Common use of Ocean Transit Clause in Contracts

Ocean Transit. Seller shall take reasonable action to ensure that the risk of loss or damage to any material items of equipment which are subject to ocean transit is adequately protected against by the terms of delivery from contractors or suppliers of such equipment or Seller’s own insurance coverage. (See Section 3.2(A)(7)) Any capitalized terms used in this report which are not defined herein shall have the meaning ascribed to them in the Amended and Restated Power Purchase Agreement for Firm Capacity Renewable Dispatchable Generation by and between Puna Geothermal Venture ("Seller") and Hawaii Electric Light Company, Inc. (“Company”) dated December 30, 2019 (the "Agreement"). In addition to the remedial action plan requirement set forth in Section 2.3(B)(1) of the Agreement, Seller shall review the status of each Condition Precedent and Milestone of the schedule (the "Schedule") for the Facility and identify such matters referenced in clauses (i)-(v) below as known to Seller and which in Seller's reasonable judgment are expected to adversely affect the Schedule, and with respect to any such matters, shall state the actions which Seller intends to take to ensure that the Conditions Precedent and Milestones will be attained by their required dates. Such matters may include, but shall not be limited to: (i) Any material matter or issue arising in connection with a Permit, or compliance therewith, with respect to which there is an actual or threatened dispute over the interpretation of a law, actual or threatened opposition to the granting of a necessary Permit, any organized public opposition, any action or expenditure required for compliance or obtaining approval that Seller is unwilling to take or make, or in each case which could reasonably be expected to materially threaten or prevent financing of the Facility, attaining any Condition Precedent or Milestone, or obtaining any contemplated agreements with other parties which are necessary for attaining any Condition Precedent or Milestone or which otherwise reasonably could be expected to materially threaten Seller's ability to attain any Condition Precedent or Milestone. (ii) Any development or event in the financial markets or the independent power industry, any change in taxation or accounting standards or practices or in Seller's business or prospects which reasonably could be expected to materially threaten financing of the Facility, attainment of any Condition Precedent or Milestone or materially threaten any contemplated agreements with other parties which are necessary for attaining any Condition Precedent or Milestone or could otherwise reasonably be expected to materially threaten Seller's ability to attain any Condition Precedent or Milestone; (iii) A change in, or discovery by Seller of, any legal or regulatory requirement which would reasonably be expected to materially threaten Seller's ability to attain any Condition Precedent or Milestone; (iv) Any material change in the Seller's schedule for initiating or completing any material aspect of the Facility; (v) The status of any matter or issue identified as outstanding in any prior Monthly Progress Report and any material change in the Seller's proposed actions to remedy or overcome such matter or issue.

Ocean Transit. Seller shall take reasonable action to ensure that the risk of loss or damage to any material items of equipment which are subject to ocean transit is adequately protected against by the terms of delivery from contractors or suppliers of such equipment or Seller’s own insurance coverage. (See Section 3.2(A)(7)) Any capitalized terms used in this report which are not defined herein shall have the meaning ascribed to them in the Amended and Restated Power Purchase Agreement for Firm Capacity Renewable Dispatchable Generation by and between Puna Geothermal Venture between____________, a _________________ ("Seller") ), and Hawaii Hawaiian Electric Light Company, Inc. (“Company”) Inc., a Hawai‘i corporation, dated December 30____________, 2019 (the "Agreement"). In addition to the remedial action plan requirement set forth in Section 2.3(B)(1) of the Agreement, Seller shall review the status of each Condition Precedent and Milestone of the schedule (the "Schedule") for the Facility and identify such matters referenced in clauses (i)-(v) below as known to Seller and which in Seller's reasonable judgment are expected to adversely affect the Schedule, and with respect to any such matters, shall state the actions which Seller intends to take to ensure that the Conditions Precedent and Milestones will be attained by their required dates. Such matters may include, but shall not be limited to: (i) Any material matter or issue arising in connection with a Permit, or compliance therewith, with respect to which there is an actual or threatened dispute over the interpretation of a law, actual or threatened opposition to the granting of a necessary Permit, any organized public opposition, any action or expenditure required for compliance or obtaining approval that Seller is unwilling to take or make, or in each case which could reasonably be expected to materially threaten or prevent financing of the Facility, attaining any Condition Precedent or Milestone, or obtaining any contemplated agreements with other parties which are necessary for attaining any Condition Precedent or Milestone or which otherwise reasonably could be expected to materially threaten Seller's ability to attain any Condition Precedent or Milestone. (ii) Any development or event in the financial markets or the independent power industry, any change in taxation or accounting standards or practices or in Seller's business or prospects which reasonably could be expected to materially threaten financing of the Facility, attainment of any Condition Precedent or Milestone or materially threaten any contemplated agreements with other parties which are necessary for attaining any Condition Precedent or Milestone or could otherwise reasonably be expected to materially threaten Seller's ability to attain any Condition Precedent or Milestone; (iii) A change in, or discovery by Seller of, any legal or regulatory requirement which would reasonably be expected to materially threaten Seller's ability to attain any Condition Precedent or Milestone; (iv) Any material change in the Seller's schedule for initiating or completing any material aspect of the Facility; (v) The status of any matter or issue identified as outstanding in any prior Monthly Progress Report and any material change in the Seller's proposed actions to remedy or overcome such matter or issue.