Extension by Payment of Daily Delay Liquidated Damages. Subject to Section 2.06(d), Seller may extend the Initial Delivery Deadline for up to one-hundred and eighty (180) days by paying to SCE liquidated damages in an amount equal to one percent (1%) of the Development Security per day for each day (or portion thereof) from and including the Initial Delivery Deadline to and excluding the actual date that the Project achieves the Initial Delivery Date (“Daily Delay Liquidated Damages”). To extend the Initial Delivery Deadline under this Section 2.06(c), Seller must, no later than 6:00 a.m. on the third Business Day immediately prior to the first day of the proposed Initial Delivery Deadline extension, provide SCE with Notice of its election to extend the Initial Delivery Deadline along with Seller’s estimate of the duration of the extension and its payment of Daily Delay Liquidated Damages for the full estimated Initial Delivery Deadline extension period. This process shall apply to the original Initial Delivery Deadline extension period and any subsequent extensions. The Daily Delay Liquidated Damages payments applicable to days included in any Initial Delivery Deadline extension are nonrefundable (subject to the next paragraph of this Section 2.06) and are in addition to, and not a part of, the Development Security. Seller will be entitled to a refund (without interest) of any estimated Daily Delay Liquidated Damages payments paid by Seller which exceed the amount required to cover the number of days by which the Initial Delivery Date was actually extended.
Appears in 7 contracts
Samples: Renewable Power Purchase Agreement, Renewable Power Purchase Agreement, Renewable Power Purchase Agreement
