{"component": "clause", "props": {"groups": [{"samples": [{"hash": "cvACLvsBirf", "uri": "/contracts/cvACLvsBirf#operational-covenants", "label": "Long Term Reliability Services Contract", "score": 34.6786270142, "published": true}, {"hash": "kzBoGTmyJQU", "uri": "/contracts/kzBoGTmyJQU#operational-covenants", "label": "Long Term Reliability Services Contract", "score": 27.8131408691, "published": true}], "snippet_links": [{"key": "expiry-of-the-term", "type": "clause", "offset": [27, 45]}, {"key": "the-supplier-shall", "type": "clause", "offset": [47, 65]}, {"key": "operate-and-maintain", "type": "definition", "offset": [66, 86]}, {"key": "the-facility", "type": "clause", "offset": [87, 99]}, {"key": "in-accordance-with", "type": "definition", "offset": [100, 118]}, {"key": "good-engineering-and-operating-practices", "type": "clause", "offset": [119, 159]}, {"key": "requirements-of-the", "type": "clause", "offset": [187, 206]}, {"key": "ieso-market-rules", "type": "definition", "offset": [207, 224]}, {"key": "transmission-system-code", "type": "definition", "offset": [230, 254]}, {"key": "distribution-system-code", "type": "definition", "offset": [260, 284]}, {"key": "beginning-of-the", "type": "clause", "offset": [346, 362]}, {"key": "hour-ending", "type": "definition", "offset": [363, 374]}, {"key": "commercial-operation-date", "type": "definition", "offset": [400, 425]}, {"key": "to-operate", "type": "definition", "offset": [447, 457]}, {"key": "monthly-payments", "type": "clause", "offset": [525, 541]}, {"key": "shall-begin", "type": "definition", "offset": [542, 553]}, {"key": "section-41", "type": "clause", "offset": [598, 609]}, {"key": "article-5", "type": "clause", "offset": [614, 623]}, {"key": "for-certainty", "type": "clause", "offset": [625, 638]}, {"key": "the-parties-acknowledge", "type": "clause", "offset": [640, 663]}, {"key": "the-buyer-is", "type": "definition", "offset": [669, 681]}, {"key": "to-the-buyer", "type": "clause", "offset": [744, 756]}, {"key": "related-products", "type": "clause", "offset": [777, 793]}, {"key": "to-assume", "type": "clause", "offset": [831, 840]}, {"key": "all-risk", "type": "definition", "offset": [841, 849]}, {"key": "liability-and-obligation", "type": "clause", "offset": [851, 875]}, {"key": "to-indemnify", "type": "clause", "offset": [880, 892]}, {"key": "defend-and-hold-harmless", "type": "clause", "offset": [894, 918]}, {"key": "in-respect-of", "type": "clause", "offset": [935, 948]}, {"key": "all-actions", "type": "definition", "offset": [949, 960]}, {"key": "causes-of-action", "type": "definition", "offset": [962, 978]}, {"key": "obligations-and-liabilities", "type": "definition", "offset": [1059, 1086]}, {"key": "arising-out-of", "type": "definition", "offset": [1087, 1101]}, {"key": "natural-environment", "type": "clause", "offset": [1142, 1161]}, {"key": "related-to", "type": "clause", "offset": [1169, 1179]}, {"key": "in-connection", "type": "definition", "offset": [1257, 1270]}, {"key": "pursuant-to-the", "type": "clause", "offset": [1281, 1296]}, {"key": "environmental-protection-act", "type": "definition", "offset": [1297, 1325]}, {"key": "ontario-water-resources-act", "type": "definition", "offset": [1341, 1368]}, {"key": "transportation-act", "type": "definition", "offset": [1400, 1418]}, {"key": "as-amended", "type": "definition", "offset": [1497, 1507]}, {"key": "from-time-to-time", "type": "clause", "offset": [1508, 1525]}, {"key": "wilful-misconduct", "type": "definition", "offset": [1609, 1626]}, {"key": "a-facility", "type": "definition", "offset": [1653, 1663]}, {"key": "responsible-for", "type": "clause", "offset": [1803, 1818]}, {"key": "all-charges", "type": "clause", "offset": [1819, 1830]}, {"key": "in-relation-to", "type": "clause", "offset": [1831, 1845]}, {"key": "in-order-to", "type": "clause", "offset": [1873, 1884]}, {"key": "use-commercially-reasonable-efforts", "type": "clause", "offset": [1962, 1997]}, {"key": "fuel-supply", "type": "clause", "offset": [2033, 2044]}, {"key": "necessary-for", "type": "definition", "offset": [2092, 2105]}], "snippet": "(a) From the COD until the expiry of the Term, the Supplier shall operate and maintain the Facility in accordance with Good Engineering and Operating Practices and meeting all applicable requirements of the IESO Market Rules, the Transmission System Code, the Distribution System Code and any Connection Agreements.