Common use of Milestone Dates Clause in Contracts

Milestone Dates. The Supplier acknowledges that time is of the essence to the Buyer with respect to attaining Commercial Operation of the DR Project by the corresponding Milestone Date set out by the Supplier in Exhibit F, and agrees: (a) that each of the Milestone Events corresponding to: (i) the delivery to the Buyer of a certificate addressed to it from the DR Verification Consultant, stating that the Supplier has executed DR Third Party Agreements as collectively represent 80% of the Maximum Contracted Demand Reduction (which Milestone Event is only required where a DR Project requires the participation of multiple Loads that are third parties to the Supplier); (ii) the execution by the Supplier of engineering, procurement and construction contracts (which Milestone Event is only required where the Control Equipment includes a generator); and (iii) financial closing; shall be achieved in a timely manner and by its corresponding Milestone Date, failing which the Supplier shall pay to the Buyer within five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages and not as a penalty, a sum of money equal to Fifty ($50.00) Dollars per MW multiplied by the Maximum Contracted Demand Reduction for each calendar day after the applicable Milestone Date, until the corresponding Milestone Event has been achieved. However, if Commercial Operation is achieved on or before its corresponding Milestone Date, then all such liquidated damages for delays prior to Commercial Operation paid by the Supplier under this Section 2.3(a) shall be refunded to the Supplier, without interest, two weeks following the Commercial Operation Date; (b) that Commercial Operation shall be achieved by the corresponding Milestone Date, failing which the Supplier shall pay to the Buyer on or before five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages and not as a penalty, an amount equal to Two Hundred ($200.00) Dollars per MW multiplied by the Maximum Contracted Demand Reduction, for each calendar day after such Milestone Date until Commercial Operation has been achieved; and (c) The maximum amount of liquidated damages payable by the Supplier under Section 2.3 shall be an amount, expressed in Dollars, equal to the product of: (1) Two Hundred ($200.00) Dollars per MW; (2) the Maximum Contracted Demand Reduction, and (3) 545.

Milestone Dates. The Supplier acknowledges that time is of the essence to the Buyer with respect to attaining Financial Closing and Commercial Operation of the DR Project Contract Facility by the their corresponding Milestone Date Dates set out by the Supplier in Exhibit F, and agreesthe Parties agree: (a) that each of the Milestone Events corresponding to: (i) the delivery to the Buyer of a certificate addressed to it from the DR Verification Consultant, stating that the Supplier has executed DR Third Party Agreements as collectively represent 80% of the Maximum Contracted Demand Reduction (which Milestone Event is only required where a DR Project requires the participation of multiple Loads that are third parties to the Supplier);Financial Closing; and (ii) attaining Commercial Operation of the execution by the Supplier of engineeringContract Facility, procurement and construction contracts (which Milestone Event is only required where the Control Equipment includes a generator); and (iii) financial closing; shall be achieved in a timely manner and by its corresponding Milestone Date, failing which the Supplier shall pay to the Buyer within five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages and not as a penalty, a sum of money equal to Fifty to: (A) $50.00) Dollars 50 per MW multiplied by the Maximum Contracted Demand Reduction Annual Average Contract Capacity (as would be determined from and after the Contract Facility COD) for each calendar day after the applicable Milestone Date in respect of Financial Closing; (B) the amount of (1) $150 per MW multiplied by (2) the Annual Average Contract Capacity (as would be determined from and after the Contract Facility COD) for calendar day after the Milestone Date, in respect of Commercial Operation of the Contract Facility; until the corresponding Milestone Event has been achieved. However, if Commercial Operation of the Contract Facility is achieved on or before its corresponding Milestone Date, then all such liquidated damages for delays prior to Commercial Operation delay in achieving Financial Closing paid by the Supplier under this Section 2.3(a) shall 2.5(a)shall be refunded to the Supplier, without interest, two weeks following the Commercial Operation DateContract Facility COD; (b) the maximum time period that Commercial Operation liquidated damages shall be achieved calculated and payable under Section 2.5(a) by the corresponding Milestone Date, failing which Supplier: (i) for failure to meet the Supplier shall pay to the Buyer on or before five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages and not as a penalty, an amount equal to Two Hundred ($200.00) Dollars per MW multiplied by the Maximum Contracted Demand Reduction, for each calendar day after such Milestone Date until Commercial Operation has been achievedin respect of Financial Closing, shall be ninety (90) days; and (ii) for failure to meet the Milestone Date in respect of Commercial Operation of the Contract Facility, shall be five hundred and forty-five (545) days. (c) The maximum amount if prior to Financial Closing or the date of liquidated damages payable receipt by the Supplier under Section 2.3 Buyer of the Completion and Performance Security, there occurs or arises incidents, events or circumstances which results, or is likely to result, in a delay in the aggregate of thirty (30) days or more in the achievement of Commercial Operation following the Milestone Date therefor including delays arising from events of Force Majeure, the Party first becoming aware of such delay or likely delay shall be an amountpromptly (and, expressed in Dollarsany event, equal within ten (10) Business Days) notify the other Party and the Parties shall meet to discuss strategies for restoring, to the product of: extent possible and practicable to do so, the development, construction and/or commissioning of the Facility to the schedule which will achieve Commercial Operation by the Milestone Date therefor. If there occurs or arises any incident, event or circumstance which results, or is likely to result, in a delay in the aggregate of thirty (130) Two Hundred days or more in obtaining Environmental and Site Plan Milestone Approvals following the Milestone Date therefor, including delays arising from events of Force Majeure, the Party first becoming aware of such delay or likely delay shall promptly ($200.00and, in any event, within ten (10) Dollars per MW; (2Business Days) notify the Maximum Contracted Demand Reductionother Party and the Parties shall meet to discuss strategies for restoring, to the extent possible and (3) 545practicable to do so, the development, construction and/or commissioning of the Facility to the schedule which will achieve Commercial Operation by the Milestone Date therefor.

