Crossover Date Clause Samples

The CROSSOVER DATE clause establishes a specific date on which certain terms, obligations, or conditions within an agreement change or transition. For example, it may mark the point when pricing structures are adjusted, responsibilities shift from one party to another, or new contractual provisions take effect. This clause is essential for clearly delineating when changes occur, thereby preventing confusion and ensuring all parties are aware of their rights and duties as of the crossover date.
Crossover Date. On the date that each of the following conditions is satisfied (the “Crossover Date”), the 2014-A Purchase Payments will no longer be secured by any pledge of Surplus Revenues or amounts on deposit in the Qualified Obligations Account, but instead will be secured solely by a prior pledge of Distribution System Net Revenues: (i) The Distribution System has been operated as an enterprise separate and distinct from the rest of the Electric System for at least one full Fiscal Year, and Distribution System assets, liabilities, revenues and expenses have been determined and reported in accordance with sound accounting principles; (ii) No Senior Bonds remain outstanding; (iii) No Qualified Obligations (other than the Distribution System Crossover Obligations) remain Outstanding; (iv) No Notes or other obligations secured by the Remaining Surplus Account remain outstanding; (v) The pro forma ratio of Distribution System Net Revenues to Maximum Annual Distribution System Service for the prior two Fiscal Years is not less than 1.10 to 1.00; (vi) The City receives written notice from ▇▇▇▇▇’▇, S&P and Fitch that no change will occur in the unenhanced rating on Distribution System Crossover Obligations immediately after the Crossover Date; and (vii) Any bond insurer with respect to any Distribution System Crossover Obligations (including the 2007-A Purchase Payments and the 1999 Purchase Payments) consents to the transfer of source of payment and security from Surplus Revenues to Distribution System Net Revenues.
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Crossover Date. On the date that each of the following conditions is satisfied (the “Crossover Date”), the 2009-A Purchase Payments will no longer be secured by any pledge of Surplus Revenues or amounts on deposit in the Qualified Obligations Account, but instead will be secured solely by a prior pledge of Distribution System Net Revenues: (i) The Distribution System has been operated as an enterprise separate and distinct from the rest of the Electric System for at least one full Fiscal Year, and Distribution System assets, liabilities, revenues and expenses have been determined and reported in accordance with sound accounting principles; (ii) No Senior Bonds remain outstanding; (iii) No Qualified Obligations (other than the Distribution System Crossover Obligations) remain Outstanding; (iv) No Notes or other obligations secured by the Remaining Surplus Account remain outstanding; (v) The pro forma ratio of Distribution System Net Revenues to Maximum Annual Distribution System Service for the prior two Fiscal Years is not less than 1.10 to 1.00; (vi) The City receives written notice from ▇▇▇▇▇’▇, S&P and Fitch that no change will occur in the unenhanced rating on Distribution System Crossover Obligations immediately after the Crossover Date; and (vii) Any bond insurer with respect to any Distribution System Crossover Obligations (including the 2007-A Purchase Payments, the 2004 Purchase Payments, the 2003-A Purchase Payments, the 2002-A Purchase Payments and the 1999 Purchase Payments) consents to the transfer of source of payment and security from Surplus Revenues to Distribution System Net Revenues.
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Related to Crossover Date

  • Remittance Date The 18th day (or if such 18th day is not a Business Day, the first Business Day immediately following) of any month.

  • Origination Date The Receivable was originated at least eight days prior to the Cutoff Date. Receivable File

