Performance Failure. (a) If a Hotel fails to achieve as of the end of any Fiscal Year (i) actual NOI of at least 90% of the budgeted NOI, and (ii) 90% of such Hotel’s previous years running (12) month RevPAR index (as measured by STR) for such Fiscal Year (collectively, an “Individual Hotel Performance Failure”), subject to the cure periods below, Lessee may terminate this Agreement with respect to such Hotel upon sixty (60) days prior written notice to Operator. The effectiveness of any such notice of termination, however, shall be stayed until completion of the following applicable cure periods. If the Hotel Performance Failure occurs with respect to a Fiscal Year, but the Hotel achieves as of the end of the immediately following three (3) months actual NOI of at least 100% of the budgeted NOI for such Hotel for such three (3) months, and 100% of such Hotel’s previous years running (3) month RevPAR index (as measured by STR), then the Individual Hotel Performance Failure shall be deemed cured and Lessee shall have no right to terminate for such Individual Hotel Performance Failure (and any notice of termination with respect thereto shall be deemed null and void).
Performance Failure. (a) If a Hotel fails to achieve as of the end of any Fiscal Year (i) actual NOI of at least 90% of the budgeted NOI, and (ii) 90% of such Hotel’s previous years running (12) month RevPAR index (as measured by STR) for such Fiscal Year (collectively, an “Individual Hotel Performance Failure”), subject to the cure periods below, Lessee may terminate this Agreement with respect to such Hotel upon sixty (60) days prior written notice to Operator. The effectiveness of any such notice of termination, however, shall be stayed until completion of the following applicable cure periods. If the Hotel Performance Failure occurs with respect to a Fiscal Year, but the Hotel achieves as of the end of the immediately following three (3) months actual NOI of at least 100% of the budgeted NOI for such Hotel for such three (3) months, and 100% of such Hotel’s previous years running (3) month RevPAR index (as measured by STR), then the Individual Hotel Performance Failure shall be deemed cured and Lessee shall have no right to terminate for such Individual Hotel Performance Failure (and any notice of termination with respect thereto shall be deemed null and void). If the Hotel, after the Operator has managed the Hotel for a consecutive twelve (12) month period, at any point, has a negative RevPAR change versus its competitive set, as of the date hereof, as measured by the monthly STR Report of greater than 10% for a running (12) month period (“Negative RevPAR Individual Hotel Performance Failure”), subject to the cure periods below, Lessee may terminate this Agreement with respect to the individual Hotel upon sixty (60) days prior written notice to Operator. The effectiveness of such notice of termination however, shall be stayed until completion of the following applicable cure period. If the Hotel’s performance, as measured by the monthly STR Report, for the following three (3) consecutive month period after notice of termination is provided, has a positive RevPAR change versus its competitive set, then the Negative RevPAR Individual Hotel Performance Failure shall be deemed cured and Lessee shall have no right to terminate for such Negative RevPAR Individual Hotel Performance Failure (and any notice of termination with respect thereto shall be deemed null and void). If, however, the Hotel’s performance at any given period after termination has been cured, as measured by the monthly STR Report for the following twelve (12) month period, again becomes greater than negative 1...
Performance Failure. In the event CONTRACTOR fails to perform under this Agreement, Worksystems may take action in accordance with Worksystems Contract Monitoring policies provided or made available to CONTRACTOR, or if CONTRACTOR fails to take directed corrective action terminate or suspend the Contract (Section 28.B, Termination for Cause). Worksystems may also pursue any remedies available under this Agreement, at law or in equity. Such remedies include, but are not limited to: termination of this Agreement effective upon written notice to CONTRACTOR, return of all or a portion of the Contract funds associated with the failure to perform and declaration of the CONTRACTOR’s ineligibility for the receipt of future awards from Worksystems. If, as a result of an Event of Default (Section 28.B Termination for Cause), Worksystems demands return of all or a portion of the Contract funds, CONTRACTOR shall pay the amount to Worksystems upon Worksystems’ demand.
Performance Failure. If Lessor fails to cure or remedy any failure to perform any service, to provide any item, or meet any requirement of the lease within thirty (30) days of Governments written notice to Lessor, Government may deduct any cost incurred for the service or item, including administrative costs, from rental payments or Government may perform the service, provide the item, or meet the requirement, either directly or through a contract.
