Due Date of Host Community Benefit Payments Sample Clauses

Due Date of Host Community Benefit Payments. The first Host Community Benefit Payment shall be due on or before January 31 of the year following the first taxable status date occurring after the commercial operation date of the Project Facility (the “Commercial Operation Date”), which is the date on which the Project Facility as a whole first commences generating or transmitting electricity for sale, excluding electricity generated or transmitted during the period of on-site test operations and commissioning of the Project Facility. Subsequent Host Community Benefit Payments shall be due on or before January 31 of each year thereafter during the Term. For purposes of this Agreement, the Commercial Operation Date is deemed to be the commercial operation date indicated in the Company’s notice to the New York Independent System Operator (“NYISO”) for the Project Facility. Within thirty (30) days after its notice to the NYISO, the Company shall provide notice to the Town of the Commercial Operation Date. Due to energy market conditions, among other reasons, the Company is not able to make any representations regarding when the Project Facility will be constructed and therefore when Host Community Benefit Payments would commence. The Company shall not be obligated to make Host Community Benefit Payments during construction of the Project Facility.
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Related to Due Date of Host Community Benefit Payments

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