PTO Date definition
PTO Date means with respect to a PV System the date such PV Systems has achieved PTO.
PTO Date means with respect to a PV System the date such PV Systems has achieved PTO. “Purchase Option” means the option of a Managing Member to acquire the interest of a Tax Equity Investor in a Tax Equity Opco. “Purchase Price” means, with respect to a Solar Asset, the amount paid by the applicable Tax Equity Fund for such Solar Asset, as defined in the relevant Project Documents (including any relevant adjustments or true-up amounts). “PV System” means, with respect to a Solar Asset, a photovoltaic system, including Solar Photovoltaic Panels, Inverters, Racking Systems, wiring and other electrical devices, as applicable, conduits, weatherproof housings, hardware, remote monitoring equipment, connectors, meters, disconnects and over current devices (including any replacement or additional parts included from time to time). A PV System may also include an optional battery storage device. “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). “QFC Credit Support” has the meaning set forth in Section 10.28 hereof. “Qualifying Hedge Counterparty” means (i) Credit Suisse International, (ii) a Lender or any Affiliate of a Lender or (iii) a counterparty the senior unsecured debt obligations or senior deposits of which are rated at least “A+”, in the case of S&P or at least “A1”, in the case of ▇▇▇▇▇’▇; provided that clause (i) of this definition shall only be applicable to Hedge Agreements entered into prior to the Fourth Amendment Effective Date. “Qualifying Takeout Transaction” means a Takeout Transaction that results in a reduction of the Aggregate Outstanding Advances by an amount equal to [***]. “Qualifying Tax Credit Purchaser” means (i) a Tax Credit Purchaser the senior unsecured debt obligations or senior deposits of which are rated, or the long term insurer financial strength of which is rated at least (x) as of the date the related Tax Credit Sale Contract is entered into (or, if later, the date on which the related Tax Equity Fund is first included in the Borrowing Base), “BBB” (and, if rated less “A”, with a stable or positive outlook), in the case of S&P or Fitch or “Baa2” (and, if rated less “A2”, with a stable or positive outlook), in the case of ▇▇▇▇▇’▇ and (y) at all other times, “BBB-” (and, if rated less “A”, with a stable or positive outlook), in the case of S&P or Fitch or “Baa3” (and, if rated less “A2”, with a stable or positive outlook), in the case of ▇▇...
PTO Date has the meaning set forth in the MEPCA.
Examples of PTO Date in a sentence
For example, the first Contract Year for a System with a PTO Date of June 2, 2021 would end at 11:59 PM on July 31, 2022.
The related Customer Agreement is by its terms an absolute and unconditional obligation of the Customer to pay for electricity generated and delivered, or that will be generated and delivered, by the related System to such Customer after the PTO Date for such related System has been achieved, and such payment obligations under the related Customer Agreement do not provide for offset for any reason.
The first “Contract Year” means the 12 (twelve) month period beginning at 12:00 AM on the PTO Date through the end of the calendar month that is twelve months after the PTO Date.
More Definitions of PTO Date
PTO Date means with respect to a System the date such System has achieved PTO.