Examples of Delay Damages in a sentence
For avoidance of doubt, any RA Deficiency Amount paid by Seller to Buyer is in addition to, and is not set off by or otherwise reduced by any other damage payment paid by Seller to Buyer, including Construction Start Delay Damages, Commercial Operation Delay Damages, and/or the Damage Payment.
The indemnity obligations of Seller pursuant to Section 6.01(b) shall survive until (A) as to item 1 of Schedule 6.01, any right of a counterparty of any Project Company to receive Delay Damages has expired or been terminated and (B) as to item 2 of Schedule 6.01, until the applicable Purchaser Tax Equity Guaranty or Purchaser Tax Credit Transfer Guaranty (if any) has expired or been terminated and any claims thereunder are fully and finally resolved and no longer subject to appeal or rehearing.
Seller’s aggregate liability prior to the Commercial Operation Date for any Damage Payment, Construction Start Delay Damages, and/or Commercial Operation Delay Damages shall be capped at an amount equal to one hundred percent (100%) of the Development Security amount.
If Seller fails to timely pay any Commercial Operation Delay Damages, Buyer may draw upon the Development Security to satisfy Seller’s payment obligation thereof.
For the avoidance of doubt, payment of Construction Start Delay Damages or Commercial Operation Delay Damages shall constitute an express excuse from the foregoing time is of the essence obligation.