Commercial Operation Payment Clause Samples
The Commercial Operation Payment clause defines the terms under which payment is made upon a project's achievement of commercial operation status. Typically, this clause specifies the conditions that must be met for the project to be considered commercially operational, such as passing performance tests or receiving regulatory approvals, and outlines the timing and amount of payment due at this milestone. Its core practical function is to ensure that the project developer receives compensation only after the project is fully operational, thereby aligning payment with successful project delivery and mitigating risk for the paying party.
Commercial Operation Payment. CHGE shall be obligated to pay to Owner the Commercial Operation Payment after Owner achieves Commercial Operation of the Project.
Commercial Operation Payment. RG&E shall be obligated to pay to Owner the Commercial Operation Payment after Owner achieves Commercial Operation of the Project.
Commercial Operation Payment. CECONY shall be obligated to pay to Owner the Commercial Operation Payment after Owner achieves Commercial Operation of the Project.
Commercial Operation Payment. NYSEG shall be obligated to pay to Owner the Commercial Operation Payment after Owner achieves Commercial Operation of the Project.
Commercial Operation Payment. O&R shall pay Owner the Commercial Operation Payment after Owner achieves Commercial Operation of the Project.
Commercial Operation Payment. Within eighteen (18) months of site plan approval, the Applicant will pay the County twenty-five percent (25%) of the total MW set forth in the approved final site plan at twenty-three thousand four hundred thirty dollars ($23,430.00) per MW. Total Payment to County ($23,4301 x 72 MW) = $1,686,960 * The foregoing schedule of payments assumes an estimated Project nameplate capacity of 72 MWac (“MW”), and the Commercial Operation Payment shall be adjusted proportionally if the nameplate capacity of the Project at final site plan approval differs from such estimate. Hanover__________County, Virginia Tax Map ID Nos.: : ▇▇▇▇-▇▇-▇▇▇▇, ▇▇▇▇-▇▇-▇▇▇▇, ▇▇▇▇-▇▇-▇▇▇▇, ▇▇▇▇-▇▇-▇▇▇▇, ▇▇▇▇-▇▇-▇▇▇▇ NOTE TO CLERK: HANOVER_COUNTY, VIRGINIA, A POLITICAL SUBDIVISION OF THE COMMONWEALTH OF VIRGINIA, IS A PARTY TO THIS INSTRUMENT WHICH, ACCORDINGLY, IS EXEMPT FROM RECORDATION TAX PURSUANT TO VA. CODE SEC. 58.1-811.A.3.
Commercial Operation Payment. Applicant shall make a one-time payment to the County of One Million, Five Hundred Thousand Dollars ($1,500,000.00), upon achieving Commercial Operation of the ▇▇▇▇ (the “▇▇▇▇ Commercial Operation Payment”). As used herein, “Commercial Operation” or “Commercial Operation Date” means the date on which the ▇▇▇▇ becomes fully operational and begins storing and releasing electrical energy the grid. Generation of test energy shall not be deemed Commercial Operation. Commercial operation payments for the ▇▇▇▇ ($1.5M) shall be prorated based on the nameplate capacity of the facility. If the nameplate capacity is less than 400 MWac for ▇▇▇▇, then the Commercial Operation Payment shall be reduced proportionally to reflect the reduced capacity. In the event that nameplate capacity at any later date is increased for the ▇▇▇▇, then Commercial operation payment shall be adjusted upward accordingly and Applicant shall make such payments to the county at that time.