Merchant Project definition
Examples of Merchant Project in a sentence
Each Party (and its representatives) has the right, at its sole expense and during normal working hours, to examine only those records of any other Party that are reasonably necessary to verify the accuracy of any invoice, charge or calculation made pursuant to this Agreement, including the quantity and settlement price for the Net Electrical Output of the Merchant Project.
If, at any time in the future, ONS relinquishes all or any portion of its control over the scheduling and dispatch of Energy, ECE shall establish terms and conditions to govern the scheduling and dispatch of the Merchant Project.
The failure of PETROBRAS to comply with Genco's nominations of Natural Gas shall relieve Genco, for such period, of the obligation to have the Merchant Project capable of Commercial Operations by April 30, 2002.
The Merchant Project shall be available to the Consortium pursuant to scheduling by ONS and the ONS Rules (subject to Prudent Industry Practices), except during periods of Scheduled Maintenance, Unscheduled Maintenance and as otherwise contemplated herein.
ECE will use its reasonable efforts to declare a marginal cost to ONS that would maximize the dispatch of the Merchant Project; provided, however, that upon the occurrence of an Event of Default, notwithstanding any claim of liability, responsibility, unenforceability or other excuse to performance, ECE shall have the right to determine and declare the marginal cost of the Merchant Project to ONS at its sole discretion.
Set forth below is the methodology for calculating the applicable discount in the Capacity Portion that Genco will receive for failing to maintain the Guaranteed Equivalent Availability Factor of the Merchant Project (the "Availability Factor Discount").
Except as required by applicable Law or the rules or regulations of any recognized national securities exchange, each Party shall make and shall cause its Affiliates to make, any public announcement or filing with or notification to any Governmental Authority regarding any other Party, the Merchant Project or this Agreement only with the prior written consent of the other Parties.
Subject to the approval of Genco, the Consortium may coordinate with Genco's third party construction contractor to install and maintain, at its own cost and expense, as part of the Merchant Project, the Consortium's back-up Natural Gas metering equipment; provided, however, Genco's third-party construction contractor shall perform any necessary installation and construction of the Consortium's back-up Natural Gas metering equipment.
All acts to be performed within the scope of the Consortium for the development of the Merchant Project shall be coordinated by ECE.
Through the Commercial Operations date, Genco shall maintain Marine Cargo insurance with a maximum deductible of US$ 25,000, covering physical loss or damage to the materials, equipment and supplies for incorporation or consumption into the Merchant Project during transportation to the Project Site.