Change in Governmental Requirements definition

Change in Governmental Requirements means any of the following events which has an effect on Seller, the development, construction, and/or operation of the Plant or Seller’s ability to perform any of its obligations under this Agreement: (a) the enactment of a new Governmental Requirement after the Effective Date of the Public Act; (b) a change in interpretation or application of a Governmental Requirement after the Effective Date of the Public Act; provided that for purposes of this Agreement, the Parties agree that the Supreme Court’s decision in Massachusetts vs. EPA (April 2, 2007) finding that the Environmental Protection Agency has the authority to regulate carbon dioxide and other greenhouse gases as pollutants under the Clean Air Act and the EPA’s determination on April 17, 2009 that carbon dioxide and five other greenhouse gases constitute pollutants that are harmful to public health and welfare, as well as any resulting regulation and/or interpretation of current laws and regulations based on such Supreme Court decision and EPA determination shall constitute a Change in Governmental Requirements for all purposes of this Agreement; (c) a change in any conditions or requirements of any Governmental Approval or by any Governmental Authority after the date of this Agreement in connection with the permitting of the Plant; provided that Seller shall use Commercially Reasonable Efforts to minimize the effects of any such conditions or requirements and the costs thereof; or (d) the imposition of any condition or requirement by any Governmental Authority in connection with the grant of any financial incentive (including a Federal Loan Guarantee); provided that Seller agrees to use Commercially Reasonable Efforts to minimize the long-term effects of any such conditions or requirements and the costs thereof.
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Change in Governmental Requirements means any of the following events which has an effect on Seller, the development, construction, and/or operation of the Plant or Seller's ability to perform any of its obligations under this Agreement: (a) the enactment of a new Governmental Requirement after the date of this Agreement; (b) a change in interpretation or application of a Governmental Requirement after the date hereof; provided that for purposes of this Agreement, the Parties agree that the Supreme Court's decision in Massachusetts vs. EPA (April 2, 2007) finding that the Environmental Protection Agency has the authority to regulate carbon dioxide and other greenhouse gases as pollutants under the Clean Air Act and the EPA's determination on April 17, 2009 that carbon dioxide and five other greenhouse gases constitute pollutants that are harmful to public health and welfare, as well as any resulting regulation and/or interpretation of current laws and regulations based on such Supreme Court decision and EPA determination shall constitute a Change in Governmental Requirements for all purposes of this Agreement; (c) a change in any conditions or requirements of any Governmental Approval or by any Governmental Authority after the date of this Agreement in connection with the permitting of the Plant; provided that Seller shall use Commercially Reasonable Efforts to minimize the effects of any such conditions or requirements and the costs thereof, or (d) the imposition of any condition or requirement by any Governmental Authority in connection with the grant of any financial incentive (including a Federal Loan Guarantee), other than any requirement under the DOE Guaranteed Financing relating to Carbon Related Products and not involving the sale of Carbon Related Products through a pipeline; provided that Seller agrees to use Commercially Reasonable Efforts to minimize the long-term effects of any such conditions or requirements and the costs thereof. For the avoidance of doubt, in each case of clauses (a) – (d) above, the loss or expiration of or reduction in the coal production tax available to Seller under Indiana Code 6-3.1-29 shall be excluded.
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Examples of Change in Governmental Requirements in a sentence

  • The Independent Engineer shall determine the economic effect of each such Change in Governmental Requirements, and the appropriate adjustments to the Base Contract Price that the Independent Engineer has in good faith determined to be necessary to reflect the cost impact resulting from such Change in Governmental Requirements and the value of any associated tax benefits.

  • If compliance with the Change in Governmental Requirements can be accomplished through the payment of a Tax or some other action by Seller, then in that circumstance Seller shall conduct a cost-benefit analysis of paying the Tax versus the other action, which may include modifications to the Plant, and Seller shall choose the option that minimizes any increase in the Adjusted Base Contract Price.

  • Notice of Change in Governmental Requirements..............................................

  • For purposes of determining the Adjusted Base Contract Price, any CO2 Taxes that are imposed after the Execution Date shall be considered a Change in Governmental Requirements rather than a New Tax, and any other Taxes that do not fall within the definition of CO2 Taxes shall be considered New Taxes rather than a Change in Governmental Requirements.

  • An understanding of the extent of available insurance also assists in the risk management process, since many claims which might otherwise be made against the vendor pursuant to the representations and warranties might be covered by insurance.

  • Notwithstanding anything herein to the contrary, the maximum increase in the Adjusted Base Contract Price that can be applied to address negative Net XX0 Xxxxxxxx if there has not been a Change in Governmental Requirements is $0.51/MMBtu in 2008 dollars.

  • Seller shall utilize its Commercially Reasonable Efforts to minimize any New Taxes that are recoverable by Seller from Buyer pursuant to this Section 5.3(a) (Adjustments for Payment of New Taxes and Change in Governmental Requirements), including any reasonable steps to mitigate such New Taxes which may be suggested by Buyer.

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  • The adjustments to the Base Contract Price required under this Section 5.3(b) (Adjustments for Change in Governmental Requirements) shall be calculated on an “open book” basis.

  • The adjustment to the Base Contract Price shall include an aggregate return to Seller on any additional capital employed by Seller equal to the return on the Capital Component in accordance with the Public Act; provided that the value of any tax benefit actually received shall be taken into account in determining the effects of any Change in Governmental Requirements.

Related to Change in Governmental Requirements

  • Governmental Requirements means all judgments, orders, writs, injunctions, decrees, awards, laws, ordinances, statutes, regulations, rules, franchises, permits, certificates, licenses, authorizations and the like and any other requirements of any government or any commission, board, court, agency, instrumentality or political subdivision thereof.

  • Governmental Rule means any law, rule, regulation, ordinance, order, code interpretation, judgment, decree, directive, guidelines, policy or similar form of decision of any Governmental Authority.

  • Legal Requirements means any federal, state, local, municipal, foreign or other law, statute, constitution, principle of common law, resolution, ordinance, code, order, edict, decree, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Entity.

  • Governmental Action means all authorizations, consents, approvals, waivers, exceptions, variances, orders, licenses, exemptions, publications, filings, notices to and declarations of or with any Governmental Authority (other than requirements the failure to comply with which will not affect the validity or enforceability of any Loan Document or have a material adverse effect on the transactions contemplated by any Loan Document or any material rights, power or remedy of any Person thereunder or any other action in respect of any Governmental Authority).

  • Legal Requirement means any treaty, convention, statute, law, regulation, ordinance, license, permit, governmental approval, injunction, judgment, order, consent decree or other requirement of any governmental authority, whether federal, state, or local.

  • Environmental Laws means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters.