Conditions Precedent for the Energy Project Sample Clauses

Conditions Precedent for the Energy Project. (a) Prior to the initial Disbursement of MCC Funding under the Energy Project the Government will have passed the 2015 Electricity Law of Liberia, in form and substance satisfactory to MCC. (b) By February 1, 2016, and prior to any Disbursement of MCC Funding under the Energy Project on or after such date, the Government must have communicated in writing to MCC, a selected management arrangement for LEC, and MCC and the Government will have agreed on such arrangement. (c) By March 15, 2016, and prior to any Disbursement of MCC Funding under the Energy Project on or after such date, the Government must have submitted to MCC a management implementation plan approved and adopted by the board of directors of LEC with a schedule of milestones for the implementation of the selected management arrangement, including any required interim arrangement for the management of LEC prior to the implementation of the selected management arrangement, in form and substance satisfactory to MCC. (d) Prior to each Disbursement of MCC Funding under the Energy Project following the adoption of the management implementation plan, the Government must have submitted evidence, in form and substance satisfactory to MCC, that LEC is implementing such plan and is in compliance with the requirements of the plan. (e) Prior to any Disbursement of MCC Funding for the Mt. Coffee Support Activity on or after the commencement of year three (3) of the Compact Term, the Government will have provided evidence of LEC’s commitment to absorb the funding of the additional LEC full time permanent staff positions funded under the Mt. Coffee Support Activity so that prior to the commencement of the fourth year of the Compact, LEC will be responsible for solely funding such positions.

Conditions Precedent for the Energy Project. (i) Prior to the first Disbursement of Program Funding for the Energy Project, a planning determination (as defined in the statute that governs the procurement of regulated services, including power) that supports at least 110 MW of solar energy prior to 2030 will be issued. (ii) Prior to the first Disbursement of Program Funding for the Energy Project, the World Bank loan for a battery energy storage system will have been approved by the World Bank and Belize. (iii) Prior to the first Disbursement of Program Funding that will exceed $16,000,000 of cumulative Program Funding disbursed for the Energy Project, the PUC must have published a tariff structure that encourages flexibility in electricity demand to more efficiently manage the changes in net load (total load minus variable renewable generation) resulting from increased variable renewable generation, including the option for consumers to adopt time-variant feed-in and consumption tariffs reflective of the marginal cost of power for residential, commercial, and industrial distributed generation.