1 Interpretation
1.1 In this Agreement, unless the context otherwise requires:
Accrued Rights has the meaning given to that term in clause 10.8 (Authority Rights)
Accrued Rights Value means each of the [Construction Accrued Rights Liquidated Damages Value, the Construction Accrued Rights Value, the FM Accrued Rights Lifecycle Works Value, the FM Accrued Rights Termination Value and the FM Accrued Rights Value]
Appointed Representative means a Representative that has assumed the Contractor's rights under the Project Agreement pursuant to [clause 5.1 (Representative)]
Authority Construction Collateral Warranty means the Collateral Warranty between (1) the Authority, (2) the Contractor and (3) the Building Contractor
Authority Construction Liability Cap means the Building Contractor's Liability Cap less the Construction Accrued Rights Value
Authority Construction Liquidated Damages Cap means the Building Contractor's Liquidated Damages Cap less the Construction Accrued Rights Liquidated Damages Value
Authority FM Collateral Warranty means the Collateral Warranty between (1) the Authority, (2) the Contractor and (3) the FM Contractor
Authority FM Liability Cap means the Services Provider Liability Cap for the Relevant Year less the FM Accrued Rights Value
Authority FM Life Cycle Works Cap means the Life Cycle Works Cap less the FM Accrued Rights Life Cycle Works Value
Authority FM Termination Cap means the Services Provider Termination Cap less the FM Accrued Rights Termination Value
Authority Liability Cap means each of the Authority FM Liability Cap, the Authority FM Termination Cap, [the Life Cycle Works Cap,] or the Authority Construction Liability Cap [, or the Authority Construction Liquidated Damages Cap]1
Building Contract means the Building Contract as defined in the Project Agreement and/or any novation thereof pursuant to the Authority Construction Collateral Warranty
Building Contractor Default has the meaning given to it in the Building Contract2
Building Contractor's Liability Cap has the meaning given to it in the Building Contract3
Building Contractor's Liquidated Damages Cap has the meaning given to it in the Building Contract4
Construction Accrued Rights Liquidated Damages Value means the amounts that would count against the Building Contractor's Liquidated Damages Cap upon realisation of the Accrued Rights based upon the assessment notified to the Authority under clause 10.14 (Authority Rights), as the same may be adjusted in accordance with clause 20 (Dispute Resolution)
Construction Accrued Rights Value means the amounts that would count against the Building Contractor's Liability Cap upon realisation of the Accrued Rights based upon the assessment notified to the Authority under clause 10.14 (Authority Rights), as the same may be adjusted in accordance with clause 20 (Dispute Resolution)
Expert means an expert appointed pursuant to clause 20 (Dispute Resolution) to determine a dispute relating to this Agreement
Fair Value means the amount at which an asset or liability could be exchanged on an arm's length transaction between informed and willing parties, other than in a forced liquidation or sale
Final Statement has the meaning given to it in the Building Contract5
FM Accrued Rights Life Cycle Works Value means the amount that would count against the Life Cycle Works Cap upon realisation of the Accrued Rights based upon the assessment notified to the Authority under clause 10.14 (Authority Rights), as the same may be adjusted in accordance with clause 20 (Dispute Resolution)
FM Accrued Rights Termination Value means the amounts that would count against the Services Provider Termination Cap upon realisation of the Accrued Rights based upon the assessment notified to the Authority under clause 10.14 (Authority Rights), as the same may be adjusted in accordance with clause 20 (Dispute Resolution)
FM Accrued Rights Value means the amount that would count against the Services Provider Liability Cap upon realisation of the Accrued Rights based upon the assessment notified to the Authority under clause 10.14 (Authority Rights), as the same may be adjusted in accordance with clause 20 (Dispute Resolution)
FM Agreement means the FM Agreement as defined in the Project Agreement and/or any novation thereof pursuant to the Authority FM Collateral Warranty
Interim Payment has the meaning given to it in the Building Contract6
Life Cycle Works Cap has the meaning given to it in the FM Agreement7
Monthly FM Payment has the meaning given to it in the FM Agreement8
Payment Mechanism means the payment mechanism set out in Schedule 6 to the Project Agreement
Project Agreement means the project agreement dated on or about the date of this Agreement between the Authority and the Contractor
Relevant Required Insurances means the Required Insurances described in paragraph [2] of part 1 and paragraph [2] of part 2 of Schedule 14 (Insurances) of the Project Agreement9
Relevant Sub-Contractor means a sub-contracting party to a Works/Services Contract
Relevant Year means the [Contract Year]10 (as defined in the FM Agreement) in which the Termination Date occurs
Representative means:
(a) the Facility Agent, the Security Trustee, any Secured Finance Party and/or any of their Affiliates;
(b) an administrator, administrative receiver, receiver or receiver and manager of the Contractor appointed under the Security Documents;
(c) a person directly or indirectly owned or controlled by the Facility Agent, the Security Trustee, and/or any Secured Finance Party; or
(d) any other person approved by the Authority (such approval not to be unreasonably withheld or delayed)
Required Period means subject to clause 4 (No Liquid Market) the period starting on the date of a Termination Notice and:
