Operational Completion definition

Operational Completion. Satisfaction of the elements described in the clause (B) of the definition of Project Completion.
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Operational Completion means the stage at which each of the following have occurred:
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Operational Completion means that (a) all Work on the Addition ------------------------ has been completed except for incomplete and defective Work normally considered to be "punch list" items which may be completed or corrected without interruption to or interference with installation of the equipment to be used in the Addition and (b) all Legal Requirements which are a condition to the commencement of use of the Addition for its Intended Use have been met (including, if required, the issuance of any certificate of occupancy).
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Examples of Operational Completion in a sentence

  • The Contractor agrees to correct all Work performed by him and his Subcontractors under this Agreement which proves to be defective in material and workmanship within a period of one year from the Date of Operational Completion as defined in Paragraph 5.2 (except process warranty in 2.4.7).

  • Operational Completion occurs when one or more periods of not less than 48 hours in duration occur where the capacity of the production unit has exceeded 90% of nameplate (272 mton per day Biodiesel) and a performance warranty test has been completed.

  • The Independent Technical Consultant shall notify the Facility Agent and the Technical Agent promptly upon becoming satisfied that each of the Physical Completion Test, the Operational Completion Test and the Financial Completion Test has been met.

  • Beginning not later than the earlier of (i) the Operational Completion Date and (ii) the date that is six (6) months prior to the First Payment Date, the amount on deposit in or credited to the Debt Service Reserve shall at all times be no less than the Debt Service Reserve Requirement.

  • The dissolution of the Borrower, the Sponsor (prior to the Project Completion Date), the EPC Guarantor (prior to the Operational Completion Date) or PG&E.

  • In accordance with Section 609.10(d)(8) of the Applicable Loan Guarantee Requirements, the Total Funding Available to the Borrower will be sufficient to develop and construct the Project and to achieve Physical Completion and Operational Completion, including adequate contingency funds for identified Cost Overruns.

  • Not less than fifteen (15) Business Days prior to the proposed commencement of any Capacity Test Period or of any Operational Completion Test Period, the Borrower shall notify the Senior Lenders’ Consultants and the Intercreditor Agent, in writing, of the proposed date on which the relevant Capacity Test Period or Operational Completion Test Period (as the case may be) will commence.

  • The Project shall fail to (i) achieve Physical Completion and Operational Completion by the Anticipated Completion Date, or (ii) to achieve the Operation Date (as defined in the Power Purchase Agreement) by the Scheduled Operation Date (as defined in the Power Purchase Agreement).

  • The Equity Investor shall make a payment in lieu of Equity Contributions (the “Accelerated Equity Contribution”), immediately (and in any event within two (2) Business Days) upon receipt from the Collateral Agent of written notice of the occurrence an Event of Default, prior to the occurrence of Operational Completion, and exercise of remedies under the Loan Documents, in an amount equal to the balance of the undrawn Base Equity Commitment and all amounts of the Overrun Equity Commitment.

  • There are no indications of a mechanical failure of any Well or any material failures subsisting at any ▇▇▇▇▇ at the conclusion of any Operational Completion Test Period.


More Definitions of Operational Completion

Operational Completion means satisfaction of the elements described in the clause (a) of the definition of Project Completion as set forth in Exhibit O.
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