First Project definition
Examples of First Project in a sentence
In the event it is reasonably determined that the First Project as implemented will not achieve 109,000 metric tons of methane emissions reductions, the Administrator will work with CARB to pursue investment from the Mitigation Fund into one or more Additional Mitigation Projects.
For the avoidance of doubt, Part 2 Dairy Projects approved (or deemed approved) by CARB pursuant to this Section 3.b.i.1 shall become part of the First Project and shall not constitute Additional Mitigation Projects.
As of the First Project Funding Date, Borrower has provided the subordination agreements required by Section 6.02(o).
For the purpose of establishing whether SoCalGas has met the Mitigation Obligation pursuant to Section 2.f above, CARB shall count and include 100% of all Mitigation Project Certified Reductions associated with (i) all Dairy Projects comprising the First Project and (ii) any Additional Mitigation Project, provided that the IE Operational Certification confirms that Commercial Operation of such Dairy Project or Additional Mitigation Project was achieved prior to January 1, 2024.
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A Part 2 Dairy Project shall be deemed approved by CARB and included in the First Project thirty (30) days after the Administrator’s submission of notice, unless CARB notifies the Administrator of its reasonable basis for disagreeing that the Funding Threshold Requirement is met.
First Project Progress Report is due by July 15, 2022, for the period April 1 - June 30, 2022.
For the First Project, the Administrator may satisfy the requirements in Sections 5.a through 5.d regarding preparation of the Projected Emissions Reduction Report and the IE Operational Certification at the level of any individual Dairy Project within the First Project, any Cluster within the First Project, or the entire First Project as long as the IE Operational Certification contains sufficient detail to confirm that each individual component of the First Project is in operation.
Each of the Independent Engineer, Independent Environmental Consultant, Independent Market Consultant and Independent Insurance Consultant shall provide a bring-down certificate, dated as of the date of the First Project Funding Date, to the effect that no act, event or condition has occurred since the date of each consultant’s report delivered pursuant to Section 6.01 that adversely affects the information and conclusions set forth therein.
Taken together, all Clusters included in the First Project are expected to achieve the Mitigation Obligation by mid-2020 and achieve a reduction of at least 109,000 metric tons of methane emissions reductions within ten years of initial operation.