(a) prior to and including the final Services Availability Date, ending one hundred and twenty (120) days after the date of the Termination Notice;
(b) after the final Services Availability Date, ending ninety (90) days after the date of the Termination Notice; or
(c) in either case, ending on such earlier date as the Facility Agent may specify by written notice to the Authority
Senior Debt Discharge Date means the date on which all amounts which may be or become owing by the Contractor to each Secured Finance Party under the Senior Financing Agreements have been irrevocably paid in full
Services Provider Default has the meaning given to it in the FM Agreement11
Services Provider Liability Cap has the meaning given to it in the FM Agreement12
Services Provider Termination Cap has the meaning given to it in the FM Agreement13
Step–In Date means the date on which the Facility Agent takes any action under clause 5.1 (Representative)
Step–In Period means the period from the Step–In Date up to and including the earlier of:
(a) the date specified in a notice issued pursuant to clause 7.1 (Step-Out);
(b) the date of any transfer under clause 8 (Novation)
(c) the date of any termination for breach under clause 6 (Step-in Period); and
(d) the date of expiry of the Project Agreement
Step–Out Date has the meaning given to it in clause 7.1 (Step-Out)
Suitable Substitute Contractor means a person approved by the Authority (such approval not to be unreasonably withheld or delayed) as:
(a) having the legal capacity, power and authority to become a party to and perform the obligations of the Contractor under the Project Agreement;
(b) employing persons having the appropriate qualifications, experience and technical competence and having the resources available to it (including committed financial resources and sub-contracts) which are sufficient to enable it to perform the obligations of the Contractor under the Project Agreement.
Termination Notice means a notice given by the Authority to the Facility Agent under clause 3.1 (Notice of Termination and Existing Liabilities)
Unrestricted Assets means those Assets, excluding any revenues or cash balances or rights accrued as at the Termination Date under or pursuant to or in connection with any of the Relevant Required Insurances (but not other Required Insurances), any Works/Services Contract or any Project Document, which are required by the Authority or its nominee or any replacement of the Contractor for the purposes of the construction, operation or maintenance of the Facility following termination of the Project Agreement assuming such construction, operation or maintenance is carried out on terms substantially the same as the terms of the Project Agreement
Warning Notice means a formal warning notice served by the Authority under clause 41.1 (Warning Notice) of the Project Agreement
Works/Services Contract means a contract relating to the provision of Works or Services which is the subject of a Collateral Warranty14
1.2 The following terms have the meaning given to them in the Project Agreement:
Additional Permitted Borrowing
Adjusted Estimated Fair Value of the Contract
1.3 The following terms have the meaning given to them in the Senior Financing Agreements:15
1.4 Interpretation
In this Agreement except where the context otherwise requires:
(a) the masculine includes the feminine and vice-versa;
(b) the singular includes the plural and vice-versa;
(c) a reference to any clause, sub-clause, paragraph, schedule, recital or annex is, except where expressly stated to the contrary, a reference to such clause, sub-clause, paragraph, schedule, recital or annex of and to this Agreement;
(d) save where stated to the contrary, any reference to this Agreement or to any other document shall include any permitted variation, amendment or supplement to such document;
(e) any reference to any enactment, order, regulation or other similar instrument shall be construed as a reference to the enactment, order, regulation or instrument as amended, replaced, consolidated or re-enacted;
(f) a reference to a person includes firms, partnerships and corporations and their successors and permitted assignees or transferees;
(g) headings are for convenience of reference only; and
(h) words preceding "include", "includes", "including" and "included" shall be construed without limitation by the words which follow those words.
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1 Any caps set out in clause 10.7 should also be listed here.
2 This definition will need to be checked for consistency with the Subcontract definition.
3 This definition will need to be checked for consistency with the Subcontract definition.
4 This definition will need to be checked for consistency with the Subcontract definition.
5 This definition will need to be checked for consistency with the Subcontract definition.
6 This definition will need to be checked for consistency with the Subcontract definition.
7 This definition will need to be checked for consistency with the Subcontract definition.
8 This definition will need to be checked for consistency with the Subcontract definition.
9 These are the Delay in Start Up and Business Interruption insurances.
10 This definition will need to be checked for consistency with the Subcontract definition
11 This definition will need to be checked for consistency with the Subcontract definition.
12 This definition will need to be checked for consistency with the Subcontract definition.
13 This definition will need to be checked for consistency with the Subcontract definition.
14 This list will need to be reviewed against the defined terms in the Project Agreement.
15 This list will need to be reviewed against the defined terms in the Senior Financing Agreements.