Common use of Reconciliation; O&M Shortfall; Performance Clause in Contracts

Reconciliation; O&M Shortfall; Performance. CDOT shall submit to HPTE on or before January 15 and July 15 of each year an invoice describing the HPTE O&M Obligations due to CDOT with respect to the Gap Project for the prior six month period. HPTE will then cause such amounts to be remitted within 45 days of receipt of CDOT’s invoice. To the extent user fee revenues are inadequate in any fiscal year to cover the HPTE O&M Obligations, HPTE may request a CDOT Backup Loan to fund such shortfall. Notwithstanding such shortfall in the availability of user fee revenues to cover the HPTE O&M Obligations, CDOT agrees that it shall continue to perform operations and maintenance of both the Gap Express Lanes and the I-25 Gap General Purpose Lanes.

Reconciliation; O&M Shortfall; Performance. CDOT shall submit to HPTE on or before January 15 and July 15 of each year an invoice describing the HPTE O&M Obligations due to CDOT with respect to the Gap WB PPSL Project for the prior six month period. HPTE will then cause such amounts to be remitted within 45 days of receipt of CDOT’s invoice. To the extent user fee revenues are inadequate in any fiscal year to cover the HPTE O&M Obligations, HPTE may request a CDOT Backup Loan to fund such shortfall. Notwithstanding such shortfall in the availability of user fee revenues to cover the HPTE O&M Obligations, CDOT agrees that it shall continue to perform operations and maintenance of both the Gap Express Lanes WB PPSL and the I-25 Gap I-70 General Purpose Lanes.

Reconciliation; O&M Shortfall; Performance. CDOT shall submit to HPTE on or before January 15 and July 15 of each year an invoice describing the HPTE O&M Obligations due to CDOT with respect to the Gap I-25 North Express Lanes Project (Segment 2) for the prior six month period. HPTE will then cause such amounts to be remitted within 45 days of receipt of CDOT’s invoice. To the extent user fee revenues are inadequate in any fiscal year to cover the HPTE O&M Obligations, HPTE may request a CDOT Backup Loan to fund such shortfall. Notwithstanding such shortfall in the availability of user fee revenues to cover the HPTE O&M Obligations, CDOT agrees that it shall continue to perform operations and maintenance of both the Gap I-25 North Express Lanes Project (Segment 2) and the I-25 Gap General Purpose Lanes.