  • State Street Interchange State Street Interchange is an open information delivery architecture wherein proprietary communication products, data formats and workstation tools are replaced by industry standards and is designed to enable the connection of State Street’s network to customer networks, thereby facilitating the sharing of information. The undersigned understands that in the course of its employment as Fund Accountant to each fund listed on Appendix A (as amended from time to time) to that certain Custodian Agreement dated as of January 28, 1998 (the “Fund”), it will have access to State Street Bank and Trust Company’s Multicurrency HORIZON Accounting System and other information systems (collectively, the “System”). The undersigned acknowledges that the System and the databases, computer programs, screen formats, report formats, interactive design techniques, documentation, and other information made available to the Undersigned by State Street Bank and Trust Company (“State Street”) as part of the Data Access Services provided to the Fund and through the use of the System constitute copyrighted, trade secret, or other proprietary information of substantial value to State Street. Any and all such information provided by State Street to the Undersigned shall be deemed proprietary and confidential information of State Street (hereinafter “Proprietary Information”). The undersigned agrees that it will hold such Proprietary Information in confidence and secure and protect it in a manner consistent with its own procedures for the protection of its own confidential information and to take appropriate action by instruction or agreement with its employees who are permitted access to the Proprietary Information to satisfy its obligations hereunder. The undersigned will not attempt to intercept data, gain access to data in transmission, or attempt entry into any system or files for which it is not authorized. It will not intentionally adversely affect the integrity of the System through the introduction of unauthorized code or data, or through unauthorized deletion. Upon notice by State Street for any reason, any right to use the System and access to the Data Access Services shall terminate and the Undersigned shall immediately cease use of the System and the Data Access Services. Immediately upon notice by State Street for any reason, the undersigned shall return to State Street all copies of documentation and other Proprietary Information in its possession. [The Fund Accountants] By: ______________________________ Title: ______________________________ Date: ______________________________

  • Due Date All fees contemplated under Section 3(a) above and reimbursement for all expenses contemplated under Section 3(b) above are due and payable within ten (10) days of receipt of an invoice provided by GFS. Any fees or reimbursements due hereunder not received by its due date may be assessed interest at the maximum amount permitted by law.

  • Commercial Operation Date 6.4.1 The SPV shall ensure that the Project Commercial Operation Date is achieved on or prior to the Scheduled Commercial Operation Date. The SPV shall provide a written notice to MSEDCL at least 30 (thirty) days in advance intimating MSEDCL of the proposed date on which the Commercial Operation Date of a Unit or the Project is proposed to be achieved. 6.4.2 If the Commercial Operation Date for the Units having a capacity equivalent to at least 75% (seventy five percent) of the Contracted Capacity is achieved before the Scheduled Commercial Operation Date, then all Units in respect of which the Commercial Operation Date has been achieved prior to the Scheduled Commercial Operation Date would be eligible for incentives as follows: (a) the Unit(s) injecting energy at 11 kV /22 kV shall be given an incentive of Rs. 0.25/ kWh; and (b) the Unit(s) injecting energy at 33 kV shall be given an incentive of Rs. 0.15/ kWh, for the power sold to MSEDCL for the first 3 (three) years from the Commercial Operation Date. To receive such incentives from MSAPL, which shall be over and above the Tariff, the SPV shall follow the process agreed to by the SPV under the Implementation Agreement. 6.4.3 It is hereby clarified that the aforementioned incentive shall not be available: (i) in respect of any Unit if the Commercial Operation Date for such Unit has not been achieved prior to the Scheduled Commercial Operation Date; and (ii) if the aggregate capacity of the Units for which the Commercial Operation Date has been achieved prior to Scheduled Commercial Operation Date is less than 75% (seventy five percent) of the Contracted Capacity. 6.4.4 In the event that Commercial Operation Date for any of the Units is achieved after the Scheduled Commercial Operation Date, the SPV shall be liable to pay Liquidated Damages as per the provisions set out below. 6.4.5 Without prejudice to any other rights of MSEDCL under this PPA, in case one or more Units of the SPV are unable to achieve Commercial Operation Date within a period of 2 (two) months from the Scheduled Commercial Operation Date, the capacity of such Units shall be annulled, and the Contracted Capacity shall be reduced to that extent. For Illustration: The Project has a Contracted Capacity of 100 MW and comprises of 10 Units of 10 MW each. If at the end of the aforementioned period of 14 (fourteen) months from the Effective Date, the SPV has achieved Commissioning for only 8 out of 10 Units, then the Contracted Capacity of the Project will stand reduced for the capacity of the 2 Units which have not been Commissioned, i.e. the Contracted Capacity will be 80 (100 (original Contracted Capacity)) – 10 (capacity of each Unit)*2 (number of Units not Commissioned).