Scheduled Operation Date definition
Examples of Scheduled Operation Date in a sentence
Before the Scheduled Operation Date, Seller shall grant Idaho Power a senior, unsubordinated lien on the Facility and its assets as security for performance of this Agreement by executing, acknowledging and delivering a security agreement and a deed of trust or a mortgage, in a recordable form (each in a form satisfactory to Idaho Power in the reasonable exercise of its discretion).
Failure of the Facility to achieve Commercial Operation within three hundred and sixty five (365) days of the Scheduled Operation Date shall constitute a material breach of this Agreement and, in such event, Avista may, at its sole option, terminate this Agreement upon written notice to Seller.
Seller shall cause the Facility to achieve Commercial Operation on or before the Scheduled Operation Date.
Delay Liquidated Damages will be calculated pursuant to Section 5.3.3 for a maximum of 365 days past the Scheduled Operation Date.
The Parties agree that Avista will incur substantial damages if the Facility fails to achieve Commercial Operation by the Scheduled Operation Date and that the damages Avista would incur due to such delay would be difficult or impossible to predict or calculate with certainty, and that the Delay Liquidated Damages are an appropriate approximation of such damages and are not a penalty.
If the Commercial Operation Date occurs after the Scheduled Operation Date, as may be extended pursuant to Section 5.3.1, Seller shall pay Avista Delay Liquidated Damages pursuant to Sections 5.3.3 through 5.3.6.
To the extent any delay is caused by (i) an event of Force Majeure, or (ii) solely by the action or inaction of Avista, the Scheduled Operation Date shall be extended one day for each day of such delay.
Seller will in good faith seek to achieve the Operation Date by the Scheduled Operation Date.
New Energy is current in all its interconnection study payments and so long as New Energy continues to provide requested information in a timely manner and pay invoices on time, it appears that the interconnection can be completed in time for New Energy to achieve its Scheduled Operation Date for the Facility.
The Project shall fail to (i) achieve Physical Completion and Operational Completion by the Anticipated Completion Date, or (ii) to achieve the Operation Date (as defined in the Power Purchase Agreement) by the Scheduled Operation Date (as defined in the Power Purchase Agreement).