Qualifying Federal Support definition

Qualifying Federal Support. Any direct federal financial support to the Selected Project in the form of Renewable Tax Benefits or direct financial benefits expressly intended to incentivize (i) the development and operation of (x) energy infrastructure (including electrical transmission, storage and/or generation and/or the production of fuels from electrical energy) and/or (y) facilities that manufacture equipment or components used for such purposes, and (ii) which either (a) arises from a law enacted by the U.S. Congress after the Submission Deadline for Offer Pricing or (b) arises from Section 45(b)(9) (or its successor at Section 45Y(g)(11)), Section 45(b)(11) (or its successor at Section 45Y(g)(7)), Section 48(a)(12) (or its successor at Section 48E(a)(3)(B)) or Section 48(a)(14) (or its successor at Section 48E(a)(3)(A)) of the Internal Revenue Code in existence on the Submission Deadline for Offer Pricing. Notwithstanding the foregoing, any support arising solely from Section 45(b)(11) or Section 48(a)(14) (or their successors as identified above) of the Internal Revenue Code as in existence on the Submission Deadline for Offer Pricing shall not be considered Qualifying Federal Support to the extent such support is (I) obtained in reliance, in all material respects, on meeting conditions that were sufficient for qualification under the applicable Internal Revenue Code section pursuant to official IRS guidance issued prior to the Submission Deadline for Offer Pricing and (II) not obtained as a result of material reconfigurations of the Selected Project such as a change in the Selected Project’s point of interconnection. Qualifying Federal Support shall not include ordinary course tax deductions or federal research and development grants that are awarded competitively. Furthermore, any LPO Financing (regardless of whether or not it arises from a law enacted by the U.S. Congress before or after the Submission Deadline for Offer Pricing) shall be considered Qualifying Federal Support.
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Qualifying Federal Support. Any direct federal financial support to the Selected Project in the form of Renewable Tax Benefits or direct financial benefits expressly intended to incentivize (i) the development and operation of (x) energy infrastructure (including electrical energy transmission, storage and/or generation and/or the production of fuels from electrical energy) and/or (y) facilities that manufacture equipment or components used for such purposes, and (ii) which either (A) arises from an act ofa law enacted by the U.S. Congress after the Bid Submission Date or (B) arises from Section 45(b)(9), Section 45(b)(11), Section 48(a)(12) or Section 48(a)(14) of the Internal Revenue Code in existence on the Bid Submission Date. Qualifying Federal Support shall not include ordinary course tax deductions, federal loans, federal loan guarantees, or federal research and development grants that are awarded competitively. Qualifying Federal Support Amount (QFS Amount): The total economic value realized by the Selected ProjectSeller or any of its Affiliates from the Qualifying Federal Support or the monetization thereof. Subject to the foregoing, the QFS Amount shall include, without limitation or duplication: (i) any reduction in tax liability realized by Seller or its Affiliates in connection with the Qualifying Federal Support; (ii) any amounts received directly from the U.S. government in connection with the Qualifying Federal Support, (iii) any excess economic value realized by the Seller or its Affiliates in any tax equity financing or other transaction the primary purpose of which is for a party to realize the value of Qualifying Federal Support and in which the Qualifying Federal Support is exchanged for economic value (relative to a scenario with no Qualifying Federal Support) and includes without limitation any leasing transaction (including a sale-leaseback, inverted lease or the like) that has the result of the foregoing; and (iv) any reduction in procurement, equipment supply, or other direct costs related to the Selected Project and realized by the Seller or its Affiliates as a result of the Qualifying Federal Support. The QFS Amount shall exclude any benefits which were available to the Selected Project as of the Bid Submission Date (including depreciation, to the extent that such depreciation was available as of such date, or the monetization of such depreciation benefits).
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Qualifying Federal Support means any direct federal financial support in the form of tax credits or other direct financial benefits expressly intended to incentivize (i) the development and operation of facilities that manufacture, assemble or stage equipment, components or subcomponents used for offshore wind electric generation facilities or transmission (including, for the avoidance of doubt, Primary Components and Sub- components as defined in ORECRFP22-1) and (ii) which ariseeither (A) arises from an act of the U.S. Congress after the Bid Submission Date or (B) [ ]2. Qualifying Federal Support shall not include ordinary course tax deductions, federal loans, federal loan guarantees, or federal research and development grants that are awarded competitively. Qualifying Federal Support also shall not include funds that otherwise meet the definition of Qualifying Federal Support but that are received by Grant Recipient solely in connection with a scope of work not contemplated as part of the Project at the time of notice of the applicable Qualifying Federal Support.
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Examples of Qualifying Federal Support in a sentence

