOT for review and approval at least 60 months before the anticipated Termination Date.

  • HPTE The Concessionaire will be required to engage a suitably qualified independent expert to perform Residual Life Inspections and testing with appropriate coverage such that the results are representative of all the Maintained Elements.

  • Rehabilitation or reconstruction will be required for any Element if the Section Developer cannot demonstrate to MDOT that the Residual Life criteria can be met for the existing Element in its current condition or if these Technical Provisions stipulate reconstruction or rehabilitation is otherwise required.

  • Developer shall diligently perform Renewal Work as and when necessary to maintain compliance with such Performance Requirements and restore the Useful Life of each Element at the end of its Residual Life.

  • Subject to Section 5.11.3(b), on the Termination Date Developer shall cause the O&M Limits, at no charge to TxDOT, to be in the condition and meet all of the requirements of the Elements detailed in Section 19 of the Technical Provisions for the Residual Life at Handback specified in the Handback Requirements.

  • The Concessionaire must submit the Handback Plan, including a Residual Life Methodology plan, to HPTE for review and Acceptance.

  • The Concessionaire will perform an initial, an intermediate, and a final Residual Life Inspection that covers all Maintained Elements within the Managed Lanes as noted below.

  • Subject to Section 6.12.3.2, on the Termination Date Developer shall cause the O&M Limits, at no charge to IFA, to be in the condition and meet all of the requirements for Residual Life at Handback specified in the Handback Requirements.

  • Elements within the Phase not impacted by the Work and not included within the O&M Limits, shall, at the end of the D&C period, have a minimum Residual Life as identified in Exhibit 6 Article 26 (Handback) Table 26-2 (Residual Life); as otherwise identified in these Technical Provisions; or an alternate approach as mutually determined with MDOT during Predevelopment Work.


More Definitions of Residual Life

Residual Life means, for an Element, the period remaining until the Element will next require reconstruction, rehabilitation, restoration, renewal or replacement. The Residual Life of an Element would be equal to its originally calculated Useful Life less its Age if (a) the Element has performed in service in the manner and with the levels of traffic and wear and tear originally expected by Developer and (b) Developer has performed the type of routine maintenance of the Element which is normally included as an annually recurring cost in highway maintenance and repair budgets, and as a result thereof the Element complies throughout its originally calculated Useful Life with each applicable Performance Requirement. The Residual Life of an Element would be different from its originally calculated Useful Life minus its Age if any of the foregoing conditions is not true.
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Residual Life means that part of the Serviceable Life of an element of the [Project Facility] that remains at the Expiry Date.
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Residual Life means that part of the Service Life of an element of the Airport that remains at the expiry of the Concession Period;
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Related to Residual Life

  • Pass-through entity means a partnership not treated as an association taxable as a C corporation for federal income tax purposes, a limited liability company not treated as an association taxable as a C corporation for federal income tax purposes, an S corporation, or any other class of entity from which the income or profits of the entity are given pass-through treatment for federal income tax purposes. "Pass-through entity" does not include a trust, estate, grantor of a grantor trust, or disregarded entity.

  • Residual Value means the proceeds, less removal and disposal costs, if any, realized upon disposition of a tangible capital asset. It usually is measured by the net proceeds from the sale or other disposition of the asset, or its fair value if the asset is traded in on another asset. The estimated residual value is a current forecast of the residual value.

  • Federal Tax Certificate means the Issuer's Federal Tax Certificate dated as of the Issue Date, as the same may be amended or supplemented in accordance with the provisions thereof.