Guaranteed Commercial Operation Date definition

Guaranteed Commercial Operation Date has the meaning set forth in Section 3.9(c)(i).

Guaranteed Commercial Operation Date means the Expected Commercial Operation Date, as such date may be extended by the Development Cure Period.

Guaranteed Commercial Operation Date means the date that is 120 days after the Scheduled Commercial Operation Date.

Examples of Guaranteed Commercial Operation Date in a sentence

• Seller shall cause the Project to achieve the Commercial Operation Date by the Guaranteed Commercial Operation Date; provided, however, that the Commercial Operation Date shall not occur more than one hundred eighty (180) days prior to the Guaranteed Commercial Operation Date.

• If the Commercial Operation Date occurs after the Guaranteed Commercial Operation Date after giving effect to Permitted Extensions or Force Majeure, then Buyer shall be entitled to declare an Event of Default and collect a Termination Payment pursuant to Article Five.

• The non-Claiming Party may terminate this Agreement on at least five (5) Business Days’ prior Notice, in the event of Force Majeure which materially interferes with the Claiming Party’s ability to perform its obligations under this Agreement and which (a) extends for more than 365 consecutive days, (b) extends for more than a total of 365 days in any consecutive 540-day period, or (c) causes the Commercial Operation Date to fail to be demonstrated by the Guaranteed Commercial Operation Date.

• Nothing in this Section 10 shall relieve the Seller of the obligation to achieve Commercial Operation on or before the Guaranteed Commercial Operation Date, as may be extended pursuant to Section 1.1.

• The Guaranteed Commercial Operation Date may be extended on a day for day basis in the event of Force Majeure (“Force Majeure Extension”); provided that Seller works diligently to resolve the effect of the Force Majeure and provides evidence of its efforts promptly to Buyer upon Buyer’s written request; provided further that Seller may not claim Force Majeure for any reason that was the basis for or would qualify as a Permitting Delay or a Transmission Delay.

More Definitions of Guaranteed Commercial Operation Date

Guaranteed Commercial Operation Date or “Guaranteed COD” means the Expected Commercial Operation Date, subject to extensions on a day-for-day basis for the Development Cure Period. If the Seller does not achieve COD of the Facility by the Guaranteed COD, Seller shall pay COD Delay Damages to the Buyer for each day of delay until Seller achieves COD. “COD Delay Damages” are equal to the Development Security divided by 60. COD Delay Damages shall be paid for each day of delay and shall be paid to Buyer in advance on a monthly basis. A prorated amount will be returned to Seller if COD is achieved during the month for which COD Delay Damages were paid in advance. Failure to achieve COD for any reason within 60 days of the Guaranteed COD, shall constitute an Event of Default, and Buyer shall have the right, in its sole discretion, to terminate the PPA and receive the Damage Payment. For the avoidance of doubt, Seller’s liability for an Event of Default comprising the failure to timely achieve COD shall equal the sum of any Construction Delay Damages and COD Delay Damages that are due and owing, plus the Damage Payment.

Guaranteed Commercial Operation Date. The “Guaranteed Commercial Operation Date” or “Guaranteed COD” means the Expected Commercial Operation Date, subject to extensions on a day-for-day basis due to Force Majeure or delays caused by transmission provider (e.g., the CAISO) or transmission owner (e.g., PG&E) that are outside of the reasonable control of Seller. Such day-for-day extensions, including for Force Majeure, shall be no longer than one-hundred twenty (120) days on a cumulative basis. For clarity, these permitted extensions extend both the Guaranteed Construction Start Date and the Guaranteed COD simultaneously. If the Seller does not achieve COD of the Storage Facility by the Guaranteed COD, Seller shall pay Delay Damages to the Buyer for each day of delay until Seller achieves COD. “Delay Damages” are equal to the Development Security divided by 60. Delay Damages shall be paid for each day of delay and shall be paid to Buyer in advance on a monthly basis. A prorated amount will be returned to Seller if COD is achieved during the month for which Delay Damages were paid in advance. Failure to achieve COD within 60 days of the Guaranteed COD shall constitute an Event of Default, and Buyer shall have the right, in its sole discretion, to terminate the PPA and retain the Development Security. Commercial Operation Date (“COD”): The COD shall be the date when all of the following requirements have been met to Buyer’s reasonable satisfaction including Seller providing a certificate from an independent engineer to Buyer with respect to subparts (i), (iii), (iv) and (v): Storage Facility has met all Interconnection Agreement requirements and is capable of receiving charging energy from, and delivering discharging energy to, the CAISO Balancing Authority; Seller has provided Buyer with a copy of written notice from the CAISO that the Storage Facility has achieved Full Capacity Deliverability Status (as defined in the CAISO tariff), if applicable; Commissioning of equipment has been completed in accordance with the manufacturer’s specification; 100% of Storage Capacity has been installed and commissioned; Storage Facility has successfully completed all testing required by prudent utility practices or any requirement of law to operate the Storage Facility; All applicable permits and government approvals required for the operation of the Storage Facility have been obtained; Seller has obtained all real property rights; Security requirements for the Delivery Term have been met; and Insurance require...

Guaranteed Commercial Operation Date means [ ], as may be extended for (a) Force Majeure Extension according to Section 3.6(a), and (b) the Accounting Treatment Work- Out Period Extension according to Section 3.6(b); provided, however, that the Guaranteed Commercial Operation Date shall only be extended by one Day for each Day when both of the extensions described in clauses (a) and (b) above apply.

Guaranteed Commercial Operation Date means the date that is ninety (90) days after the Scheduled Commercial Operation Date.

Guaranteed Commercial Operation Date shall have the meaning set forth in Section 3.1(a)(vi) hereof.

Guaranteed Commercial Operation Date has the meaning set forth in Section 1.1.2. “Guaranteed Energy Production” or “GEP” has the meaning set forth in Section 11.1.

Guaranteed Commercial Operation Date. The “Guaranteed Commercial Operation Date” or “Guaranteed COD” means the Expected Commercial Operation Date, subject to extensions on a day-for-day basis under the Development Cure Period. If Seller does not achieve COD of the Facility by the Guaranteed COD, Seller shall retain any Daily Delay Damages paid and shall pay Commercial Operation Delay Damages to the Buyer for each day of delay until Seller achieves COD. “Commercial Operation Delay Damages” are equal to [$XXX/day, which is equal to the Development Security divided by 90]. Commercial Operation Delay Damages shall be paid for each day of delay and shall be paid to Buyer in advance on a monthly basis. A prorated amount will be returned to Seller if Commercial Operation is achieved during the month for which Commercial Operation Delay Damages were paid in advance. Failure to achieve COD within ninety (90) days of the Guaranteed Commercial Operation Date shall constitute an Event of Default, and Buyer shall have the right, in its sole discretion, to terminate the PPA and retain the Development Security.