  • In the event that Seller or any of its Affiliates receives Qualifying Federal Support, Seller shall determine the QFS Amount and provide notice of the same to NYSERDA, including supporting calculations thereto.

  • For example, the Parties acknowledge and agree that, in order to qualify for a higher level of Qualifying Federal Support, Seller or its Affiliates may be required to incur increased costs related to development, construction or operation of the Selected Project including costs related to new U.S. content or similar sourcing requirements, prevailing wage requirements or apprenticeship requirements.

  • For the avoidance of doubt, if Seller or its Affiliates incur such increased costs for the purpose of qualifying for such higher level of support, the Qualifying Federal Support Amount shall be reasonably adjusted by Seller to reflect the total economic value of the Qualifying Federal Support after accounting for such increased costs.

  • Except with respect to transaction costs and expenses incurred by Seller or its Affiliates in connection with obtaining Qualifying Federal Support, which shall be for Seller’s account, the QFS Amount shall be calculated on a net basis, taking into account any reduction in current or future economic value or costs incurred as a result of Seller’s or its Affiliates’ realization of the applicable Qualifying Federal Support.

  • For the avoidance of doubt, if Grant Recipient incurs such increased costs for the purpose of qualifying for such higher level of support, the QFS Amount shall be reasonably adjusted by Grant Recipient to reflect the total economic value of the Qualifying Federal Support after accounting for such increased costs.

  • In the event Grant Recipient receives Qualifying Federal Support, Grant Recipient shall determine the QFS Amount and promptly provide notice of the same to NYSERDA, including supporting calculations thereto.

  • In the event NYSERDA determines that any Grant Proceeds must be refunded due to the receipt by Grant Recipient of Qualifying Federal Support, Grant Recipient shall deliver such Proceeds to NYSERDA within thirty (30) calendar days of notice of same.

  • For example, the Parties acknowledge and agree that, to qualify for a higher level of Qualifying Federal Support, Grant Recipient may be required to incur increased costs related to development, construction or operation of the Project including costs related to new U.S. content or similar sourcing requirements, prevailing wage requirements or apprenticeship requirements.

  • Except with respect to transaction costs and expenses incurred by Grant Recipient in connection with obtaining Qualifying Federal Support, which shall be for Grant Recipient’s account, the QFS Amount shall be calculated on a net basis, taking into account any reduction in current or future economic value or costs incurred as a result of Grant Recipient’s realization of the applicable Qualifying Federal Support.

  • In the event Grant Recipient receives Qualifying Federal Support for the Project, the amount of Grant Proceeds owed by NYSERDA to Grant Recipient under this Agreement shall be reduced by fifty cents for each dollar of the QFS Amount, regardless of whether or not such Grant Proceeds have been previously disbursed to Grant Recipient.


