Navy Northeast Sample Clauses

Navy Northeast. There are a number of provisions under the Project Documents for the Navy Northeast project that could not be met as a result of construction delays implemented upon notice of the BRAC determinations. Management has been working with the Navy, its construction partners and the bondholder parties since the BRAC announcements to ensure that decisions to delay construction work at certain sites under the project were done with full knowledge of all third parties (and that such third parties were given the opportunity to object to any such actions before they were taken). The project entity has distributed notices to relevant third parties regarding the construction delays, and has included references to the construction delays in numerous draw requests submitted to the trustee and bondholder representative throughout 2006. Each of these draw requests have been subsequently approved by the requisite parties, despite this indication of the construction stoppage and the attendant implication that constructions requirements under the transaction documents would continue to be “off-schedule” going forward. The Managing Member of the Navy Northeast project is in the process of negotiating the terms of a re-financing of the outstanding bond issuance on behalf of the joint venture with the Navy, together with an amendment and restatement of all related project documents that will incorporate necessary changes to reduce the project scope in line with the BRAC-affected sites. Currently, management expects that a proposal to re-finance the outstanding bonds will be distributed to bondholders in May, and that a closing on the re-financing and complete amendment/restatement of the project documents will be completed during the third quarter of 2007..The legal documents to be amended and restated in connection with the restructuring, including the Trust Indenture, have been prepared in draft form by the project entity’s legal counsel and have been under review by the Navy’s counsel as well.
Sample 1
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