Common use of SUBSTATION CONSTRUCTION Clause in Contracts

SUBSTATION CONSTRUCTION. EXPENDITURES RATIO - A ratio based on substation construction or capital expenditures, net of reimbursements, for the immediately preceding twelve consecutive calendar months. The numerator is equal to such expenditures for a specific Client entity and the denominator is equal to such expenditures for all applicable Client entities. This ratio will be determined annually, or at such time as may be required due to a significant change.