Milestone Dates. The Supplier acknowledges that time is of the essence to the Buyer with respect to attaining Commercial Operation of the DR DSM Project by the corresponding Milestone Date set out by the Supplier in Exhibit F, and agrees: (a) that each of the Milestone Events Event corresponding to: (i) to the delivery to the Buyer of a certificate addressed to it from the DR DSM Verification Consultant, stating that the Supplier has executed DR DSM Third Party Agreements as collectively represent 80% of the Maximum Contracted Demand Reduction DSM Project Equivalent Capacity (which Milestone Event is only required where a DR the DSM Project requires the participation of multiple Loads that are third parties to the Supplier); (ii) the execution by the Supplier of engineering, procurement and construction contracts (which Milestone Event is only required where the Control Equipment includes a generator); and (iii) financial closing; shall be achieved in a timely manner and by its corresponding Milestone Date, failing which the Supplier shall pay to the Buyer within five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages and not as a penalty, a sum of money equal to Fifty ($50.00) Dollars per MW multiplied by the Maximum Contracted Demand Reduction DSM Project Equivalent Capacity for each calendar day after the applicable Milestone Date, until the corresponding Milestone Event has been achieved. However, if Commercial Operation is achieved on or before its corresponding Milestone Date, then all such liquidated damages for delays prior to Commercial Operation paid by the Supplier under this Section 2.3(a) shall be refunded to the Supplier, without interest, two weeks following the Commercial Operation Date; (b) that Commercial Operation shall be achieved by the corresponding Milestone Date, failing which the Supplier shall pay to the Buyer on or before five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages and not as a penalty, an amount equal to Two Hundred ($200.00) Dollars per MW multiplied by the Maximum Contracted Demand ReductionDSM Project Equivalent Capacity, for each calendar day after such Milestone Date until Commercial Operation has been achieved; and (c) The maximum amount of liquidated damages payable by the Supplier under Section 2.3 shall be an amount, expressed in Dollars, equal to the product of: (1) Two Hundred ($200.00) Dollars per MW; (2) the Maximum Contracted Demand ReductionDSM Project Equivalent Capacity, and (3) 545.

Milestone Dates. The Supplier acknowledges that time is of the essence to the Buyer with respect to attaining Commercial Operation of the DR Project Contract Facility by the corresponding Milestone Date set out by the Supplier in Exhibit F, and agrees: (a) that each of the Milestone Events corresponding to: (i) the delivery to the Buyer of a certificate addressed to it from the DR Verification Consultant, stating that the Supplier has executed DR Third Party Agreements as collectively represent 80% of the Maximum Contracted Demand Reduction (which Milestone Event is only required where a DR Project requires the participation of multiple Loads that are third parties to the Supplier); (ii) the execution by the Supplier of engineering, procurement and construction contracts (which Milestone Event is only required where the Control Equipment includes a generator)contracts; and (iiiii) financial closing; shall be achieved in a timely manner and by its corresponding Milestone Date, failing which the Supplier shall pay to the Buyer within five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages and not as a penalty, a sum of money equal to Fifty ($50.00) Dollars per MW multiplied by the Maximum Contracted Demand Reduction Contract Capacity for each calendar day after the applicable Milestone Date, until the corresponding Milestone Event has been achieved. However, if Commercial Operation is achieved on or before its corresponding Milestone Date, then all such liquidated damages for delays prior to Commercial Operation paid by the Supplier under this Section 2.3(a2.5(a) shall be refunded to the Supplier, without interest, two weeks following the Commercial Operation Date; (b) that Commercial Operation shall be achieved by the corresponding Milestone Date, failing which the Supplier shall pay to the Buyer on or before five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages and not as a penalty, an amount equal to Two to: (i) Three Hundred ($200.00300.00) Dollars per MW multiplied by the Maximum Contracted Demand ReductionContract Capacity, for each calendar day after such Milestone Date until Commercial Operation has been achieved, where the date proposed by the Supplier for Commercial Operation is prior to December 31, 2006; (ii) Two Hundred ($200.00) Dollars per MW multiplied by the Contract Capacity, for each calendar day after such Milestone Date until Commercial Operation has been achieved, where the date proposed by the Supplier for Commercial Operation is on or after December 31, 2006 and prior to December 31, 2007; andor (iii) One Hundred and Fifty ($150.00) Dollars per MW multiplied by the Contract Capacity, for each calendar day after the Milestone Date until Commercial Operation has been achieved, where the date proposed by the Supplier for Commercial Operation is on or after December 31, 2007 and prior to June 1, 2009. (c) The maximum amount of liquidated damages payable by the Supplier under Section 2.3 2.5 shall be an amount, expressed in Dollars, equal to the product of: (1) Two Hundred the rate of liquidated damages set out in Sections 2.5(b)(i), ($200.00) Dollars per MWii), or (iii), as would be applicable to the Supplier; (2) the Maximum Contracted Demand ReductionContract Capacity, and (3) 545.