Guaranteed Commercial Operation Date has the meaning set forth in Section 3.9(c)(i).
Guaranteed Commercial Operation Date means the Expected Commercial Operation Date, as such date may be extended by the Development Cure Period.
Guaranteed Commercial Operation Date means the date that is 120 days after the Scheduled Commercial Operation Date.
Examples of Guaranteed Commercial Operation Date in a sentence
The Parties acknowledge and agree that it is difficult or impossible to determine with precision the amount of damages that would or might be incurred by Buyer as a result of Seller’s failure to achieve Commercial Operation on or before the Guaranteed Commercial Operation Date or to achieve a Contract Capacity equal to at least ninety-five percent (95%) of the Expected Capacity.
If the Commercial Operation Date does not occur on or before the beginning of hour ending 0100 BA Time on the Guaranteed Commercial Operation Date, Seller shall pay to Buyer liquidated damages, for each day after the Guaranteed Commercial Operation Date until the Commercial Operation Date, in an amount equal to [ ] Dollars ($[ ])7 (“Daily COD Delay Damages”); provided, however, that Seller’s aggregate liability for Daily COD Delay Damages shall be limited to the COD Delay Damages Cap.
Seller shall achieve Commercial Operation by the Guaranteed Commercial Operation Date.
More Definitions of Guaranteed Commercial Operation Date
Guaranteed Commercial Operation Date means the date that is ninety (90) days after the Scheduled Commercial Operation Date.
Guaranteed Commercial Operation Date or “Guaranteed COD” means the Expected Commercial Operation Date, subject to extensions on a day-for-day basis due to Force Majeure or delays caused by transmission provider (e.g., the CAISO) or transmission owner (e.g., PG&E) that are outside of the reasonable control of Seller. Such day-for-day extensions, including for Force Majeure, shall be no longer than one-hundred twenty (120) days on a cumulative basis. For clarity, these permitted extensions extend both the Guaranteed Construction Start Date and the Guaranteed COD simultaneously. If the Seller does not achieve COD of the Storage Facility by the Guaranteed COD, Seller shall pay Delay Damages to the Buyer for each day of delay until Seller achieves COD. “Delay Damages” are equal to the Development Security divided by 60. 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 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. Commercial Operation Date (“COD”): The COD shall be 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 with respect to subparts (i), (iii), (iv) and (v): Storage Facility has met all Interconnection Agreement requirements and is capable of receiving charging energy from, and delivering discharging energy to, the CAISO Balancing Authority; Seller has provided Buyer with a copy of written notice from the CAISO that the Storage Facility has achieved Full Capacity Deliverability Status (as defined in the CAISO tariff), if applicable; Commissioning of equipment has been completed in accordance with the manufacturer’s specification; 100% of Storage Capacity has been installed and commissioned; Storage Facility has successfully completed all testing required by prudent utility practices or any requirement of law to operate the Storage Facility; All applicable permits and government approvals required for the operation of the Storage Facility have been obtained; Seller has obtained all real property rights; Security requirements for the Delivery Term have been met; and Insurance requirements for the Storage Facility have been me...
Guaranteed Commercial Operation Date means [ ], as may be extended for (a) Force Majeure Extension according to Section 3.6(a), and (b) the Accounting Treatment Work- Out Period Extension according to Section 3.6(b); provided, however, that the Guaranteed Commercial Operation Date shall only be extended by one Day for each Day when both of the extensions described in clauses (a) and (b) above apply.
Guaranteed Commercial Operation Date or “Guaranteed COD” means the Expected Commercial Operation Date, subject to extensions on a day-for-day basis for the Development Cure Period. If the Seller does not achieve COD of the Facility by the Guaranteed COD, Seller shall pay COD Delay Damages to the Buyer for each day of delay until Seller achieves COD. “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.
Guaranteed Commercial Operation Date shall have the meaning set forth in Section 3.1(a)(vi) hereof.
Guaranteed Commercial Operation Date or “Guaranteed COD” means the Expected Commercial Operation Date, subject to extensions on a day-for-day basis under the Development Cure Period. If Seller does not achieve COD of the Facility by the Guaranteed COD, Seller shall retain any Daily Delay Damages paid and shall pay Commercial Operation Delay Damages to the Buyer for each day of delay until Seller achieves COD. “Commercial Operation Delay Damages” are equal to [$XXX/day, which is equal to the Development Security divided by 90]. Commercial Operation 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 Commercial Operation is achieved during the month for which Commercial Operation Delay Damages were paid in advance. Failure to achieve COD within ninety (90) days of the Guaranteed Commercial Operation Date 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.
Guaranteed Commercial Operation Date has the meaning set forth in Section 1.1.2. “Guaranteed Energy Production” or “GEP” has the meaning set forth in Section 11.1.