Construction Notice definition
Examples of Construction Notice in a sentence
If the Department issues one or more SCNTP, the Department will also issue the full Construction Notice to Proceed upon the Developer’s satisfaction (or the Department‘s written waiver) of the conditions set forth in Section 8.03(a)(i) through (vi), and such full Construction Notice to Proceed will authorize the Developer to commence construction of the remaining balance of the Project Assets not yet authorized under a SCNTP.
Notwithstanding Section 8.03(a), at any time after Financial Close the Developer may request that the Department issue one or more Segmental Construction Notices to Proceed (“SCNTP”) prior to the Department’s issuance of the full Construction Notice to Proceed.
If Shipper does not commence such delivery within such 120-Day period, or thereafter ceases such delivery (in either case, a “Delivery Failure”), then Shipper shall, commencing on the first Day after such Delivery Failure, and continuing until Shipper has commenced or recommenced such delivery, pay all Fees that would be have been required to be paid hereunder if all of the Projected Volumes described in the applicable Construction Notice were, in fact, delivered.
A notice delivered by the Lender pursuant to clause (i) is referred to herein as an "Opt-In Construction Notice" and a notice delivered by the Lender pursuant to clause (ii) is referred to herein as an "Opt-Out Construction Notice".
If Lender delivers an Opt-In Construction Notice as aforesaid, then Lender shall be obligated to perform the Construction Obligations in accordance with the terms and provisions of the Lease.