Common use of Milestone Dates Clause in Contracts

Milestone Dates. The Supplier acknowledges that time is of the essence to the Buyer with respect to attaining Financial Closing and Commercial Operation of the Contract Facility by their corresponding Milestone Dates set out by the Supplier in Exhibit F, and the Parties agree: (a) that each of the Milestone Events corresponding to: (i) Financial Closing; and (ii) attaining Commercial Operation of the Contract Facility, shall be achieved in a timely manner and by its corresponding Milestone Date, failing which the Supplier shall pay to the Buyer within five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages and not as a penalty, a sum of money equal to: (A) $50 per MW multiplied by the Annual Average Contract Capacity (as would be determined from and after the Contract Facility COD) for each calendar day after the Milestone Date in respect of Financial Closing; (B) the amount of (1) $150 per MW multiplied by (2) the Annual Average Contract Capacity (as would be determined from and after the Contract Facility COD) for calendar day after the Milestone Date, in respect of Commercial Operation of the Contract Facility; until the corresponding Milestone Event has been achieved. However, if Commercial Operation of the Contract Facility is achieved on or before its corresponding Milestone Date, then all liquidated damages for delay in achieving Financial Closing paid by the Supplier under this Section 2.5(a)shall be refunded to the Supplier, without interest, two weeks following Contract Facility COD; (b) the maximum time period that liquidated damages shall be calculated and payable under Section 2.5(a) by the Supplier: (i) for failure to meet the Milestone Date in respect of Financial Closing, shall be ninety (90) days; and (ii) for failure to meet the Milestone Date in respect of Commercial Operation of the Contract Facility, shall be five hundred and forty-five (545) days. (c) if prior to Financial Closing or the date of receipt by the Buyer of the Completion and Performance Security, there occurs or arises incidents, events or circumstances which results, or is likely to result, in a delay in the aggregate of thirty (30) days or more in the achievement of Commercial Operation following the Milestone Date therefor including delays arising from events of Force Majeure, the Party first becoming aware of such delay or likely delay shall promptly (and, in any event, within ten (10) Business Days) notify the other Party and the Parties shall meet to discuss strategies for restoring, to the extent possible and practicable to do so, the development, construction and/or commissioning of the Facility to the schedule which will achieve Commercial Operation by the Milestone Date therefor. If there occurs or arises any incident, event or circumstance which results, or is likely to result, in a delay in the aggregate of thirty (30) days or more in obtaining Environmental and Site Plan Milestone Approvals following the Milestone Date therefor, including delays arising from events of Force Majeure, the Party first becoming aware of such delay or likely delay shall promptly (and, in any event, within ten (10) Business Days) notify the other Party and the Parties shall meet to discuss strategies for restoring, to the extent possible and practicable to do so, the development, construction and/or commissioning of the Facility to the schedule which will achieve Commercial Operation by the Milestone Date therefor.

Milestone Dates. The Supplier acknowledges that time is of the essence to the Buyer with respect to attaining Financial Closing and Commercial Operation of the Contract Facility DR Project by their the corresponding Milestone Dates Date set out by the Supplier in Exhibit F, and the Parties agreeagrees: (a) that each of the Milestone Events corresponding to: (i) Financial Closingthe delivery to the Buyer of a certificate addressed to it from the DR Verification Consultant, stating that the Supplier has executed DR Third Party Agreements as collectively represent 80% of the Maximum Contracted Demand Reduction (which Milestone Event is only required where a DR Project requires the participation of multiple Loads that are third parties to the Supplier); (ii) the execution by the Supplier of engineering, procurement and construction contracts (which Milestone Event is only required where the Control Equipment includes a generator); and (iiiii) attaining Commercial Operation of the Contract Facility, financial closing; shall be achieved in a timely manner and by its corresponding Milestone Date, failing which the Supplier shall pay to the Buyer within five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages and not as a penalty, a sum of money equal to: to Fifty (A$50.00) $50 Dollars per MW multiplied by the Annual Average Contract Capacity (as would be determined from and after the Contract Facility COD) Maximum Contracted Demand Reduction for each calendar day after the Milestone Date in respect of Financial Closing; (B) the amount of (1) $150 per MW multiplied by (2) the Annual Average Contract Capacity (as would be determined from and after the Contract Facility COD) for calendar day after the applicable Milestone Date, in respect of Commercial Operation of the Contract Facility; until the corresponding Milestone Event has been achieved. However, if Commercial Operation of the Contract Facility is achieved on or before its corresponding Milestone Date, then all such liquidated damages for delay in achieving Financial Closing delays prior to Commercial Operation paid by the Supplier under this Section 2.5(a)shall 2.3(a) shall be refunded to the Supplier, without interest, two weeks following Contract Facility CODthe Commercial Operation Date; (b) that Commercial Operation shall be achieved by the maximum time period that corresponding Milestone Date, failing which the Supplier shall pay to the Buyer on or before five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages shall be calculated and payable under Section 2.5(anot as a penalty, an amount equal to Two Hundred ($200.00) Dollars per MW multiplied by the Supplier: (i) Maximum Contracted Demand Reduction, for failure to meet the each calendar day after such Milestone Date in respect of Financial Closing, shall be ninety (90) daysuntil Commercial Operation has been achieved; and (iic) for failure to meet The maximum amount of liquidated damages payable by the Milestone Date in respect of Commercial Operation of the Contract Facility, Supplier under Section 2.3 shall be five hundred and forty-five (545) days. (c) if prior to