Administrative Delay Clause Samples
The Administrative Delay clause defines how delays caused by administrative actions or inactions—such as permitting, approvals, or other bureaucratic processes—are handled within a contract. Typically, this clause outlines the procedures for notifying the other party of such delays, the documentation required to substantiate the delay, and the potential adjustments to project timelines or obligations. Its core practical function is to allocate responsibility for delays outside the control of the contracting parties, ensuring that neither party is unfairly penalized for setbacks resulting from administrative processes.
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Administrative Delay. Meaning failure by governmental entities to act within reasonable times under applicable laws or actions by governmental entities that are successfully challenged by the Developer or an assignee/transferee/vertical developer.
Administrative Delay. Option exercise requests will be processed as soon as administratively practicable following the receipt of the Participant’s request which is complete in all respects. The Company shall not be liable for any delay in exercising the option as a result of administrative delay or error.
Administrative Delay. Section 415 Compensation for a limitation year shall include amounts earned but not paid during the limitation year solely because of the timing of pay periods and pay dates, provided the amounts are paid during the first few weeks of the next limitation year, the amounts are included on a uniform and consistent basis with respect to all similarly situated Participants, and no compensation is included in more than one limitation year.
Administrative Delay. (“the first few weeks”) rule. 415 Compensation for a limitation year shall not include, unless otherwise elected in Section 2.2 of this Amendment, amounts earned but not paid during the limitation year solely because of the timing of pay periods and pay dates. However, if elected in Section 2.2 of this Amendment, 415 Compensation for a limitation year shall include amounts earned but not paid during the limitation year solely because of the timing of pay periods and pay dates, provided the amounts are paid during the first few weeks of the next limitation year, the amounts are included on a uniform and consistent basis with respect to all similarly situated participants, and no compensation is included in more than one limitation year.
Administrative Delay. The Administrative Agent and ▇▇▇▇▇▇▇ acknowledge that the payments of principal and interest hereunder will primarily be financed with the proceeds that the Borrower receives on account of the Series I Term Loans. In the event that the Borrower is unable to satisfy its obligations to make any payment hereunder solely as a result of an administrative delay on the account of the Series I Administrative Agent to process a timely payment that was made by the Company to the Series I Administrative Agent on account of the Series I Term Loans, no Default or Event of Default shall exist hereunder if such payment is made to the Administrative Agent hereunder within two (2) Business Days of when such payment was otherwise due and payable hereunder.