Within the term sheet, under “Contract Term and Services Term”, is it correct that the “Effective Date” does not occur until PG&E has received Regulatory Approval?
Yes, the Effective Date does not occur until PG&E has received Regulatory Approval, which must be final and non-appealable. 8) Within the term sheet, under the “Remedies” section in connection with default termination, the draft document indicates that PG&E could charge a Termination Payment ($15,000 per MW) in addition to exercising “all remedies available to it”. Is the $15,000 per MW an agreed cap on liability (like liquidated damages), or are Participants exposed to liability for other damages if PG&E terminates the agreement for default? (1-4-05) The $15,000/MW is a cap on the termination payments only. Other damages may apply. 9) Within the term sheet, under “Other Terms and Conditions”, would PG&E be willing to agree that Seller would be have a pre-approved right to assign the Definitive Agreement to the lender(s) disclosed in Participant’s Offer when it was approved by PG&E? Third party lenders typically require such a right of assignment in their financing documents. (1-4-05)
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