More Definitions of Qualifying Federal Support

Qualifying Federal Support. Any direct federal financial support in the form of Renewable Tax Benefits or direct financial benefits expressly intended to incentivize (i) the development and operation of (x) electrical energy transmission and/or generation and/or (y) facilities that manufacture equipment or components used for such purposes, and (ii) which arises from an act of the U.S. Congress after the Bid Submission Date. Qualifying Federal Support shall not include ordinary course tax deductions, federal loans, federal loan guarantees, or federal research and development grants that are awarded competitively. Qualifying Federal Support Amount (QFS Amount): The total economic value realized by the Selected Project or any of its Affiliates from the Qualifying Federal Support or the monetization thereof. Subject to the foregoing, the QFS Amount shall include, without limitation or duplication: (i) any reduction in tax liability realized by Seller or its Affiliates in connection with the Qualifying Federal Support; (ii) any amounts received directly from the U.S. government in connection with the Qualifying Federal Support, (iii) any excess economic value realized by the Seller or its Affiliates in any tax equity financing or other transaction the primary purpose of which is for a party to realize the value of Qualifying Federal Support and in which the Qualifying Federal Support is exchanged for economic value (relative to a scenario with no Qualifying Federal Support) and includes without limitation any leasing transaction (including a sale-leaseback, inverted lease or the like) that has the result of the foregoing; and (iv) any reduction in procurement, equipment supply, or other direct costs related to the Selected Project and realized by the Seller or its Affiliates as a result of the Qualifying Federal Support. The QFS Amount shall exclude any benefits which were available to the Selected Project as of the Bid Submission Date (including depreciation, to the extent that such depreciation was available as of such date, or the monetization of such depreciation benefits).
Sample 1
Qualifying Federal Support means any direct federal financial support in the form of tax credits or other direct financial benefits expressly intended to incentivize (i) the development and operation of facilities that manufacture, assemble or stage equipment, components or subcomponents used for offshore wind electric generation facilities or transmission (including, for the avoidance of doubt, Primary Components and Sub-components as defined in ORECRFP22-1) and (ii) which arise from an act of the U.S. Congress after the Bid Submission Date. Qualifying Federal Support shall not include ordinary course tax deductions, federal loans, federal loan guarantees, or federal research and development grants that are awarded competitively. Qualifying Federal Support also shall not include funds that otherwise meet the definition of Qualifying Federal Support but that are received by Grant Recipient solely in connection with a scope of work not contemplated as part of the Project at the time of notice of the applicable Qualifying Federal Support.
Sample 1
Qualifying Federal Support. Any direct federal financial support to the Selected Project in the form of Renewable Tax Benefits or direct financial benefits expressly intended to incentivize (i) the development and operation of (x) energy infrastructure (including electrical transmission, storage and/or generation and/or the production of fuels from electrical energy) and/or (y) facilities that manufacture equipment or components used for such purposes, and (ii) which either (A) arises from a law enacted by the U.S. Congress after the Bid Submission Date or (B) arises from Section 45(b)(9), Section 45(b)(11), Section 48(a)(12) or Section 48(a)(14) of the Internal Revenue Code in existence on the Bid Submission Date. Notwithstanding the foregoing, any support arising solely from Section 45(b)(11) or Section 45(b)(14) of the Internal Revenue Code in existence on the Bid Submission Date shall not be considered Qualifying Federal Support to the extent such support is (I) obtained in reliance only upon meeting conditions that were expressly deemed to be sufficient for qualification under the applicable Internal Revenue Code section pursuant to official IRS guidance issued prior to the Bid Submission Date and (II) not obtained as a result of material reconfigurations of the Selected Project such as a change in the Selected Project’s point of interconnection. Qualifying Federal Support shall not include ordinary course tax deductions, federal loans, federal loan guarantees, or federal research and development grants that are awarded competitively.
Sample 1
Qualifying Federal Support means any direct federal financial support to the Project in the form of tax credits or direct financial benefits expressly intended to incentivize (i) the development and operation of (x) port infrastructure and/or (y) facilities that manufacture equipment or components used for the development of offshore wind, and (ii) which either (A) arises from a law enacted by the U.S. Congress after the Bid Submission Date or (B) is secured following the notification of award by NYSERDA and as such is not included in the financial information required in the Proposal under this RFP. Notwithstanding the foregoing, any support arising solely from Section 45(X) of the Internal Revenue Code in existence on the Bid Submission Date shall not be considered Qualifying Federal Support to the extent such support is (I) obtained in reliance only upon meeting conditions that were expressly deemed to be sufficient for qualification under the applicable Internal Revenue Code section pursuant to official IRS guidance issued prior to the Bid Submission Date and (II) not obtained as a result of material reconfigurations of the Project. Qualifying Federal Support shall not include ordinary course tax deductions.
Sample 1

