Common use of Corrective Plans Clause in Contracts

Corrective Plans. (i) Within thirty (30) days after (A) sending a notice to DOE under Section 6.16(a) above that shows the Margins for Interest level specified by Section 13.14 of the Mortgage Indenture was not achieved for any Fiscal Year or (B) being notified by DOE that the Margins for Interest level specified by Section 13.14 of the Mortgage Indenture was not achieved for any Fiscal Year, whichever is earlier, the Borrower in consultation with DOE shall provide a written plan reasonably satisfactory to DOE setting forth the actions that shall be taken to achieve such specified Margins for Interest level on a timely basis. (ii) Upon delivering any written plan to RUS pursuant to Section 5.5(b) of the RUS Loan Contract, the Borrower shall simultaneously deliver a copy of such written plan to DOE.

Appears in 1 contract

Sources: Loan Guarantee Agreement (Oglethorpe Power Corp)

Corrective Plans. (i) Within thirty (30) days after (A) sending a notice to DOE under Section 6.16(a) above that shows the Margins for Interest level specified by Section 13.14 of the Mortgage Indenture was not achieved for any Fiscal Year or (B) being notified by DOE that the Margins for Interest level specified by Section 13.14 of the Mortgage Indenture was not achieved for any Fiscal Year, whichever is earlier, the Borrower in consultation with DOE shall provide a written plan reasonably satisfactory to DOE setting forth the actions that shall be taken to achieve such specified Margins for Interest level on a timely basis. (ii) Upon delivering any written plan to RUS pursuant to Section 5.5(b) of the RUS Loan Contract, the Borrower shall simultaneously deliver a copy of such written plan to DOE.

Appears in 1 contract

Sources: Loan Guarantee Agreement (Oglethorpe Power Corp)