COD Delay Damages has the meaning set forth in Section 2.2(b)(ii).
COD Delay Damages are equal to the Development Security divided by 60. COD Delay Damages shall be paid for each day of delay and shall be paid to Buyer in advance on a monthly basis. A prorated amount will be returned to Seller if COD is achieved during the month for which COD Delay Damages were paid in advance. Failure to achieve COD for any reason within 60 days of the Guaranteed COD, shall constitute an Event of Default, and Buyer shall have the right, in its sole discretion, to terminate the PPA and receive the Damage Payment. For the avoidance of doubt, Seller’s liability for an Event of Default comprising the failure to timely achieve COD shall equal the sum of any Construction Delay Damages and COD Delay Damages that are due and owing, plus the Damage Payment.
COD Delay Damages are equal to the Development Security divided by 60. COD Delay Damages shall be paid for each day of delay and shall be paid to Buyers in advance on a monthly basis. A prorated amount will be returned to Seller if COD is achieved during the month for which COD Delay Damages were paid in advance. Failure to achieve COD within 60 days of the Guaranteed COD shall constitute an Event of Default, and Buyers shall have the right, in its sole discretion, to terminate the PPA and retain the Development Security. Commercial Operation Date (“COD”): The COD shall be the date when all of the following requirements have been met to Buyers’ reasonable satisfaction including Seller providing a certificate from an independent engineer to Buyers certifying to the following: The Facility is fully operational, reliable and interconnected, fully integrated and synchronized with the Transmission System. Seller has installed equipment for the Facility with a nameplate capacity of no less than ninety-five percent (95%) of the Guaranteed Capacity. Seller has commissioned all equipment in accordance with its respective manufacturer’s specifications. The Facility’s testing included a performance test demonstrating peak electrical output of no less than ninety-five percent (95%) of the Guaranteed Capacity for the Facility at the Delivery Point, as adjusted for ambient conditions on the date of the Facility testing, and such peak electrical output, as adjusted, was [peak output in MW]. Authorization to parallel the Facility was obtained by the Participating Transmission Owner, [Name of Participating Transmission Owner as appropriate] on [Date]. The Transmission Provider has provided documentation supporting full unrestricted release for Commercial Operation by [Name of Participating Transmission Owner as appropriate] on [Date]. The CAISO has provided notification supporting Commercial Operation, in accordance with the CAISO Tariff on [Date] Seller shall provide notice of expected COD to Buyers in writing no less than sixty (60) days in advance of such date.
Examples of COD Delay Damages in a sentence
Within five (5) Business Days following any draw by Buyer on the Development Security, including for payment of Construction Delay Damages or COD Delay Damages, Seller shall replenish the amount drawn such that the Development Security is restored to the amount specified on the Cover Sheet.
If Seller does not achieve Commercial Operation by the Guaranteed Commercial Operation Date, as it may be extended as provided herein, Seller shall pay COD Delay Damages to Buyer for each day after the Guaranteed Commercial Operation Date until the Commercial Operation Date and shall be paid to Buyer in advance on a monthly basis.
A prorated amount will be returned to Seller if COD is achieved during the month for which COD Delay Damages were paid in advance.
More Definitions of COD Delay Damages
COD Delay Damages are equal to [$XXX/day, which is equal to the Development Security divided by 60]. COD Delay Damages shall be paid for each day of delay and shall be paid to Buyer in advance on a monthly basis. A prorated amount will be returned to Seller if COD is achieved during the month for which COD Delay Damages were paid in advance. Failure to achieve COD within 60 days of the Guaranteed COD shall constitute an Event of Default, and Buyer shall have the right, in its sole discretion, to terminate the PPA and retain the Development Security.
COD Delay Damages means an amount equal to (a) the Development Security amount required hereunder, divided by (b) sixty (60).
COD Delay Damages means an amount equal to [$XXX/day, which is equal to the Development Security divided by 90].
COD Delay Damages are equal to Fifteen Hundred Dollars ($1,500) per MW of Storage Contract Capacity. COD Delay Damages shall be paid for each day of delay and shall be paid to Buyer in advance monthly. If Seller fails to pay the COD Delay Damages within 10 Business Days of receipt of Buyer’s invoice, Buyer shall be entitled to deduct such COD Delay Damages from the Development Security. A prorated amount will be returned to Seller if COD is achieved during the month for which Delay Damages were paid in advance. Failure to achieve COD within 60 days of the Guaranteed COD shall constitute an Event of Default, and Buyer shall have the right, in its sole discretion, to terminate the ESA and retain the Development Security.
COD Delay Damages are equal to the Development Security divided by 60. COD Delay Damages shall be paid for each day of delay and shall be paid to Buyer in advance on a monthly basis. A prorated amount will be returned to Seller if COD is achieved during the month for which COD Delay Damages were paid in advance. Failure to achieve COD for any reason within 60 days of the Guaranteed COD, shall constitute an Event of Default, and Buyer shall have the right, in its sole discretion, to terminate the DRRAA and receive the Damage Payment. For the avoidance of doubt, Seller’s liability for an Event of Default comprising the failure to timely achieve COD shall equal the sum of any Construction Delay Damages and COD Delay Damages that are due and owing, plus the Damage Payment. Conditions Precedent to Commercial Operation Date (“COD”): The COD shall be the later of (a) the Expected Commercial Operation Date or (b) the date when all of the following requirements have been met to Buyer’s reasonable satisfaction including Seller providing a certificate from an independent engineer to Buyer certifying to the following: The Facility is fully operational, reliable and interconnected, fully integrated and synchronized with the CAISO Grid; Seller has delivered the Performance Security to Buyer; and Xxxxxx has paid Buyer for all amounts owing under the DRRA Agreement, if any. Seller shall provide notice of expected COD to Buyer in writing no less than sixty (60) days in advance of such date.
COD Delay Damages are equal to the sum of Fifteen Hundred Dollars ($1,500) per MW of Guaranteed Capacity and Fifteen Hundred Dollars ($1,500) per MW of Storage Contract Capacity. COD Delay Damages shall be paid for each day of delay and shall be paid to Buyer in advance on a monthly basis. If Seller fails to pay the COD Delay Damages within 10 Business Days of receipt of Buyer’s invoice, Buyer shall be entitled to deduct such COD Delay Damages from the Development Security. A prorated amount will be returned to Seller if COD is achieved during the month for which COD Delay Damages were paid in advance. Failure to achieve COD within 60 days of the Guaranteed COD shall constitute an Event of Default, and Buyer shall have the right, in its sole discretion, to terminate the PPA and retain a damage payment in the amount of the Development Security.