Project Placed in Service Clause Samples
The "Project Placed in Service" clause defines the point at which a project is considered operational and ready for its intended use. Typically, this clause outlines the criteria or milestones that must be met, such as completion of construction, passing inspections, or receiving necessary certifications. It is often used in construction, real estate, or energy agreements to trigger obligations like payment, warranty periods, or tax benefits. The core function of this clause is to establish a clear and objective benchmark for when the project transitions from development to operational status, thereby reducing ambiguity and aligning the parties' expectations.
Project Placed in Service. The P1 Administrative Agent shall have received evidence satisfactory to the Majority Senior Lenders that the Borrower has received from FERC a notice, order or other written communication authorizing it to place the Project in service, and the Project shall have been placed in service.
Project Placed in Service. The TCF Administrative Agent shall have received evidence satisfactory to the Majority Senior Lenders that the Borrower has received from FERC a notice, order or other written communication authorizing it to place the Project in service, and the Project shall have been placed in service.
Project Placed in Service. Receipt by the Intercreditor Agent of evidence that the Obligors have received from FERC a notice, order or other written communication authorizing it to place the Project Facilities in service, and that the Project Facilities shall have been placed in service.
Project Placed in Service. The T5 Administrative Agent shall have received evidence satisfactory to the Majority Construction/Term Lenders that the Borrower has received from FERC a notice, order or other written communication authorizing it to place the Project in service, and the Project shall have been placed in service.
Project Placed in Service. The Term Loan A Administrative Agent shall have received evidence that the Borrower has received from FERC a notice, order or other written communication authorizing it to place the Project in service, and the Project shall have been placed in service.