Guaranteed Commercial Operation Date definition
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 ninety (90) days after the Scheduled Commercial Operation Date.
Examples of Guaranteed Commercial Operation Date in a sentence
To guarantee undertaking the performance of Seller’s obligations under the Agreement for the period prior to the Commercial Operation Date (including but not limited to Seller’s obligation to meet the Guaranteed Commercial Operation Date), Seller shall provide 100% of the Development Period Security to Buyer within ten (10) Business Days of the Execution Date of the Agreement.
The Construction Start Date and Guaranteed Commercial Operation Date shall be extended on a day-for-day basis due to (a) Force Majeure or (b) acts, omissions or delays of a Governmental Authority or Local Electric Utility.
If Seller determines in its commercially reasonable discretion that either (a) it is no longer economically feasible for the Facility to achieve Commercial Operation or (b) the Facility will not be able to achieve Commercial Operation by the date that is one hundred and eighty (180) days after the Guaranteed Commercial Operation Date, the Seller will have the right, but not the obligation, to terminate this Agreement (the “Seller Termination Right”).
More Definitions of Guaranteed 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 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 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 under the Development Cure Period. If Seller does not achieve COD of the Facility by the Guaranteed COD, Seller shall pay COD Delay Damages to the Buyers 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 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.
Guaranteed Commercial Operation Date means the date that is 120 days after the Scheduled Commercial Operation Date.
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.