Financial Closing or the date of receipt by the Buyer of the Completion and Performance Securityan amount, there occurs or arises incidentsexpressed in Dollars, events or circumstances which results, or is likely to result, in a delay in the aggregate of thirty (30) days or more in the achievement of Commercial Operation following the Milestone Date therefor including delays arising from events of Force Majeure, the Party first becoming aware of such delay or likely delay shall promptly (and, in any event, within ten (10) Business Days) notify the other Party and the Parties shall meet to discuss strategies for restoring, equal to the extent possible product of: (1) Two Hundred ($200.00) Dollars per MW; (2) the Maximum Contracted Demand Reduction, and practicable to do so, the development, construction and/or commissioning of the Facility to the schedule which will achieve Commercial Operation by the Milestone Date therefor. If there occurs or arises any incident, event or circumstance which results, or is likely to result, in a delay in the aggregate of thirty (303) days or more in obtaining Environmental and Site Plan Milestone Approvals following the Milestone Date therefor, including delays arising from events of Force Majeure, the Party first becoming aware of such delay or likely delay shall promptly (and, in any event, within ten (10) Business Days) notify the other Party and the Parties shall meet to discuss strategies for restoring, to the extent possible and practicable to do so, the development, construction and/or commissioning of the Facility to the schedule which will achieve Commercial Operation by the Milestone Date therefor545.

Milestone Dates. The Supplier acknowledges that time is of the essence to the Buyer with respect to attaining Financial Closing and Commercial Operation of the Contract Facility by their the corresponding Milestone Dates Date set out by the Supplier in Exhibit F, and the Parties agreeagrees: (a) that each of the Milestone Events corresponding to: (i) Financial Closingthe execution by the Supplier of engineering, procurement and construction contracts; and (ii) attaining Commercial Operation of the Contract Facility, financial closing; shall be achieved in a timely manner and by its corresponding Milestone Date, failing which the Supplier shall pay to the Buyer within five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages and not as a penalty, a sum of money equal to: to Fifty (A$50.00) $50 Dollars per MW multiplied by the Annual Average Contract Capacity (as would be determined from and after the Contract Facility COD) for each calendar day after the Milestone Date in respect of Financial Closing; (B) the amount of (1) $150 per MW multiplied by (2) the Annual Average Contract Capacity (as would be determined from and after the Contract Facility COD) for calendar day after the applicable Milestone Date, in respect of Commercial Operation of the Contract Facility; until the corresponding Milestone Event has been achieved. However, if Commercial Operation of the Contract Facility is achieved on or before its corresponding Milestone Date, then all such liquidated damages for delay in achieving Financial Closing delays prior to Commercial Operation paid by the Supplier under this Section 2.5(a)shall 2.5(a) shall be refunded to the Supplier, without interest, two weeks following Contract Facility CODthe Commercial Operation Date; (b) that Commercial Operation shall be achieved by the maximum time period that corresponding Milestone Date, failing which the Supplier shall pay to the Buyer on or before five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages shall be calculated and payable under Section 2.5(a) by the Suppliernot as a penalty, an amount equal to: (i) Three Hundred ($300.00) Dollars per MW multiplied by the Contract Capacity, for failure to meet the each calendar day after such Milestone Date in respect of Financial Closinguntil Commercial Operation has been achieved, shall be ninety (90) days; andwhere the date proposed by the Supplier for Commercial Operation is prior to December 31, 2006; (ii) Two Hundred ($200.00) Dollars per MW multiplied by the Contract Capacity, for failure each calendar day after such Milestone Date until Commercial Operation has been achieved, where the date proposed by the Supplier for Commercial Operation is on or after December 31, 2006 and prior to meet December 31, 2007; or (iii) One Hundred and Fifty ($150.00) Dollars per MW multiplied by the Contract Capacity, for each calendar day after the Milestone Date in respect of until Commercial Operation of has been achieved, where the Contract Facilitydate proposed by the Supplier for Commercial Operation is on or after December 31, shall be five hundred 2007 and forty-five (545) daysprior to June 1, 2009. (c) if prior to Financial Closing or the date The maximum amount of receipt liquidated damages payable by the Buyer Supplier under Section 2.5 shall be an amount, expressed in Dollars, equal to the product of: (1) the rate of the Completion and Performance Securityliquidated damages set out in Sections 2.5(b)(i), there occurs or arises incidents, events or circumstances which results(ii), or is likely to result(iii), in a delay in the aggregate of thirty (30) days or more in the achievement of Commercial Operation following the Milestone Date therefor including delays arising from events of Force Majeure, the Party first becoming aware of such delay or likely delay shall promptly (and, in any event, within ten (10) Business Days) notify the other Party and the Parties shall meet to discuss strategies for restoring, as would be applicable to the extent possible Supplier; (2) the Contract Capacity, and practicable to do so, the development, construction and/or commissioning of the Facility to the schedule which will achieve Commercial Operation by the Milestone Date therefor. If there occurs or arises any incident, event or circumstance which results, or is likely to result, in a delay in the aggregate of thirty (303) days or more in obtaining Environmental and Site Plan Milestone Approvals following the Milestone Date therefor, including delays arising from events of Force Majeure, the Party first becoming aware of such delay or likely delay shall promptly (and, in any event, within ten (10) Business Days) notify the other Party and the Parties shall meet to discuss strategies for restoring, to the extent possible and practicable to do so, the development, construction and/or commissioning of the Facility to the schedule which will achieve Commercial Operation by the Milestone Date therefor545.

