Production Tax Credits. (a) Borrower and its Subsidiaries are in compliance with all laws, rules, regulations, and orders of any Governmental Authority necessary or advisable to ensure eligibility for all Production Tax Credits that could be available to Borrower and/or such Subsidiary.
(b) Borrower and its Subsidiaries have, on a timely basis, taken all advisable or required actions by any Governmental Authority with respect to all claims for Production Tax Credits that could be available to Borrower and/or such Subsidiary.
(c) All claims (including, without limitation, all applications, filings, policies and notices with respect to any claim) for all Production Tax Credits available to Borrower and/or such Subsidiary are in accordance with all applicable laws, rules, regulations and orders, and the application and presentation thereof in Borrower’s financial statements are in conformity with GAAP.
Production Tax Credits. (a) Borrower and its Subsidiaries shall comply with all laws, rules, regulations and orders of any Governmental Authority necessary or advisable to ensure eligibility to claim and/or monetize all Production Tax Credits that could be available to Borrower and/or such Subsidiary.
(b) Borrower and its Subsidiaries shall, on timely basis, take all actions advisable or necessary under all applicable laws, rules, regulations and orders of any Governmental Authority to ensure eligibility to claim and/or monetize all Production Tax Credits that could be available to Borrower and/or such Subsidiary. Borrower and its Subsidiaries shall refrain from taking any action that could cause Borrower or such Subsidiary to not qualify for any claim or monetization of Production Tax Credits or lessen the amount available to Borrower or such Subsidiary for any Production Tax Credits.
Production Tax Credits. (a) Each non-GPC Participating Party shall have the option to sell to GPC, at the applicable purchase price specified below, up to 100% of such Participating Party’s production tax credits available under Section 45J of the Internal Revenue Code (“PTCs”) earned in any given calendar month in connection with the energy output from the Additional Units. The applicable purchase price for a non-GPC Participating Party’s PTCs earned in any calendar month shall be determined as follows:
(i) If the total Cost of Construction (as that term is defined in the Additional Units Ownership Agreement) for both Additional Units, as determined at Commercial Operation of the second Additional Unit to reach Commercial Operation, is:
(1) less than or equal to the VCM 19 Forecast (as that term is defined in the Additional Units Ownership Agreement), the purchase price will be the amount equal to the product of the aggregate value of the PTCs earned in such month to be sold to GPC as determined under Section 45J(a) of the Internal Revenue Code (the “Monthly PTC Value”) multiplied by 0.88.
(2) greater than the VCM 19 Forecast and less than the VCM 19 Forecast plus $300,000,000, the purchase price will be the amount equal to the Monthly PTC Value multiplied by 0.91.
(3) greater than or equal to VCM 19 Forecast plus $300,000,000 and less than VCM 19 Forecast plus $600,000,000, the purchase price will be the amount equal to the Monthly PTC Value multiplied by 0.95.
(4) greater than or equal to VCM 19 Forecast plus $600,000,000, purchase price will be the amount equal to the Monthly PTC Value multiplied by 0.98.
(ii) For purposes of determining the applicable purchase price after Commercial Operation of the first Additional Unit to reach Commercial Operation but before Commercial Operation of the second Additional Unit to reach Commercial Operation, the purchase price for any PTCs earned on energy generated from the first Additional Unit in any calendar month will be calculated based on the actual Cost of Construction (as that term is defined in the Additional Units Ownership Agreement) for the first Additional Unit and the then-current budget for remaining Cost of Construction to reach Commercial Operation of the second Additional Unit (an “Interim Completion Estimate”). Following Commercial Operation of the second Additional Unit, GPC and each Participating Party selling PTCs pursuant to this Section 4.7(a)(ii) shall determine the actual total Cost of Construction (as that term is...
Production Tax Credits. Each Party agrees to take the position for federal income tax purposes that it is entitled to the PTCs, with respect to electricity derived from the Net Available Output to which the Party is entitled as a result of its Ownership Interest and sold by the Party to an “unrelated party” within the meaning of Section 45 of the Code, absent a change in law rendering such position unlawful.
Production Tax Credits. In the event that (i)(A) the Commercial Operation Date does not occur on or before December 31, 2008 and the Guaranteed Commercial Operation Date has been extended to such date as provided in Section 3.9(b)(ii) or (B) Buyer accepts an extension of the Guaranteed Commercial Operation Date, as described in Section 3.9(b)(ii), which causes the Guaranteed Commercial Operation Date to be later than December 31, 2008, and
