Beginning on the Commercial Operation Date Clause Samples

Beginning on the Commercial Operation Date and from time to time thereafter, Seller shall provide the equipment needed to dispatch the Facility in accordance with the requirements of the Transmission Provider.
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Beginning on the Commercial Operation Date but not later than January 1, 2014, the annual royalty payable to COUNTY for each calendar year will not be less than the amount shown in the table below as long as the annual average Landfill Gas available to the Conversion System and the Flare Facility during any such calendar year is not less than 217 MMBTU/hr (Lower Heating Value). If the Commercial Operation Date occurs prior to January 1, 2014, the minimum annual royalty will be subject to pro rata reduction based on the number of calendar months the Conversion System operated in that calendar year. If the Conversion System ceases operation on any day prior to December 31 in the final year of operation, the minimum annual royalty will be subject to pro rata reduction based on the number of calendar months the Conversion System operated in that calendar year. Years 1-5 following COD or January 1, 2014 $500,000 Years 6-10 following COD or January 1, 2014 $750,000 Years 11-15 following COD or January 1, 2014 $1,000,000 Each year thereafter $1,250,000 For clarification, the minimum annual royalty is to be calculated and paid as follows: Each quarter the royalty payment is to be calculated as set forth above. After the fourth quarter royalty payment is calculated, the minimum annual royalty due for any given year except the last year of operation of the Conversion System would be the greater of: (1) the royalty as calculated per Section 1.4(i) and 1.4(ii) or (2) the minimum annual royalty amount in the above table. The minimum annual royalty payment is due with the fourth quarter payment of each year. Prepayment of the amount due is allowable. Royalties paid pursuant to the sales of Flare Products as per Section 1.4(iii) or LNG Section 1.4(iv) are not applicable towards the calculation to meet the minimum annual royalty.
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Beginning on the Commercial Operation Date. Seller shall provide default security (“Default Security”) for its performance hereunder. For such purposes, the Default Security shall be composed of a Letter of Credit to the benefit of PacifiCorp established by Seller on or before the Scheduled Commercial Operation Date and will initially be in the amount of‌ $4,210,000 and adjusted according to the following schedule: On January 1 (or the next Business Day) of the calendar year following the Commercial Operation Date, Seller shall increase the amount of Default Security to $5,040,000. On January 1 (or the next Business Day) of the second calendar year following the Commercial Operation Date, Seller shall increase the amount of Default Security to $5,940,000. On January 1 (or the next Business Day) of the 3rd calendar year following the Commercial Operation Date, Seller shall increase the amount of Default Security to $6,845,000. On January 1 (or the next Business Day) of the 4th calendar year following the Commercial Operation Date, Seller shall increase the amount of Default Security to $7,470,000. Then, if Seller has performed in accordance with the terms of this Agreement, on January 1 (or the next Business Day) of the sixth calendar year following the Commercial Operation Date, Seller may reduce the Default Security to $6,320,000; on January 1 (or the next Business Day) of the seventh calendar year following the Commercial Operation Date, Seller may reduce the amount of the Default Security to $5,270,000, and on January 1 (or the next Business Day) of the eighth calendar year following the Commercial Operation Date, Seller may reduce the amount of the Default Security to $4,225,000, and on January 1 (or the next Business Day of the ninth calendar year following the Commercial Operation Date, Seller may reduce the amount of the default security to $3,680,000, at which level it shall remain for the duration of the Agreement. To the extent of any draw on the Letter of Credit, Seller shall, within thirty (30) days, restore the amount of the Letter of Credit such that the amount of Default Security held by PacifiCorp shall be the amount as if no such deduction had occurred. Seller has represented that it may at some future date seek debt financing (the “Future Debt”). In the event that Seller’s senior unsecured debt rating with respect to the Future Debt (or in the event Seller has no such Future Debt, its corporate credit rating) has a Standard & Poor’s rating of “BBB-” or above (so long as a rating of ...
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Related to Beginning on the Commercial Operation Date

  • Commercial Operation Date 6.4.1 The SPV shall ensure that the Project Commercial Operation Date is achieved on or prior to the Scheduled Commercial Operation Date. The SPV shall provide a written notice to MSEDCL at least 30 (thirty) days in advance intimating MSEDCL of the proposed date on which the Commercial Operation Date of a Unit or the Project is proposed to be achieved. 6.4.2 If the Commercial Operation Date for the Units having a capacity equivalent to at least 75% (seventy five percent) of the Contracted Capacity is achieved before the Scheduled Commercial Operation Date, then all Units in respect of which the Commercial Operation Date has been achieved prior to the Scheduled Commercial Operation Date would be eligible for incentives as follows: (a) the Unit(s) injecting energy at 11 kV /22 kV shall be given an incentive of Rs. 0.25/ kWh; and (b) the Unit(s) injecting energy at 33 kV shall be given an incentive of Rs. 0.15/ kWh, for the power sold to MSEDCL for the first 3 (three) years from the Commercial Operation Date. To receive such incentives from MSAPL, which shall be over and above the Tariff, the SPV shall follow the process agreed to by the SPV under the Implementation Agreement. 6.4.3 It is hereby clarified that the aforementioned incentive shall not be available: (i) in respect of any Unit if the Commercial Operation Date for such Unit has not been achieved prior to the Scheduled Commercial Operation Date; and (ii) if the aggregate capacity of the Units for which the Commercial Operation Date has been achieved prior to Scheduled Commercial Operation Date is less than 75% (seventy five percent) of the Contracted Capacity. 6.4.4 In the event that Commercial Operation Date for any of the Units is achieved after the Scheduled Commercial Operation Date, the SPV shall be liable to pay Liquidated Damages as per the provisions set out below. 6.4.5 Without prejudice to any other rights of MSEDCL under this PPA, in case one or more Units of the SPV are unable to achieve Commercial Operation Date within a period of 2 (two) months from the Scheduled Commercial Operation Date, the capacity of such Units shall be annulled, and the Contracted Capacity shall be reduced to that extent. For Illustration: The Project has a Contracted Capacity of 100 MW and comprises of 10 Units of 10 MW each. If at the end of the aforementioned period of 14 (fourteen) months from the Effective Date, the SPV has achieved Commissioning for only 8 out of 10 Units, then the Contracted Capacity of the Project will stand reduced for the capacity of the 2 Units which have not been Commissioned, i.e. the Contracted Capacity will be 80 (100 (original Contracted Capacity)) – 10 (capacity of each Unit)*2 (number of Units not Commissioned).

  • Commercial Operation (i) On or before December 31, 2021, Interconnection Customer must demonstrate commercial operation of all generating units. Demonstrating commercial operation includes achieving Initial Operation in accordance with Section 1.4 of Appendix 2 to this ISA and making commercial sales or use of energy, as well as, if applicable, obtaining capacity qualification in accordance with the requirements of the Reliability Assurance Agreement Among Load Serving Entities in the PJM Region.

  • Month A period commencing at 10:00 a.m., Eastern Standard Time, on the first Day of a calendar month and extending until 10:00 a.m., Eastern Standard Time, on the first Day of the next succeeding calendar month. Monthly shall have the correlative meaning.

  • Beginning (i) no earlier than eleven (11) weeks before the expected birth date, and (ii) no later than the actual birth date, and

  • Holiday Falling on a Scheduled Workday An Employee who works on a designated holiday which is a scheduled workday shall be compensated at the rate of double time for hours worked, plus a day off in lieu of the holiday; except for Christmas and New Year's when the compensation shall be at the rate of double time and one-half (2½) for hours worked, plus a day off subject to this Agreement.