Required Upgrade definition

Required Upgrade means any System expansion, upgrade, retrofitting, or other modification that is, in the opinion of Service Provider, necessary (a) to avoid or mitigate imminent damage to the System, (b) to preserve System integrity, (c) to avoid a violation or potential violation of any applicable Law, or (d) for Service Provider to comply with the Reasonable and Prudent Service Provider standard.

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Required Upgrade means any project, expansion, physical enhancement or series of physical enhancements that is necessary and advisable (with the necessity for such project, expansion, or enhancements is determined by reference to the Seller’s Ordinary Course of Business consistent with its past practice, where applicable): (i) in order for the Purchased Assets to comply in all material respects with applicable Laws, (ii) in order for the Seller to fulfill its required obligations under any Assigned Contract (other than an Assigned Contract that (A) is entered into by the Purchaser after the Effective Date, (B) would constitute a Material Contract if in existence as of the Effective Date, and (C) has not been approved by the Purchaser in accordance with Section 4.6).

Required Upgrade is defined in the Operating Agreement.

Examples of Required Upgrade in a sentence

• Except as provided above, if implementation of a Nextel Required Upgrade would result in a Default Outcome, the Company shall not be required to implement such Nextel Required Upgrade.

• The Adverse Impact Notice shall provide (x) a brief summary of the problems and/or costs the Company would expect to encounter in implementing the Nextel Required Upgrade and (y) a dollar estimate of the adverse financial impact to the Company of such implementation.

• As used herein with respect to a Nextel Required Upgrade, an "APPLICABLE DEFAULT OR EVENT OF DEFAULT" means any material default or event of default under any material debt document to which the Company is a party, other than any default or event of default under a Disqualified Provision of any such debt document.

• From time to time from and after the Effective Date, the Operator shall notify the President if the Company’s and its Subsidiaries’ current cash assets and projected gross receipts are not reasonably anticipated to be sufficient to satisfy the expenditures projected to be incurred in the following Calendar Month pursuant to the then-current Budget, including any Required Upgrade Costs.

• Notwithstanding anything herein to the contrary, Operator shall not be obligated to incur any Required Upgrade Costs, or to perform any services, with respect to any Required Upgrade that requires approval of Owner unless and until Owner has approved the Required Upgrade.

More Definitions of Required Upgrade

Required Upgrade means any capital project relating to the System or related material assets of the Business that is necessary: (a) in order for the System or such related assets of the Business to comply with applicable Law or (b) in order for the Company to fulfill its required obligations under any Material Transportation Contract.

Required Upgrade means any Asset upgrade, modification, expansion or other similar improvement that is necessary: (a) in order for the Assets to comply with applicable Laws or (b) in order for the Company or any of its Subsidiaries to fulfill its required obligations under any material Contract, in each case, excluding routine maintenance items and similar minor improvements covered in any Direct ▇▇▇▇ Budget.

Required Upgrade means any modification or improvement to the Renewable Diesel Facility that (i) is necessary for the then existing Renewable Diesel Facility to comply with (a) applicable Law, or (b) Operator’s HSE Policy, or Owner’s HSE policy, and (ii) does not constitute a voluntary expansion or enhancement of the Renewable Diesel Facility through an Approved Capital Project.

Required Upgrade mean any Upgrade made under Section XIII.3.

Required Upgrade means (a) with respect to all portions of the Facility except for the Joint Pipeline, any capital or expense project, including repairs, replacements, upgrades and other actions, relating to the Facility or related assets of the Business that is necessary (i) in order for the Facility or such related assets of the Business to comply with applicable Law or (ii) in order for the Company to fulfill its required obligations under any material transportation agreement and (b) with respect to the Joint Pipeline, the definition of “Required Upgrade” set forth in the JOA.

Required Upgrade means any capital project relating to the Terminals or related material assets of the Business that is necessary: (a) in order for the Terminals or such related assets of the Business to comply with applicable Law or (b) in order for the Company to continue its Business and keep the Terminals operational; provided, however, that for the avoidance of doubt, a Required Upgrade shall not include any upgrades or improvements made simply for increasing efficiency. “Sec. 705(a)(2)(B) Expenditure” means any expenditure of the Company described in Code Sec. 705(a)(2)(B) and any expenditure considered to be an expenditure described in Code Sec. 705(a)(2)(B) pursuant to Code Sec. 704(b) and the Regulations thereunder.

Required Upgrade mean any Upgrade made under Section 13.03.