Milestone Dates. The Supplier acknowledges that time is of the essence to the Buyer with respect to attaining Financial Closing and Commercial Operation of the Contract Facility DSM Project by their the corresponding Milestone Dates Date set out by the Supplier in Exhibit F, and the Parties agreeagrees: (a) that each the Milestone Event corresponding to the delivery to the Buyer of a certificate addressed to it from the DSM Verification Consultant, stating that the Supplier has executed DSM Third Party Agreements as collectively represent 80% of the DSM Project Equivalent Capacity (which Milestone Events corresponding to: (iEvent is only required where the DSM Project requires the participation of multiple Loads that are third parties to the Supplier) Financial Closing; and (ii) attaining Commercial Operation of the Contract Facility, shall be achieved in a timely manner and by its corresponding Milestone Date, failing which the Supplier shall pay to the Buyer within five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages and not as a penalty, a sum of money equal to: to Fifty (A$50.00) $50 Dollars per MW multiplied by the Annual Average Contract DSM Project Equivalent Capacity (as would be determined from and after the Contract Facility COD) for each calendar day after the Milestone Date in respect of Financial Closing; (B) the amount of (1) $150 per MW multiplied by (2) the Annual Average Contract Capacity (as would be determined from and after the Contract Facility COD) for calendar day after the applicable Milestone Date, in respect of Commercial Operation of the Contract Facility; until the corresponding Milestone Event has been achieved. However, if Commercial Operation of the Contract Facility is achieved on or before its corresponding Milestone Date, then all such liquidated damages for delay in achieving Financial Closing delays prior to Commercial Operation paid by the Supplier under this Section 2.5(a)shall 2.3(a) shall be refunded to the Supplier, without interest, two weeks following Contract Facility CODthe Commercial Operation Date; (b) that Commercial Operation shall be achieved by the maximum time period that corresponding Milestone Date, failing which the Supplier shall pay to the Buyer on or before five (5) Business Days after receipt of an invoice from the Buyer, as liquidated damages shall be calculated and payable under Section 2.5(anot as a penalty, an amount equal to Two Hundred ($200.00) Dollars per MW multiplied by the Supplier: (i) DSM Project Equivalent Capacity, for failure to meet the each calendar day after such Milestone Date in respect of Financial Closing, shall be ninety (90) daysuntil Commercial Operation has been achieved; and (iic) for failure to meet The maximum amount of liquidated damages payable by the Milestone Date in respect of Commercial Operation of the Contract Facility, Supplier under Section 2.3 shall be five hundred and forty-five (545) days. (c) if prior to Financial Closing or the date of receipt by the Buyer of the Completion and Performance Securityan amount, there occurs or arises incidentsexpressed in Dollars, events or circumstances which results, or is likely to result, in a delay in the aggregate of thirty (30) days or more in the achievement of Commercial Operation following the Milestone Date therefor including delays arising from events of Force Majeure, the Party first becoming aware of such delay or likely delay shall promptly (and, in any event, within ten (10) Business Days) notify the other Party and the Parties shall meet to discuss strategies for restoring, equal to the extent possible product of: (1) Two Hundred ($200.00) Dollars per MW; (2) the DSM Project Equivalent Capacity, and practicable to do so, the development, construction and/or commissioning of the Facility to the schedule which will achieve Commercial Operation by the Milestone Date therefor. If there occurs or arises any incident, event or circumstance which results, or is likely to result, in a delay in the aggregate of thirty (303) days or more in obtaining Environmental and Site Plan Milestone Approvals following the Milestone Date therefor, including delays arising from events of Force Majeure, the Party first becoming aware of such delay or likely delay shall promptly (and, in any event, within ten (10) Business Days) notify the other Party and the Parties shall meet to discuss strategies for restoring, to the extent possible and practicable to do so, the development, construction and/or commissioning of the Facility to the schedule which will achieve Commercial Operation by the Milestone Date therefor545.