Power Substantial Completion means that, and shall be deemed to have occurred when the Project has been constructed, successfully tested and commissioned such that, among other things: (a) the Project (i) is operating within all the specified parameters in the Construction Documents, (ii) has achieved Mechanical Completion and Biogas Substantial Completion, (iii) has achieved commercial operation; (iv) has all Permits and Related Rights required for continuous commercial operation, and (v) is operating and generating the specified output pursuant to the EPC Agreement and the Power Purchase Agreement, and is supplying power to the Power Purchaser in full accordance with the Purchase Power Agreement; (b) a successful operational performance test of the Project for its intended use shall have been completed demonstrating that Project performance criteria of electrical generation, heat rate and emission levels have been met and are satisfactory; and (c) Borrower, and at Lender's request, Lender, shall have received from EPC Contractor satisfactory evidence that all payrolls, bills, and other costs and expenses relating to the work performed under the Construction Documents have been paid or otherwise satisfied (including lien waivers and releases, from every Subcontractor and every other Person who provided labor, material, equipment or supplies for the work or the Project). Satisfaction of the requirements for Power Substantial Completion shall be determined by Lender in consultation with Lender's Engineer.
Examples of Power Substantial Completion in a sentence
In the event that for any period of time after the date of Power Substantial Completion, the Project is completely inoperable due to the occurrence of a Force Majeure Event, Borrower shall immediately notify Lender of such Force Majeure Event in reasonable detail.
Warranties required by this Agreement shall commence on the Power Substantial Completion Date unless a different date of commencement is expressly stated in this Agreement for a particular piece of equipment in the Plant or a portion of the Plant.
After Power Substantial Completion of the Project but on or before the Conversion Date Deadline, Borrower shall execute the Term Note completed in accordance with Section 5.03 hereof.
S&M Contractor agrees to use its best efforts to perform the Operation Service described in more detail below so as to enable the Plant to be operated in a continuous and optimal manner to generate 42,640,000 kwh each year starting from the Power Substantial Completion Date.
Until the Power Substantial Completion Date (except to the extent otherwise provided herein upon the earlier termination of this Agreement), and subject to the provisions of this Article 12.