Timing Requirements for Cash Grant Qualification Sample Clauses

Timing Requirements for Cash Grant Qualification. To qualify for a cash grant, a solar project must be either placed in service in 2009, 2010 or 2011, or placed in service prior to 2017 if construction of such property began in 2009, 2010 or 2011. The Ivanpah projects are not expected to be placed in service before January 1, 2012. It is also clear that the projects did not commence construction before 2010 because no work was performed on site before October 2010 and no work was performed under a binding written contract prior to 2010. It is necessary, then, that construction commences with respect to the project’s solar generation assets in 2010 or 2011, in order for the project to qualify for a cash grant. A project will be considered to have started construction when “physical work of a significant nature” commences. See Treasury Guidance, at pg. 6. There are two ways to meet this test. First, an applicant may rely on a safe harbor that deems physical work of a significant nature to have begun when the applicant has incurred more than five percent of the total cost of the eligible property. An applicant may also demonstrate that physical work of a significant nature has commenced in 2010 or 2011 and qualify for a cash grant even if it does not satisfy the safe harbor requirements. This opinion letter analyzes whether the project companies are expected to satisfy the physical work test. Under the physical work test, construction is deemed to commence when physical work of a significant nature has commenced at the project site or, in some cases, at an offsite location. See id. The Treasury Guidance includes an example that says physical work of a significant nature begins at a wind farm with the beginning of the excavation of a turbine’s foundation, the setting of anchor bolts in the ground, or the pouring of concrete pads of the foundation. Physical work does not include preliminary activities such as planning or designing, securing financing, exploring, researching, clearing a site, test drilling to determine soil condition or excavation to change the contour of the land. See id. Treasury expanded on this example in a set of frequently asked questions (“FAQs”). It said that laying a single turbine’s foundation that will be a part of larger wind farm will generally be treated as the start of construction of the larger project’s specified energy property. Because Treasury was concerned about applicants starting construction in 2010 (and now 2011, with the amendment of section 1603 of the American Recove...
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Related to Timing Requirements for Cash Grant Qualification

  • Selection Based on Consultants’ Qualifications Services estimated to cost less than $100,000 equivalent per contract may be procured under contracts awarded in accordance with the provisions of paragraphs 3.1, 3.7 and 3.8 of the Consultant Guidelines.

  • Qualification Criteria The College may offer or an employee may request an early retirement incentive provided the employee meets the following qualifications:

  • REIT Qualification The Company will use its best efforts to continue to meet the requirements for qualification and taxation as a REIT under the Code, subject to any future determination by the Company’s board of directors that it is no longer in the Company’s best interests to qualify as a REIT.

  • Tax Qualification Each Employee Benefit Plan intended to be qualified under Section 401(a) of the Code has been determined to be so qualified by the Internal Revenue Service and nothing has occurred since the date of the last such determination which resulted or is likely to result in the revocation of such determination.

  • Audit qualification The Auditors of the Group qualify the audited annual consolidated financial statements of the Borrower.

  • Eligibility; Disqualification There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. This Indenture will always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b).

  • Required Qualifications Not Applicable

  • Regulation D Qualification Neither the Company nor, to its actual knowledge, any of its affiliates, members, officers, directors or beneficial shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.

  • Qualification to do Business Each of the Company and its Subsidiaries is duly qualified to do business as a foreign corporation, limited liability company or partnership (as the case may be) and is in good standing or similar concept in every jurisdiction in which the character of the properties owned or leased by it or the nature of the business conducted by it makes such qualification necessary, except where the failure to be so qualified or in good standing would not, individually or in the aggregate, have a Company Material Adverse Effect.

  • IRO Qualifications The IRO shall:

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