Facility Objectives and Strategy Sample Clauses

Facility Objectives and Strategy. The Facility, along with the SMCCF, is designed to achieve four objectives: (1) to support primary issuance for solvent borrowers at borrowing rates that are well aligned with the secondary market reflecting normalized levels; (2) to help solvent borrowers maintain business operations and capacity during the period of dislocations related to the pandemic; (3) to provide broad support for secondary credit markets to facilitate orderly and timely risk transfer; and (4) to reduce the incidence and severity of market dysfunction. The key mechanisms for the Facility to achieve the objectives are the purchase of corporate bonds and participation in loan syndications, and actions in furtherance of the objectives shall initially be limited to the purchase of Eligible Bonds. To achieve the objectives, the Company and Manager shall agree on a process for acquiring Eligible Bonds, reviewing eligibility criteria, performing initial due diligence, and calculating pricing for Eligible Sole Investor Bonds. The Manager shall execute purchases of Eligible Bonds that are in compliance with the Investment Guidelines. The Manager shall not have discretion with respect to the disposition of purchased Eligible Bonds without the prior consent of the Company. At such time as the Company determines to wind-down the Facility, the Manager shall collaborate with the Company to develop a program for engaging in dispositions, which includes criteria and mechanics for disposing of Eligible Bonds. The Manager will consult with, and obtain approval from, the Company prior to the disposition of Eligible Bonds in payment default or restructuring. To evaluate and monitor market dynamics, the Manager and the Company will agree on a set of metrics that assess the functioning of the corporate credit markets and can help identify the impact that asset purchases are having on the market. At program inception, these metrics are expected to include, at a minimum, oversubscription levels, failed transaction count, delta between initial price talk and final price, and new issue concessions. The Company shall periodically meet with the Manager in the manner set forth in Section 10 of the Agreement to discuss matters relating to the portfolio and related processes.
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Facility Objectives and Strategy. The Facility is designed to achieve three objectives: (1) to provide broad support for secondary credit markets to facilitate orderly and timely risk transfer; (2) to support primary issuance for solvent borrowers at borrowing rates that are well aligned with the secondary market reflecting more normalized levels; and
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Related to Facility Objectives and Strategy

  • Objectives and Commitments 7.1 The Objectives of the Parties to this Agreement are:

  • Objectives and Scope 1. The Parties confirm their joint objective of strengthening their relations by developing their political dialogue and reinforcing their cooperation.

