Note to Reader. In this contract, references to a grandfather clause have been changed to Legacy as appropriate, with the same intended meaning.
Note to Reader. It is anticipated that the YCCM for years six (6) to ten (10) of the Capex Payment Period will be the same as the YCCM for year five (5) of the Capex Payment Period. Annex 6 (Project Commitments) Delivery to the ICC Contract Counterparty of the following:
(A) a copy of a resolution of the Emitter's board of directors (or an equivalent management committee or body) to:
(i) undertake the Project;
(ii) approve the total financial commitments required to commission the Project (the "Total Project Spend"); and
(iii) approve a timetable for undertaking the Project which demonstrates that the Installation can reasonably be expected to be Commissioned no later than the Longstop Date;
(B) a Directors' Certificate certifying that:
(i) the Emitter has, or will have, sufficient financial resources to meet the Total Project Spend;
(ii) any contract entered into and provided as Supporting Information pursuant to the Milestone Requirement Notice, in the reasonable opinion of the Emitter by reference to the facts and circumstances then existing, is:
(a) legal, valid and binding; and
(b) entered into with one or more counterparties who are each able to perform their obligations under such contract;
(iii) the Emitter has a leasehold or freehold interest in the site where the Industrial Installation and the Capture Plant are based (the "Installation Site") or a contract to obtain the same;
(iv) the Installation Site is not subject to any covenants, restrictions, agreements, planning obligations, estate contracts, options, rights of way or other encumbrances which materially inhibit the use of the Installation Site for the purposes of the Project;
(v) there are available to the Installation Site such rights, easements and services as are necessary to undertake the Project and operate the Installation;
(vi) the Emitter has identified all necessary consents to undertake the Project (the "Necessary Consents"); and
(vii) there is a credible strategy in place to obtain the Necessary Consents and the Necessary Consents are not subject to any condition for which there does not exist a plan to satisfy that condition, such that the Emitter is not aware of any necessary consents which cannot be obtained or complied with, ((iii) to (vii), together the "Installation Requirements"); and
(C) Supporting Information evidencing (i) that the Emitter has, or will have, sufficient financial resources to meet the Total Project Spend and (ii) the Installation Requirements.
1. POST-COMBUSTION TECH...
Note to Reader. This shall be set on a project-by-project basis and agreed during negotiations.
Note to Reader. The Initial Strike Price shall be set on a project-by-project basis and agreed during negotiations. The Strike Price relates to the Opex Payment only and the Initial Strike Price shall be the Strike Price in the Base Year.
Note to Reader. Please refer to the discussion on pages 51-2 and 55-6 of the "Cluster Sequencing Phase-2 Documentfor Carbon Capture Usage and Storage Deployment: Phase-2 (Background and Guidance for Submissions), November 2021" document.
Note to Reader. During the Initial Term, the Fixed Trajectory Reference Price shall be the Reference Price for the purposes of the opex payment calculation. Please see Annex 2.
Note to Reader. The EACF for year 1 of the Opex Payment Period shall be set on a project-by-project basis and agreed during negotiations.
Note to Reader. Carbon Capture Usage and Storage - An update on the business model for Transport and Storage – indicative head of terms: explanatory note' published in June 2023 update. 19 Note to Reader: The time periods in this section are subject to further consideration by XXXXX.
Note to Reader. If applicable, this shall be the percentage of CO2 captured by the Capture Plant for utilisation during the normal operation of the Capture Plant (i.e. where there are no Capture Outage Events or Full Capture Outage Events), which shall be notified to BEIS in the Emitter's application for an ICC Contract. This figure shall be verified by BEIS on a project-by-project basis.
Note to Reader. This Agreement is substantively unchanged from its previous version, dated as of August 15, 2010, except for certain changes made to reflect the change, effective May 31, 2011, of (1) the Fund's name from "NeXt X Fund I, LP" to "GSV X Fund I, LP"; and (2) the General Partner's name from "NeXt Asset Management, LLC" to "GSV Asset Management, LLC."
