Completion and Operation Sample Clauses
The 'Completion and Operation' clause defines the requirements and conditions under which a project or asset is considered finished and ready for use. It typically outlines the criteria for completion, such as passing inspections, obtaining certifications, or meeting performance standards, and may specify the process for transitioning from construction to operational status. This clause ensures that both parties have a clear understanding of when obligations related to construction end and operational responsibilities begin, thereby reducing disputes and clarifying risk allocation at the handover stage.
Completion and Operation. Lessee covenants and agrees that each Site shall be operated for the use intended by the Lessee upon the Lessor's acquisition of such Site or such other use or uses to which the Lessor and the Required Participants may consent from time to time and that, subject to the Lessor's and the Participants' performance of their respective Advance funding obligations under the Operative Documents, all related Improvements shall be completed on or before the end of the Construction Period applicable to such Site. Lessee shall deliver to the Lessor and the Agent on or before the Outside Completion Date applicable to such Site, a certificate of a Responsible Employee of the Lessee stating that such Site is operating for the use intended by the Lessee upon the Lessor's acquisition of such Site and all Construction has been completed on or before such date.
Completion and Operation. Lessee covenants and agrees that the Platform shall be operated for the use intended by the Lessee upon the Lessor's Completion of the Platform. Lessee shall deliver to the Certificate Holders and the Owner Trustee, on or before the Outside Completion Date applicable to the Platform, a certificate of a Responsible Employee of the Lessee stating that such Platform is operating for the use intended by the Lessee and all Construction has been completed on or before such date. Participation Agreement
Completion and Operation. The Project shall fail to (i) achieve Physical Completion and Operational Completion by the Anticipated Completion Date, or (ii) to achieve the Operation Date (as defined in the Power Purchase Agreement) by the Scheduled Operation Date (as defined in the Power Purchase Agreement).
Completion and Operation. The Project shall have been completed in accordance with the original approval plans and specifications and shall have been open for business for a period of at least twelve (12) continuous, stabilized months.
Completion and Operation. (a) The Borrower shall procure that the Senior Borrower shall ensure that:
(i) subject to paragraph (b) below, the Development Completion occurs, and the Completion Inspection Approval is obtained, by no later than the Original Required Completion Date; and
(ii) the Operations Commencement Date shall occur no later than the Required Operations Date.
(b) The Borrower may, by notice in writing to the Agent, extend the Original Required Completion Date to (i) a date falling no later than 8 (eight) weeks after the Original Required Completion Date (the “First Extended Required Completion Date”) and (ii) a date falling no later than 4 (four) weeks after the First Extended Required Completion Date, provided that if the Borrower extends the Required Completion Date to a date after the First Extended Required Completion Date, the PIK Interest applicable to the Loan in respect of the period starting from the Original Required Completion Date until the date on which the Development Completion occurs and the Completion Inspection Approval has been obtained, shall be the rate which is 3.00 (three) per cent. per annum higher than the rate which would have been payable in respect of such period had the Required Completion Date not been so extended.
Completion and Operation. Lessee covenants and agrees that each Site shall be operated for the use intended by the Lessee upon the Lessor's acquisition of such Site and all related Improvements shall be completed on or before the end of the Construction Period applicable to such Site. Lessee shall deliver to the Certificate Holders and the Owner Trustee, on or before the Outside Completion Date applicable to such Site, a certificate of a Responsible Employee of the Lessee stating that such Site is operating for the use intended by the Lessee upon the Lessor's acquisition of such Site and all Construction has been completed on or before such date.