Residual Life definition

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 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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Examples of Residual Life in a sentence

  • The Independent Engineer’s OVT effort during construction will focus on materials, components, systems and Elements where Nonconforming Work, Deviations, Defects or other non-compliance could affect safety, compliance with Governmental Approvals or the Residual Life at Handback.

  • 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.

  • Developer shall estimate the Residual Life of each Element within the Rehabilitation Work Schedule based on its Age and whether (i) the Element has performed in service in the manner and with the levels and mix of traffic and wear and tear originally expected by Developer (ii) Developer has performed Routine Maintenance of the Element, and (iii) the Element has complied throughout its Age with each applicable Performance Requirement.

  • Subject to Section 8.10.3.2, on the Termination Date Developer shall transfer the Project, including all Upgrades, to TxDOT, at no charge to TxDOT, in the condition and meeting all of the requirements for Residual Life at Handback specified in the Handback Requirements.

  • Developer shall reimburse TxDOT all TxDOT’s Recoverable Costs and other fees, costs and expenses TxDOT incurs in connection with such Residual Life Inspections.

  • Dembsey, N.A., and Barnett, J.R., “Fire Characteristics of Cored Composite Materials for Marine Use”, Fire Safety Journal, 30:2 (1998) 137-159.

  • Developer shall estimate the Residual Life of each Element within the O&M Work Schedule based on its Age and whether (i) the Element has performed in service in the manner and with the levels and mix of traffic and wear and tear originally expected by Developer (ii) Developer has performed Routine Maintenance of the Element, and (iii) the Element has complied throughout its Age with each applicable Performance Requirement.

  • Subject to Section 5.11.3(b), on the Termination Date Developer shall cause the Project, 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.

  • Subject to Section 8.10.3.2, on the Termination Date Developer shall transfer the Facility, including all Upgrades, to TxDOT, at no charge to TxDOT, in the condition and meeting all of the requirements for Residual Life at Handback specified in the Handback Requirements.

  • 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.


More Definitions of Residual Life

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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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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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
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Related to Residual Life

  • Residual Waste means low-level radioactive waste resulting from processing or decontamination activities that cannot be easily separated into distinct batches attributable to specific waste generators. This waste is attributable to the processor or decontamination facility, as applicable.

  • Multiple Bill/Single Tariff means the billing method used when Switched Exchange Access Services is jointly provided by the Parties. As described in the MECAB document, each Party will render a bill in accordance with its own tariff for that portion of the service it provides. Each Party will bill its own network access service rates.

  • 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.

  • Reserve Fund Requirement means (i) on any Payment Date other than a Payment Date described in clause (ii), an amount equal to 0.25% of the Aggregate Securitization Value of the 2015-1 Leases as of the Cutoff Date or (ii) on any Payment Date occurring on or after the date on which the Note Balance has been reduced to zero, zero.