Performance Failure. The Recipient has failed to perform any obligation under the Grant Agreement.
Performance Failure. The Agency’s goal is to minimize performance failures by providing technical assistance to potential projects prior to the submission of an application for benefits and in helping projects understand the Performance Based Incentive Policy as follows: • When a project does not achieve expected FTEs at the Project Facility by the dates set in the Project Agreement and falls below a Proportional Amount of 90%.
Performance Failure. If you fail to comply with, perform or observe any term or condition contained in this Agreement (other than a failure referred to in paragraph (b) above) and such failure is not remedied on or before the fifteenth day after notice of such failure is given by us.
Performance Failure. Performance failure may occur if, for any reason, a compensatory mitigation project fails to comply with terms of an approved mitigation project plan, including failure to meet performance standards after a project is completed. If monitoring reveals a performance failure, XXXX, the Corps and the IRT will first attempt to address the failure through adaptive management. If adaptive management efforts are successful, no further responses to project performance failure will be necessary.
Performance Failure. (a) If, with respect to any three (3) consecutive Lease Years during the Term commencing on or after January 1, 1998, Lessee shall fail to realize from the operation of the Hotel an amount equal to at least eighty percent (80%) of Room Revenues as set forth in the Revenue Budget for such Lease Year, such failure shall constitute a "REVENUE PERFORMANCE SHORTFALL" under this Lease, except to the extent such failure is caused by an Unavoidable Occurrence. In determining whether Lease Years are consecutive for such purpose, Excluded Lease Years will be ignored. The existence of a Revenue Performance Shortfall for any Lease Year shall be determined by Lessor on the basis of the first Officer's Certificate delivered by Lessee to Lessor in the subsequent Lease Year pursuant to the requirements of Subsection 3.1(c) and shall be subject to confirmation pursuant to Section 3.2. Notwithstanding the foregoing, no Lease Year that would otherwise be included in the period of a Revenue Performance Shortfall shall be so included if Lessor and the Other Lessors receive Rent payments from Lessee and the other Lessees under this Lease and the Other Leases which, in the aggregate, amount equal to at least ninety percent (90%) (the "OVERALL SHORTFALL CURE PERCENTAGE") of the aggregate Rent budgeted for such Lease Year in the Revenue Budgets for the Hotel and the Other Hotels leased under the Other Leases (each such Lease Year, an "EXCLUDED LEASE YEAR"). Lessee may rely on the foregoing for a total of three (3) Excluded Lease Years and, thereafter, the Overall Shortfall Cure Percentage shall increase to one hundred percent (100%).
Performance Failure. (a) If a Hotel fails to achieve as of the end of any Fiscal Year (i) actual NOI of at least 90% of the budgeted NOI, and (ii) 90% of such Hotel's previous years running (12) month RevPAR index (as measured by STR) for such Fiscal Year (collectively, an "Individual Hotel Performance Failure"), subject to the cure periods below, Lessee may terminate this Agreement with respect to such Hotel upon sixty (60) days prior written notice to Operator. The effectiveness of any such notice of termination, however, shall be stayed until completion of the following applicable cure periods. If the Individual Hotel Performance Failure occurs with respect to a Fiscal Year, but the Hotel achieves as of the end of the immediately following three (3) months actual NOI of at least 100% of the budgeted NOI for such Hotel for such three (3) months, and 100% of such Hotel's previous years running (3) month RevPAR index (as measured by STR), then the Individual Hotel Performance Failure shall be deemed cured and Lessee shall have no right to terminate for such Individual Hotel Performance Failure (and any notice of termination with respect thereto shall be deemed null and void). Operator shall only be able to cure one (1) Individual Hotel Performance Failure during the Term, in any twelve (12) month period. Notwithstanding the foregoing, during hotel renovation periods or other such situations where more than ten percent (10%) of the Hotel rooms are considered off-market, the months in which the ten percent (10%) threshold is exceeded, Operator and Lessee agree to exclude the corresponding time periods from the calculations described in this Section 16.02 (a) hereto.
