Common use of Facility Development Milestones Clause in Contracts

Facility Development Milestones. (a) Seller agrees to develop the Facility in an expeditious manner to enable the Company to achieve its renewable energy and Feed-in Tariff program objectives. The project must meet all project development milestones set forth below: MAUI ELECTRIC COMPANY, LIMITED Superseding Sheet No. 88H REVISED SHEET NO. 88H Effective December 22, 2014 Effective December 10, 2018 MAUI DIVISION Company Executes FIT Agreement and Notifies Applicant START DATE Posts hard copy building permit to establish that the appropriate agency has reviewed the permit application and issued a valid building permit for the project START DATE + 10 BD Applicant posts P.O. from supplier for Appendix B-1 Equipment or other documentation demonstrating that the equipment for the project has been purchased START DATE + 30 BD Applicant Posts photographic proof that development is progressing along with a sworn affidavit verifying the date and contents of such photographs. START DATE + 3 months START DATE + 6 months START DATE + 9 months Guaranteed Commercial Operation Date for Tier 1 and Tier 2 Projects START DATE + 12/18 months, as applicable To assure reasonable performance by the Seller in developing the Facility in a timely manner, the Seller shall pay a reservation fee for a space in the Queue to the Company, based on the Design Capacity of the Facility. In addition, the Seller will provide appropriate security deposits, in amounts to be determined by the Company with the concurrence of the Limited Independent Observer, in order to proceed through defined stages in the project development process. If Seller achieves Commercial Operations by the Guaranteed In-Service Date, the reservation fee and security deposits will be returned to the Seller with the initial FIT electric energy payment made by the Company.

Facility Development Milestones. (a) Seller agrees to develop the Facility in an expeditious manner to enable the Company to achieve its renewable energy and Feed-in Tariff program objectives. The project must meet all project development milestones set forth below: MAUI ELECTRIC COMPANY, LIMITED Superseding Sheet No. 88H 79H REVISED SHEET NO. 88H Effective December 22, 2014 Effective December 10, 2018 MAUI DIVISION 79H FACILITY DEVELOPMENT MILESTONE SCHEDULE (*BD = Business Day) Company Executes FIT Agreement and Notifies Applicant START DATE Posts hard copy building permit to establish that the appropriate agency has reviewed the permit application and issued a valid building permit for the project START DATE + 10 BD Applicant posts P.O. from supplier for Appendix B-1 Equipment or other documentation demonstrating that the equipment for the project has been purchased START DATE + 30 BD Applicant Posts photographic proof that development is progressing along with a sworn affidavit verifying the date and contents of such photographs. START DATE + 3 months START DATE + 6 months START DATE + 9 months Guaranteed Commercial Operation Date for Tier 1 and Tier 2 Projects START DATE + 12/18 months, as applicable Effective December 22, 2014 Effective December 10, 2018 SCHEDULE FIT TIER 1 AND TIER 2 AGREEMENT (Continued) To assure reasonable performance by the Seller in developing the Facility in a timely manner, the Seller shall pay a reservation fee for a space in the Queue to the Company, based on the Design Capacity of the Facility. In addition, the Seller will provide appropriate security deposits, in amounts to be determined by the Company with the concurrence of the Limited Independent Observer, in order to proceed through defined stages in the project development process. If Seller achieves Commercial Operations by the Guaranteed In-Service Date, the reservation fee and security deposits will be returned to the Seller with the initial FIT electric energy payment made by the Company.

