(DMNC Test definition
Examples of (DMNC Test in a sentence
The sole effect of Force Majeure under this Section 6.1(b) shall be to cause a rescheduling of such DMNC Test.
The Test Plan shall be subject to Owner approval, provided, however, in the event that Owner objects to all or any portion of the Test Plan, Owner shall notify Operator in writing and Owner and Operator shall promptly meet to resolve any differences in order to establish an approved Test Plan by no later than twenty (20) days prior to the semi-annual DMNC Test.
If the DMNC Test indicates that the Vessels’ DMNC is less than 66 MW, the Purchase Price shall be adjusted by deducting therefrom, an amount equal to (a) $215,152 times (b) 66MW less the DMNC Test results (prorating such amount for fractions of 1MW, the “Adjustment Amount”).
By no later than forty-five (45) days prior to each semi-annual DMNC Test, Operator shall prepare and submit for Owner's approval a plan for such DMNC Test (the "Test Plan") which shall clearly identify the measures to be taken by Operator to meet the Target DMNC.
For each DMNC Test conducted during a Project Year, Owner shall evaluate Operator on its ability to achieve the Target DMNC, and, subject to Owner's sole and complete discretion, award Operator a bonus of up to Twelve Thousand Five Hundred and 00/100 Dollars ($12,500.00) or assess Operator with liquidated damages of up to Twelve Thousand Five Hundred and 00/100 Dollars ($12,500.00) in the Change in DMNC category of the AFAA.
After conducting four (4) DMNC Tests, and paying bonuses and/or liquidated damages in accordance with this Section 6.1(b), in the first two (2) Project Years, Owner and Operator shall meet and, in consideration of actual Facility operation, actual DMNC Test results and the amounts of bonuses paid and/or liquidated damages assessed, reevaluate the method used in determining the Change in DMNC category of the AFAA.
If the DMNC Test indicates that the Vessels’ DMNC equals 66 MW or greater, the Purchase Price shall not be adjusted, and the Remaining Purchase Price shall be paid, if not theretofore paid pursuant to Section 1(a)(ii)(y).
If an event of Force Majeure prevents or disrupts the running of a scheduled DMNC Test, Operator shall neither be assessed liquidated damages nor receive a bonus under such test.