\u200c Draft\n(b) From and after the beginning of the hour ending 01:00 hours (EST) of the Commercial Operation Date, the Supplier agrees to operate the Facility in accordance with the Must-Offer Obligation, and the Monthly Payments shall begin to accrue and be payable in accordance with Section 4.1 and Article 5. 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permit the Vessels to be operated in any manner or employed in any trade or business contrary to or unlawful under the laws, regulations, treaties and conventions (and all rules and regulations issued thereunder), from time to time applicable to each of the Vessels;\n(c) maintain and preserve, at their own expense, the Vessels in a seaworthy condition and in good working order and repair (ordinary wear and tear excepted) and in such condition to ensure that the Vessels are entitled to the highest class applicable to vessels of their type with a Pre-Approved Classification Society;\n(d) comply in all material respects with all laws, conventions, regulations and requirements (statutory or otherwise) including but not limited to the ISM Code and the ISPS Code from time to time applicable to the relevant Owner and/or in the jurisdictions where the Vessels are registered and/or in the jurisdictions where the Vessels trade and/or are operated from;\n(e) submit the Vessels on a regular basis to all periodical or other surveys as the classification society in which the Vessels are entered may require and at the request of the Agent provide the Agent with copies of all classification certificates of the Vessels and their machinery and of all damage or survey reports issued in connection therewith;\n(f) promptly notify the Agent of any substantial change in the structure of the Vessels or any other modification which might involve material alteration to the Vessels provided that they shall not without the prior written consent of the Agent, cause or permit to be made any change or modification which may result in a change to the type of the Vessels;\n(g) promptly notify the Agent of any change of the name or port of registry of the Vessels;\n(h) not permit or allow to occur any discharge, release, leak, migration or other escape of any Environmentally Sensitive Material into the environment on, under or from any property owned, leased, occupied or controlled by them (including, without limitation, the Vessels), where such discharge, release, leak, migration or other escape would or might have a Material Adverse Effect;\n(i) promptly notify the Agent by an effective and prompt mode of communication upon receiving notice of or becoming aware of any of the following events:\n(i) any circumstance or event which is or is likely to constitute a Damage Notification Event;\n(ii) any event as a result of which a Vessel has become or might, with the passage of time or otherwise, become a Total Loss; and\n(iii) any Environmental Claim or Environmental Incident pending, or made against them or in connection with the Vessels which has or will have a Material Adverse Effect;\n(j) to notify the Agent immediately the Borrowers become aware of any legal proceedings or arbitration involving a Vessel or an Owner where the amount claimed by any party (ignoring any counterclaim or defence of set-off) exceeds or may reasonably be expected to exceed the Threshold 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"applicable-securities-laws", "type": "definition", "offset": [2406, 2432]}, {"key": "terms-of", "type": "clause", "offset": [2446, 2454]}, {"key": "existing-senior-debt", "type": "definition", "offset": [2455, 2475]}, {"key": "to-the-extent", "type": "clause", "offset": [2544, 2557]}, {"key": "after-giving", "type": "clause", "offset": [2564, 2576]}, {"key": "good-faith-judgment", "type": "clause", "offset": [2631, 2650]}, {"key": "based-on", "type": "definition", "offset": [2651, 2659]}, {"key": "operating-results", "type": "clause", "offset": [2670, 