Common use of Construction Progress Report Clause in Contracts

Construction Progress Report. DOE shall have received, in form and substance satisfactory to DOE in consultation with the Lender’s Engineer: (a) the most recent Construction Progress Report, certified by the Borrower and the Lender’s Engineer as being accurate and complete in all material respects based upon the Borrower’s good faith reasonable estimates of the information contained therein with respect to the following: (i) construction of the Project is proceeding in accordance with the Project Milestone Schedule and the Construction Budget, or if construction is not proceeding in accordance with the Project Milestone Schedule and the Construction Budget, then the Construction Progress Report shall describe any variances and state that the variances could not reasonably be expected to have a Material Adverse Effect; (ii) the Project is expected to achieve Operational Completion by the Anticipated Operational Completion Date; and (iii) Total Funding Available is sufficient to pay all remaining Total Project Costs (including Debt Service through Operational Completion, DOE Credit Facility Fees, Periodic Expenses, identified Cost Overruns, and required funding of reserve accounts); (iv) evidence that as of the date of such Construction Progress Report (A) each Construction Contractor, any sub-contractor, and each Operator shall have irrevocably waived and released all Liens, statutory or otherwise, that any of them may have or acquire on the Collateral Security with respect to work completed prior to the last submission for payment; and (B) all unpaid balances that are due or unsettled claims with any Construction Contractor or any sub-contractor, if any, have been adequately paid and that those being contested or negotiated in good faith are provisioned to the reasonable satisfaction of DOE; and (b) certification from the Borrower and the Lender’s Engineer that, as of the Quarterly Approval Date: (i) the Borrower is in material compliance with all Environmental Laws and any other applicable environmental requirements in respect of the Project; (ii) the Borrower is in material compliance with all Governmental Approvals; (iii) there is no reason to believe that anything is incorrect or misleading in any material respect in the most recent Construction Progress Report; and (iv) nothing has occurred since the date of the most recent Construction Progress Report or the date of the Lender’s Engineer’s most recent site visit, whichever is later, that could reasonably be expected to prevent construction of the Project and payment of Total Project Costs (including Debt Service through Operational Completion and required funding of reserve accounts) in accordance with the Project Milestone Schedule and the Construction Budget, together with the resources available to the Borrower from the Overrun Equity Commitment and, with DOE’s consent, as provided in the Sponsor Guarantee.

Construction Progress Report. DOE The Loan Servicer shall have received, in form and substance satisfactory to DOE each Relevant Credit Party in consultation with the Lender’s Lenders’ Engineer: (a) the most recent Construction Progress Report, certified by the Borrower and the Lender’s Engineer as being accurate and complete in all material respects based upon the Borrower’s good faith reasonable estimates of the information contained therein with respect to the following: (i) construction Construction of the Project is proceeding in accordance with the Project Milestone Schedule and the Construction Budget, or if construction is not proceeding in accordance with the Project Milestone Schedule and the Construction Budget, then the Construction Progress Report shall describe any variances and state that the variances could not reasonably be expected to have a Material Adverse Effect; (ii) the Project is expected to achieve Operational Completion by the Anticipated Operational Completion Date; and (iii) Total Funding Available is sufficient to pay all remaining Total Project Costs (including Debt Service through Operational CompletionInterest During Construction, DOE Credit Facility Fees, Periodic Expenses, and identified Cost Overruns, and required funding of reserve accounts);; and (iviii) evidence that as of the date of such Construction Progress Report (A) each Construction Contractor, any sub-contractor, and each the Operator shall have irrevocably waived and released all Liens, statutory or otherwise, that any of them may have or acquire on the Collateral Security with respect to work completed prior to the last submission for payment, except for Liens in favor of any Person in an aggregate amount for such Person not greater than $50,000; and (B) all unpaid balances that are due or unsettled claims with any Construction Contractor or any sub-contractor, if any, have been adequately paid and that those being contested or negotiated in good faith are provisioned to the reasonable satisfaction of DOEeach Relevant Credit Party; and (b) certification from the Borrower and the Lender’s Lenders’ Engineer that, that as of the Quarterly Periodic Approval Date: (i) the Borrower is in material compliance with all Environmental Laws and any other applicable environmental requirements in respect of the Project; (ii) the Borrower is in material compliance with all Governmental Approvals; (iii) there is no reason to believe that anything is incorrect or misleading in any material respect in the most recent Construction Progress Report; and (ivii) nothing has occurred since the date of the most recent Construction Progress Report or the date of the Lender’s Engineer’s most recent site visit, whichever is later, that could reasonably be expected to prevent construction of the Project and payment of Total Project Costs (including Debt Service through Operational Completion and required funding of reserve accounts) in accordance with the Project Milestone Schedule and the Construction Budget, together with the resources available to the Borrower from the Overrun Equity Commitment and, with DOE’s consent, as provided in the Sponsor Guarantee.