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 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.

  • 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.

  • Subject to Section 20.1.3, 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.

  • Failure by the Developer to deliver such written notice to TxDOT by such deadline or failure of the Developer to include any Element in the written notice shall be deemed an election by ▇▇▇▇▇▇▇▇▇ to perform all Work necessary to ensure that the Residual Life at Handback of the Element meets or exceeds the Required Residual Life for the Element.

  • 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.


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
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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 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, 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
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Related to Residual Life

  • Residual Loss means any item of gain or loss, as the case may be, of the Partnership recognized for federal income tax purposes resulting from a sale, exchange or other disposition of a Contributed Property or Adjusted Property, to the extent such item of gain or loss is not allocated pursuant to Section 6.2(b)(i)(A) or 6.2(b)(ii)(A), respectively, to eliminate Book-Tax Disparities.

  • Residual Gain or “Residual Loss” means any item of gain or loss, as the case may be, of the Partnership recognized for federal income tax purposes resulting from a sale, exchange or other disposition of a Contributed Property or Adjusted Property, to the extent such item of gain or loss is not allocated pursuant to Section 6.2(b)(i)(A) or Section 6.2(b)(ii)(A), respectively, to eliminate Book-Tax Disparities.

  • or "Residual Loss means any item of gain or loss, as the case may be, of the Partnership recognized for federal income tax purposes resulting from a sale, exchange or other disposition of a Contributed Property or Adjusted Property, to the extent such item of gain or loss is not allocated pursuant to Section 6.2(b)(i)(A) or 6.2(b)(ii)(A), respectively, to eliminate Book-Tax Disparities.

  • Residual Funding Facility means any funding arrangement with a financial institution or institutions or other lenders or purchasers under which advances are made to the Company or any Subsidiary based upon residual, subordinated or retained interests in Receivables Entities or any of their respective securities, debt instruments or other Indebtedness.

  • Residual Receipts means for each calendar year, the amount by which Gross Revenue exceeds Annual Operating Expenses.