  • Goals and Objectives of the Agreement Agreement Goals The goals of this Agreement are to: ● Reduce wildfire risk related to the tree mortality crisis; ● Provide a financial model for funding and scaling proactive forestry management and wildfire remediation; ● Produce renewable bioenergy to spur uptake of tariffs in support of Senate Bill 1122 Bio Market Agreement Tariff (BioMat) for renewable bioenergy projects, and to meet California’s other statutory energy goals; ● Create clean energy jobs throughout the state; ● Reduce energy costs by generating cheap net-metered energy; ● Accelerate the deployment of distributed biomass gasification in California; and ● Mitigate climate change through the avoidance of conventional energy generation and the sequestration of fixed carbon from biomass waste. Ratepayer Benefits:2 This Agreement will result in the ratepayer benefits of greater electricity reliability, lower costs, and increased safety by creating a strong market demand for forestry biomass waste and generating cheap energy. This demand will increase safety by creating an economic driver to support forest thinning, thus reducing the risk of catastrophic wildfire and the associated damage to investor-owned utility (IOU) infrastructure, such as transmission lines and remote substations. Preventing this damage to or destruction of ratepayer-supported infrastructure lowers costs for ratepayers. Additionally, the ability of IOUs to use a higher- capacity Powertainer provides a much larger offset against the yearly billion-dollar vegetation management costs borne by IOUs (and hence by ratepayers). The PT+’s significant increase in waste processing capacity also significantly speeds up and improves the economics of wildfire risk reduction, magnifying the benefits listed above. The PT+ will directly increase PG&E’s grid reliability by reducing peak loading by up to 250 kilowatt (kW), and has the potential to increase grid reliability significantly when deployed at scale. The technology will provide on-demand, non- weather dependent, renewable energy. The uniquely flexible nature of this energy will offer grid managers new tools to enhance grid stability and reliability. The technology can be used to provide local capacity in hard-to-serve areas, while reducing peak demand. Technological Advancement and Breakthroughs:3 This Agreement will lead to technological advancement and breakthroughs to overcome barriers to the achievement of California’s statutory energy goals by substantially reducing the LCOE of distributed gasification, helping drive uptake of the undersubscribed BioMAT program and increasing the potential for mass commercial deployment of distributed biomass gasification technology, particularly through net energy metering. This breakthrough will help California achieve its goal of developing bioenergy markets (Bioenergy Action Plan 2012) and fulfil its ambitious renewable portfolio standard (SB X1-2, 2011-2012; SB350, 2015). The PT+ will also help overcome barriers to achieving California’s greenhouse gas (GHG) emissions reduction (AB 32, 2006) and air quality improvement goals. It reduces greenhouse gas and criteria pollutants over three primary pathways: 1) The PT+’s increased capacity and Combined Heat and Power (CHP) module expand the displacement of emissions from conventional generation; 2) the biochar offtake enables the sequestration of hundreds of tons carbon that would otherwise have been released into the atmosphere; and 3) its increased processing capacity avoids GHG and criteria emissions by reducing the risk of GHG emissions from wildfire and other forms of disposal, such as open pile burning or decomposition. The carbon sequestration potential of the biochar offtake is particularly groundbreaking because very few technologies exist that can essentially sequester atmospheric carbon, which is what the PT+ enables when paired with the natural forest ecosystem––an innovative and groundbreaking bio-energy technology, with carbon capture and storage. Additionally, as noted in the Governor’s Clean Energy Jobs Plan (2011), clean energy jobs are a critical component of 2 California Public Resources Code, Section 25711.5(a) requires projects funded by the Electric Program Investment Charge (EPIC) to result in ratepayer benefits. The California Public Utilities Commission, which established the EPIC in 2011, defines ratepayer benefits as greater reliability, lower costs, and increased safety (See CPUC “Phase 2” Decision 00-00-000 at page 19, May 24, 2012, xxxx://xxxx.xxxx.xx.xxx/PublishedDocs/WORD_PDF/FINAL_DECISION/167664.PDF). 3 California Public Resources Code, Section 25711.5(a) also requires EPIC-funded projects to lead to technological advancement and breakthroughs to overcome barriers that prevent the achievement of the state’s statutory and energy goals. California’s energy goals. When deployed at scale, the PT+ will result in the creation of thousands of jobs across multiple sectors, including manufacturing, feedstock supply chain (harvesting, processing, and transportation), equipment operation, construction, and project development. Additional Co-benefits: ● Annual electricity and thermal savings; ● Expansion of forestry waste markets; ● Expansion/development of an agricultural biochar market; ● Peak load reduction; ● Flexible generation; ● Energy cost reductions; ● Reduced wildfire risk; ● Local air quality benefits; ● Water use reductions (through energy savings); and ● Watershed benefits.

  • Specific Objectives In accordance with Articles 34 and 35 of the Cotonou Agreement, the specific objectives of this Agreement are to:

  • Project Objectives The Program consists of the projects described in Annex I (each a “Project” and collectively, the “Projects”). The objective of each of the Projects (each a “Project Objective” and collectively, the “Project Objectives”) is to:

  • Agreement Objectives The parties agree that the objectives of the Agreement are to facilitate:

  • Program Objectives In performing its responsibilities with respect to the management and administration of the Program, each party shall be guided by the following Program objectives:

  • Program Objective The objectives of the Department’s grants are to:

  • Scope and Objectives 1. This Partnership Agreement (hereinafter referred to as the “Agreement”) defines the rights and obligations of the Parties and sets forth the terms and conditions of their cooperation in the implementation of the Project.

  • Technical Objections No grievance shall be defeated merely because of a technical error, other than time limitations in the processing of the grievance through the grievance procedure. To this end, an arbitrator shall have the power to waive formal procedural irregularities in the processing of the grievance in order to determine the real matter in dispute.

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