Related to Qualifying Federal Support

  • Qualifying exigency means a situation where the eligible employee seeks leave for one or more of the following reasons:

  • Post-Distribution Ruling has the meaning set forth in Section 7.02(c).

  • National Medical Support Notice or “NMSN” shall mean a notice that contains the following information:

  • Qualifying Dependent means, for Dependent Care Flexible Spending Account purposes,

  • Assumed Final Distribution Date The Distribution Date occurring in November 2035.

  • Automatic Investment Plan/Dividend Reinvestment Plan means a program in which regular purchases or sales are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation, including dividend reinvestment plans.

  • Qualifying Distribution Event means (i) the Separation from Service of the Participant, (ii) the date the Participant becomes Disabled, (iii) the death of the Participant, (iv) the time specified by the Participant for an In-Service or Education Distribution, (v) a Change in Control Event, or (vi) an Unforeseeable Emergency, each to the extent provided in Section 5.

  • Qualifying Examination means examinations on the basis of which a candidate becomes eligible for admission or its equivalent examination;

  • Distribution Reinvestment Plan means the distribution reinvestment plan of the Company approved by the Board and as set forth in the Prospectus.

  • Semi-Annual Distribution Date means the "Distribution Dates" set forth under "Summary of Essential Financial Information--Estimated Distributions--Semi-Annual Distributions" in the Prospectus Part I for a Trust.

  • Distribution Determination Date means, in respect of any Distribution Period, that number of business days prior thereto as is set out in the applicable Pricing Supplement or on the face of the relevant Perpetual Security;

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Benefit Distribution Date means the date upon which all or an objectively determinable portion of a Participant’s vested benefits will become eligible for distribution. Except as otherwise provided in the Plan, a Participant’s Benefit Distribution Date shall be determined based on the earliest to occur of an event or scheduled date set forth in Articles 4 through 9, as applicable.

  • qualifying interest means the aggregate interest, discount or original issue discount receivable by a resident individual in any year of income

  • Rated Final Distribution Date With respect to each Class of Rated Certificates, the Distribution Date in May 2048.

  • In-Kind Distribution Date means , .

  • Distribution Time means the time at which the Distribution is effective on the Distribution Date.

  • Employee Transfer Date means in respect of any particular Transferring Employee the date on which the part of the Services to which they are assigned transfers from the Previous Contractor to the Contractor;

  • Distribution Event means any insolvency, bankruptcy, receivership, liquidation, reorganization or similar proceeding (whether voluntary or involuntary) relating to the Company or its property, or any proceeding for voluntary or involuntary liquidation, dissolution or other winding up of the Company, whether or not involving insolvency or bankruptcy.

  • Final Distribution Date The Distribution Date on which the final distribution in respect of the Certificates is made pursuant to Section 9.01.

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • Income Distribution shall be calculated as set forth in subparagraph (A), below, unless the Prospectus provides for the averaging of income distributions, in which case, "Income Distribution" shall be shall be calculated as set forth in subparagraph (B), below. Accordingly, the Unitholder's "Income Distribution" shall be equal to:

  • Company-Sponsored Equity Account means an account that is created with the Equity Account Administrator in connection with the administration of the Company’s equity plans and programs, including the Plan.

  • Distribution Payment Date has the meaning set forth in paragraph 2(b) of Annex I.

  • Distribution Effective Time has the meaning set forth in the Separation Agreement.

  • Class C Final Distribution Date means the October 15, 2021 Distribution Date.