2687]}, {"key": "to-pay", "type": "clause", "offset": [2709, 2715]}, {"key": "cash-dividends", "type": "definition", "offset": [2716, 2730]}, {"key": "to-sellers", "type": "definition", "offset": [2731, 2741]}, {"key": "dividends-in-arrears", "type": "clause", "offset": [2928, 2948]}, {"key": "agree-to", "type": "clause", "offset": [3010, 3018]}, {"key": "change-in-ownership", "type": "clause", "offset": [3035, 3054]}, {"key": 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distributions upon liquidation or otherwise or (ii) any additional shares of Series C Preferred Shares;\n(b) become subject to, or permit any of its Subsidiaries to become subject to, (including, without limitation, by way of amendment to or modification of) any agreement or instrument which by its terms would restrict or impair the Company's right to perform the provisions of the Certificate of Designation (including, without limitation, provisions relating to the declaration and payment of dividends on, and the making of repurchases pursuant to the Put Option or Call Option (as defined in the Certificate of Designation) of, the Series C Preferred Shares), provided, however, that Buyer may enter any Senior Debt (as defined in the Certificate of Designation) agreement or instrument if prior thereto Buyer shall have used its best efforts to limit or eliminate any such restrictions in such Senior Debt agreement or instrument, and such efforts were unable to implement such limitation or 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only to the extent that, after giving effect to such open market purchases, in management's good faith judgment based on projected operating results, Buyer would be able to pay cash dividends to Sellers as provided under Section 2(B) of the Certificate of Designation, provided, that Buyer shall not be entitled to make such open market purchases during any period in which there are cash dividends in arrears under the Certificate of Designation); or\n(e) consummate, or agree to consummate, any Change in Ownership or Fundamental Change (each as defined in the Certificate of Designation), unless in connection therewith or as a condition to the consummation thereof, the Company repurchases all Series C Preferred Shares then outstanding in cash at a price per share equal to the Stated Value (as defined in the Certificate of Designation) thereof plus all accrued and unpaid dividends thereon.", "size": 4, "hash": "619c0eb97523c553a59dffda55fc775e", "id": 5}, {"samples": [{"hash": 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["general-covenants", "General Covenants", "General Covenants"], ["financial-covenants", "Financial Covenants", "Financial Covenants"], ["certain-additional-covenants", "Certain Additional Covenants", "Certain Additional Covenants"]], "related_snippets": [], "updated": "2026-06-09T04:45:18+00:00", "also_ask": ["What are the essential operational covenants that must be included to protect both parties\u2019 interests?", "How can operational covenants be tailored to provide flexibility without sacrificing enforceability?", "What are the most common pitfalls or ambiguities in drafting operational covenants?", "How do operational covenants in this agreement compare to industry standards or similar deals?", "What factors do courts consider when determining the enforceability of operational covenants?"], "drafting_tip": "Specify required operational standards to ensure clarity, mandate reporting obligations to facilitate monitoring, and define remedies for breaches to enhance enforceability.", "explanation": "Operational covenants are contractual provisions that set specific requirements or restrictions on how a party, typically a borrower or business operator, must conduct its day-to-day activities. These covenants may include maintaining certain financial ratios, adhering to business practices, or prohibiting actions like asset sales without consent. By establishing clear operational boundaries, these clauses help ensure the ongoing financial health and stability of the party, thereby protecting the interests of lenders or other stakeholders and reducing the risk of default or mismanagement."}, "json": true, "cursor": ""}}