Examples of Initial Plant in a sentence
The day-to-day operations of the Initial Plant shall be responsibility of the Plant Manager, who, subject to Section 8.1.2, shall be nominated by BioAmber Lux.
Each party shall, within the scope of its rights and obligations set forth in this Agreement, use its reasonable best efforts to cause the Initial Plant to be constructed and commissioned with the capacity (including expanded capacity) set forth in Section 3.2 and within the Construction Budget and Schedule.
The budget and schedule for the construction of the Initial Plant is attached hereto as Schedule 3.3 (the “Construction Budget and Schedule”).
To the BioAmber Parties’ knowledge, there is no Proceeding pending or threatened involving any environmental issues at the Initial Plant Site.
Such Phase II environmental assessment has revealed no material environmental conditions relating to the Initial Plant Site, including the presence of any Hazardous Materials thereat, or any other environmental issues that could materially and adversely affect the Company or the Business.
During the period prior to the Operational Date, the Company shall provide to each Shareholder monthly written reports setting forth in reasonable detail the progress of the construction of the Initial Plant, including (i) any material difficulties or delays encountered and all measures being taken (or considered) to address such difficulties or delays and (ii) the costs associated with the construction to date and how such costs compare to those set forth in the Construction Budget and Schedule.
In addition, jointly with the owner of the Initial Plant Site, BioAmber has conducted a Phase II environmental assessment of the Initial Plant Site, a copy of which assessment has been made available to Mitsui.
The Company has entered into the financing agreements to finance the construction of the Initial Plant, with the respective Governmental Authorities and for the aggregate amounts, set forth in Schedule 17.1.8 (collectively, the “Government Finance Agreements”).
Seller agrees that if, based on the Initial Plant Capacity Test, the result of the Initial Plant Capacity Test (as adjusted by the AEP Adjustment Factor) shall have failed to equal or exceed the Minimum Guaranteed Plant Capacity, Seller shall pay an amount equal to the Initial Plant Capacity Liquidated Damages to Purchaser upon Project Substantial Completion.
It is the intent of the Shareholders to change the name of the Company to “BioAmber Sarnia Inc.” prior to commencing operations at the Initial Plant.