Firm Contract definition

Firm Contract means a contract for a one-time purchase and is not renewable.

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Firm Contract means an arm's length, bona-fide binding contract for purchase and sale, in form and content satisfactory to Bank, for the sale of a Unit to a purchaser unaffiliated and unrelated to Borrower or Guarantor, under which (i) Borrower has received a cash deposit equal to ten percent (10%) of the purchase price except as herein after provided; (ii) Borrower is not obligated to provide any purchase-money financing, (iii) all applicable statutory cancellation or rescission periods have expired, (iv) there are no contingencies other than a first mortgage financing contingency for which Borrower has confirmed to Bank that purchaser has made a mortgage application, (v) the closing date for the contract is within forty-five (45) days of the date of issuance of the Certificate of Occupancy for the Unit, and (vi) the gross sales price, after payment of all of Borrower's closing expenses thereunder, will result in sufficient proceeds to pay to Bank the Unit Release Price and Lot Release Price. If a purchaser has received preliminary loan approval from an institutional Bank, including income qualification and credit verification, the required deposit shall be five percent (5%) for said contract to constitute a Firm Contract. The purchaser's interest in the Mortgaged Property and under the Firm Contract must be expressly subordinated to the lien and operation of Bank's Mortgage, either by separate subordination agreement in favor of Bank or pursuant to the terms of the Firm Contract.

Firm Contract means a contract of purchase and sale for a strata lot in the Development that is not subject to any condition precedent for the benefit of the purchaser.

Examples of Firm Contract in a sentence

• As further described in Exhibit D, if the Generating Facility elects to provide Firm Contract Capacity, then the Generating Facility must have a minimum Firm Contract Capacity performance requirement of 95% to earn the Maximum Firm Capacity Payment and a minimum Capacity Performance Requirement of 60% to earn any portion of the Maximum Firm Capacity Payment.

• The Capacity Demonstration Factor is calculated as follows: CAPACITY DEMONSTRATION FACTOR = A / (B x C) Where A = The number of Capacity Measurement Intervals during the test period when the Demonstration Rate of Metered Energy equals or exceeds the Firm Contract Capacity specified in Section 1.02(d).

• To the extent the Firm Contract Capacity set forth in Section 1.02(d) on the Effective Date and the Firm Contract Capacity demonstrated in accordance with Exhibit C are different, Section 1.02(d) will be adjusted to reflect the Firm Contract Capacity demonstrated in accordance with and subject to the limitations set forth in Exhibit C.

• The Generating Facility shall be deemed to have satisfied the Six-Hour Demonstration if the Power Output in each and every Metering Interval during the six-hour period equals or exceeds the Firm Contract Capacity set forth in Section 1.02(d).

• The results of the Capacity Demonstration Test set forth in this Exhibit C will be used (i) to verify and adjust as necessary the Firm Contract Capacity set forth in Section 1.02(d), and (ii) to determine the Reportable Capacity, as further described in Section 10 of Exhibit C.

• The Firm Contract Capacity, the As-Available Contract Capacity and the Net Contract Capacity are subject to adjustment in accordance with Exhibit C.

• In the special case of a less-than-one-day Maintenance Outage that directly follows another less-than-one-day Maintenance Outage, Benchmark Capacity of the outage that follows is defined as the highest Hourly Power Output, not to exceed Firm Contract Capacity, between these two outage time periods.

• If the Generating Facility provides Firm Contract Capacity and is a New CHP Facility, an Expanded CHP Facility or a Repowered CHP Facility, before commencement of the Capacity Demonstration Test, Buyer shall provide a Notice to Seller providing Seller with access to all Check Meters for all meter data through a secure internet website.

• If the Generating Facility passes both the 20-Day Demonstration and the Six-Hour Demonstration, the Demonstrated Firm Contract Capacity shall be deemed to be equal to the Firm Contract Capacity in Section 1.02(d).

• If a (non-zero) Firm Contract Capacity quantity is applicable to this Agreement, then this Section 3 applies to Seller.

More Definitions of Firm Contract

Firm Contract means an arm’s length, bona-fide binding contract for purchase and sale, in form and content satisfactory to Bank, with no contingencies except a first mortgage financing contingency and/or other contingencies approved by Bank, for the sale of a Lot or a Unit to a purchaser unaffiliated and unrelated to Borrower or Guarantors.

Firm Contract means an access contract that is not an interruptible contract.

Firm Contract is any contract, other than a Unit Contract, for the purchase of Installed Capability, Operable Capability, Energy, Operating Reserves, and/or AGC, pursuant to which the purchaser's right to receive such Installed Capability, Operable Capability, Energy, Operating Reserves, and/or AGC is subject only to the supplier's inability to make deliveries thereunder as the result of events beyond the supplier's reasonable control.

Firm Contract means an arm's length, bona-fide binding contract for purchase and sale, in form and content satisfactory to Bank, for the sale of a Unit to a purchaser unaffiliated and unrelated to Borrower or Guarantor, under which (i) Borrower has received a cash deposit equal to ten percent (10%) of the purchase price except as herein after provided; (ii) Borrower is not obligated to provide any purchase-money financing, (iii) all applicable statutory cancellation or rescission periods have expired, (iv) there are no contingencies other than a first mortgage financing contingency for which Borrower has confirmed to Bank that purchaser has made a mortgage application and has received a mortgage commitment without contingencies, (v) the closing date for the contract is within forty-five (45) days of the date of issuance of the Certificate of occupancy for the Unit, and (vi) the gross sales price, after payment of all of Borrower's closing expenses thereunder, will result in sufficient proceeds to pay to Bank the Unit Release Price and Lot Release Price. The purchaser's interest in the Mortgaged Property and under the Firm Contract must be expressly subordinated to the lien and operation of Bank's Mortgage, either by separate subordination agreement in favor of Bank or pursuant to the terms of the Firm Contract.