Project Sanction definition
Examples of Project Sanction in a sentence
After the date of a Project Sanction AFE, each Member may, for its own account, provide, maintain and pay for any form of insurance coverage (including any internal insurance products such Member has available to it, from time to time) which that Member in its discretion deems necessary or desirable to protect itself or its Ownership Interest.
Notwithstanding any other provision of this Article 17, from the Effective Date until the date of a Project Sanction AFE, each Member shall, for its own account, maintain and pay for insurance coverage from reputable insurance companies necessary to protect itself and its Ownership Interest.
The Purchaser shall forthwith provide the Vendor with written notice of the completion of a Pre-Feasibility Study, the completion of a Feasibility Study and the approval of the Project Sanction AFE.
Before Project Sanction, the State may terminate this Contract by establishing by clear and convincing evidence that the Participants have not acted by Diligence, resulting in a material adverse impact to the Project.
Until Project Sanction, decisions by the Participants are subject to the Diligence standard described in Article 5.1, including decisions that impact Project schedule.
Subject to Article 5.1, the Participants shall continue to pursue implementation of the Qualified Project Plan until Project Sanction.
From Project Sanction until Commencement of Commercial Operations, if a Midstream Entity persistently and intentionally fails to comply with Article 6, that entity and the State shall agree upon an appropriate remedy intended to ensure future compliance with Article 6.
Under the TransAlta Development Services Agreement (“TDSA”) to be entered into between Tent Mountain Pumped Hydro Limited Partnership (“Limited Partnership”) and TransAlta, TransAlta will provide to the Limited Partnership the Development Services required for the Limited Partnership to achieve Project Sanction (as defined in the LPA) based on agreed rates and subject to and in accordance with the approved Development Budget and Schedule.
Upon a positive Project Sanction decision, the General Partner shall use commercially reasonable efforts to complete the construction, commissioning and start-up of the Project as required to achieve commercial operation on or before the applicable target commercial operation date.
The 60 day review and approval cycle for Project Sanction has been incorporated into the schedule.