Construction Term. Unless otherwise determined under Section 1.1(b), the Applicable Cost of Debt (in %) during the Construction Term shall be equal to the actual all-in interest rate paid by Lessor to finance the Construction Costs.
Construction Term. At all times from the date hereof to the Commercial Operation Date, Lessor shall maintain, or cause to be maintained, insurance as set forth in Schedule 11.3.
Construction Term. (a) Prior to the Commercial Operation Date, the risk of loss of or decrease in the enjoyment and beneficial use of the Leased Facility as a result of the damage or destruction thereof by fire, the elements, casualties, thefts, riots, wars or otherwise is assumed by Lessor, and Lessee shall not be answerable or accountable to Lessor therefor.
(b) If an Event of Loss occurs prior to the Commercial Operation Date that results in:
(i) less than $1,000,000 in physical loss, destruction or damage to the Facility in excess of any Loss Proceeds and/or Condemnation Award that Lessor receives or anticipates receiving in connection therewith, then Lessor shall be obligated to reconstruct or complete construction of the Facility in accordance with the requirements of Section 2.1;
(ii) equal to or greater than $1,000,000 in physical loss, destruction or damage to the Facility in excess of any Loss Proceeds and/or Condemnation Award that Lessor receives or anticipates receiving in connection therewith, then Lessor shall be obligated to reconstruct or complete construction of the Facility in accordance with the requirements of Section 2.1, if and only if Lessee agrees to, and the PSCW approves, an increase in the “AALF” to be recovered in the Basic Rent formula by an amount equal to the additional Construction Costs incurred by or on behalf of Lessor to reconstruct or complete construction (including any costs incurred as a result of the time required to obtain PSCW approval), less the aggregate amount of any Loss Proceeds and/or Condemnation Award received by Lessor in connection therewith. The Required Commercial Operation Date shall be extended by a reasonable amount of time attributable to the time required to reconstruct or complete construction of the Facility (including any time required to obtain PSCW approval) and this Facility Lease and the other Lease Documents shall be amended as otherwise may be required by the Parties and approved by the PSCW; or
(iii) In the event that Lessee and/or the PSCW does not approve an increase in the “AALF” in the Basic Rent formula as provided above, then Lessor may terminate this Facility Lease in accordance with Section 2.5.
(c) If an Event of Total Loss occurs prior to the Commercial Operation Date, then Lessor may elect to terminate this Facility Lease in accordance with Section 2.5.
Construction Term. The period commencing on the date of this Agreement and continuing through the Conversion Date.
Construction Term. Upon the expiration of the Development Term, the term of this Agreement shall automatically extend and continue (“Construction Term”) until the earlier to occur of:
(a) the date on which Tenant begins production of electrical energy generated by substantially all of the Solar Generating Equipment to be included in the Project or (b) the fourth (4th ) anniversary of the Effective Date. Upon the occurrence of either subsection (a) or (b), that date, as declared by Tenant, is hereunder referred to as the “Operations Date.”
Construction Term. Construction Start: June 2020 • Anticipated Construction Completion: September 2020
Construction Term. Contract Duration
Construction Term. During the Construction Term, Basic Rent shall accrue in arrears on December 31, 1998 and on the last day of March, June, September and December, 1999 or such date as the Basic Term shall begin pursuant to the terms of Article 2 hereof (each a Payment Date) and shall be capitalized and become a part of the Equity Investment. Such Basic Rent shall accrue at a rate per annum equal to the Equity Return on the actual outstanding Equity Investment calculated on the actual number of days subsequent to the next preceding Payment Date in respect of the actual amount of Equity Investment outstanding on such day.
Construction Term. During the Construction Term, the Termination Value is the sum of (i) all amounts payable by Lessee hereunder, including without limitation, accrued Basic Rent, Additional Rent, and all other sums payable hereunder to the date of payment of the Termination Value, plus (ii) the sum of all Lessor Advances made pursuant to Article 3 of the Agency Agreement , plus (iii) an amount equal to the Equity Return (if any) which has accrued from the last date Basic Rent Payment Date through the date of payment of the Termination Value.
(a) arising out of Lessee's default in the performance of any covenant, agreement or obligation on the part of Lessee to be performed under Article 9 of this Lease or (z) payment of a Purchase Price required to be made with respect to a purchase of the Leased Premises by Lessee) shall Lessee be required to pay any amount which will cause the aggregate amounts paid under this Lease during the Construction Term to equal or exceed the sum of (a) 90% of the total Cost of the Project other than land acquisition costs as defined by EITF97-10 and (b) 100% of such land acquisition costs. For the purposes of this Lease, including without limitation Schedule G, Lessor and Lessee hereby agree that such land acquisition costs are equal to $9,000,000.
Construction Term. Lessee shall have the right to extend the lease to provide for construction of the Solar Facility (the “Construction Term”). The Construction Term shall commence on the date specified in a written notice to Lessor that Lessee elects to initiate the Construction Term as of a date so specified in such notice, or the date the Lessee begins construction of the Solar Facility, whichever occurs earlier. The Construction Term shall expire on the earlier of the commencement of the Operations Term or termination of Lease. The Construction Term shall be for an initial period of one (1) year from the commencement of the Construction Term. Xxxxxx and Xxxxxx may mutually agree in writing to extend the Construction Term for an additional one (1) year term by written notice to the Lessor. Lessee shall have the unilateral right to terminate this Lease at any time during the Construction Term without penalty, subject to removal obligations in Exhibit B, Section B-6(g), upon written notice to Lessor; provided, however, that in the event of such termination, the Lessor is entitled to retain all payments made by Lessee prior to the date of such termination.