Facility Development Milestones. (a) Seller agrees to develop the Facility in an expeditious manner to enable the Company to achieve its renewable energy and Feed-in Tariff program objectives. The project must meet all project development milestones set forth below: MAUI ELECTRIC COMPANY, LIMITED Superseding Sheet No. 88H 100H REVISED SHEET NO. 88H 100H Effective December 22, 2014 Effective December 10, 2018 MAUI LANAI DIVISION Company Executes FIT Agreement and Notifies Applicant START DATE Posts hard copy building permit to establish that the appropriate agency has reviewed the permit application and issued a valid building permit for the project START DATE + 10 BD Applicant posts P.O. from supplier for Appendix B-1 Equipment or other documentation demonstrating that the equipment for the project has been purchased START DATE + 30 BD Applicant Posts photographic proof that development is progressing along with a sworn affidavit verifying the date and contents of such photographs. START DATE + 3 months START DATE + 6 months START DATE + 9 months Guaranteed Commercial Operation Date for Tier 1 and Tier 2 Projects START DATE + 12/18 months, as applicable To assure reasonable performance by the Seller in developing the Facility in a timely manner, the Seller shall pay a reservation fee for a space in the Queue to the Company, based on the Design Capacity of the Facility. In addition, the Seller will provide appropriate security deposits, in amounts to be determined by the Company with the concurrence of the Limited Independent Observer, in order to proceed through defined stages in the project development process. If Seller achieves Commercial Operations by the Guaranteed In-Service Date, the reservation fee and security deposits will be returned to the Seller with the initial FIT electric energy payment made by the Company.

Facility Development Milestones. (a) Seller agrees to develop the Facility in an expeditious manner to enable the Company to achieve its renewable energy and Feed-in Tariff program objectives. The project must meet all project development milestones set forth below: MAUI ELECTRIC COMPANY, LIMITED Superseding Sheet No. 88H 144H REVISED SHEET NO. 88H 144H Effective December 22, 2014 Effective December 10, 2018 MAUI MOLOKAI DIVISION Company Executes FIT Agreement and Notifies Applicant START DATE Posts hard copy building permit to establish that the appropriate agency has reviewed the permit application and issued a valid building permit for the project START DATE + 10 BD Applicant posts P.O. from supplier for Appendix B-1 Equipment or other documentation demonstrating that the equipment for the project has been purchased START DATE + 30 BD Applicant Posts photographic proof that development is progressing along with a sworn affidavit verifying the date and contents of such photographs. START DATE + 3 months START DATE + 6 months START DATE + 9 months Guaranteed Commercial Operation Date for Tier 1 and Tier 2 Projects START DATE + 12/18 months, as applicable To assure reasonable performance by the Seller in developing the Facility in a timely manner, the Seller shall pay a reservation fee for a space in the Queue to the Company, based on the Design Capacity of the Facility. In addition, the Seller will provide appropriate security deposits, in amounts to be determined by the Company with the concurrence of the Limited Independent Observer, in order to proceed through defined stages in the project development process. If Seller achieves Commercial Operations by the Guaranteed In-Service Date, the reservation fee and security deposits will be returned to the Seller with the initial FIT electric energy payment made by the Company.

Facility Development Milestones. (a) Seller agrees to develop the Facility in an expeditious manner to enable the Company to achieve its renewable energy and Feed-in Tariff program objectives. The project must meet all project development milestones set forth below: MAUI ELECTRIC COMPANY, LIMITED Superseding Sheet No. 88H REVISED SHEET NO. 88H Effective December 22, 2014 Effective December 10, 2018 MAUI DIVISION FACILITY DEVELOPMENT MILESTONE SCHEDULE (*BD = Business Day) Company Executes FIT Agreement and Notifies Applicant START DATE Posts hard copy building permit to establish that the appropriate agency has reviewed the permit application and issued a valid building permit for the project START DATE + 10 BD Applicant posts P.O. from supplier for Appendix B-1 Equipment or other documentation demonstrating that the equipment for the project has been purchased START DATE + 30 BD Applicant Posts photographic proof that development is progressing along with a sworn affidavit verifying the date and contents of such photographs. START DATE + 3 months START DATE + 6 months START DATE + 9 months Guaranteed Commercial Operation Date for Tier 1 and Tier 2 Projects START DATE + 12/18 months, as applicable To assure reasonable performance by the Seller in developing the Facility in a timely manner, the Seller shall pay a reservation fee for a space in the Queue to the Company, based on the Design Capacity of the Facility. In addition, the Seller will provide appropriate security deposits, in amounts to be determined by the Company with the concurrence of the Limited Independent Observer, in order to proceed through defined stages in the project development process. If Seller achieves Commercial Operations by the Guaranteed In-Service Date, the reservation fee and security deposits will be returned to the Seller with the initial FIT electric energy payment made by the Company.