Common use of Electricity Storage Facility Option to Reduce Contract Capacity Clause in Contracts

Electricity Storage Facility Option to Reduce Contract Capacity. ‌ At any time after the completion of the third (3rd) Contract Year, the Supplier in respect of an Electricity Storage Facility may, on no more than three (3) occasions during the Term, elect to reduce the Summer Contract Capacity and/or the Winter Contract Capacity by an amount that is not more than seven percent (7%) of the value of the Summer Contract Capacity and/or the Winter Contract Capacity (as applicable) set out in Exhibit B as of the Contract Date. Any reduction in Contract Capacity set out in this Section 4.3 shall require written notice thereof to the Buyer at least twelve (12) months prior to the effective date of such reduction and any such reduction in the Contract Capacity may only take effect on first (1st) day of the first (1st) Settlement Month of a Contract Year. The Supplier acknowledges that any such reductions in the Contract Capacity shall not reduce any obligations of the Supplier in existence prior to the effective date of such reduction and that, notwithstanding anything in Section 2.1, such reduction shall be permanent and the Contract Capacity, as reduced, cannot be increased at any point during the balance of the Term. For greater certainty, the Supplier acknowledges that a reduction in the Contract Capacity will reduce the Monthly Payment. Upon any reduction in Contract Capacity set out in this Section 4.3 the Buyer will issue a confirmation of the adjusted Contract Capacity for the Parties’ records.

Electricity Storage Facility Option to Reduce Contract Capacity. ‌ At any time after the completion of the third (3rd) Contract Year, the Supplier in respect of an Electricity Storage Facility may, on no more than three (3) occasions during the Term, elect to reduce the Summer Contract Capacity and/or the Winter Contract Capacity by an amount that is not more than seven percent (7%) of the value of the Summer Contract Capacity and/or the Winter Contract Capacity (as applicable) set out in Exhibit B as of the Contract Date. Any reduction in Contract Capacity set out in this Section 4.3 shall require written notice thereof to the Buyer at least twelve (12) months prior to the effective date of such reduction and any such reduction in the Contract Capacity may only take effect on first (1st) day of the first (1st) Settlement Month of a Contract Year. The Supplier acknowledges that any such reductions in the Contract Capacity shall not reduce any obligations of the Supplier in existence prior to the effective date of such reduction and that, notwithstanding anything in Section 2.1, such reduction shall be permanent and the Contract Capacity, as reduced, cannot be increased at any point during the balance of the Term. For greater certainty, the Supplier acknowledges that a reduction in the Contract Capacity will reduce the Monthly Payment. Upon any reduction in Contract Capacity set out in this Section 4.3 the Buyer will issue a confirmation of the adjusted Contract Capacity for the Parties’ records.records.‌‌‌‌

Electricity Storage Facility Option to Reduce Contract Capacity. ‌ At any time after the completion of the third (3rd) Contract Year, the Supplier in respect of an Electricity Storage Facility may, on no more than three (3) occasions during the Term, elect to reduce the Summer Contract Capacity and/or the Winter Contract Capacity by an amount that is not more than seven percent (7%) of the value of the Summer Contract Capacity and/or the Winter Contract Capacity (as applicable) set out in Exhibit B as of the Contract Date. Any reduction in Contract Capacity set out in this Section 4.3 shall require written notice thereof to the Buyer at least twelve (12) months prior to the effective date of such reduction and any such reduction in the Contract Capacity may only take effect on first (1st) day of the first (1st) Settlement Month of a Contract Year. The Supplier acknowledges that any such reductions in the Contract Capacity shall not reduce any obligations of the Supplier in existence prior to the effective date of such reduction and that, notwithstanding anything in Section 2.1, such reduction shall be permanent and the Contract Capacity, as reduced, cannot be increased at any point during the balance of the Term. For greater certainty, the Supplier acknowledges that a reduction in the Contract Capacity will reduce the Monthly Payment. Upon any reduction in Contract Capacity set out in this Section 4.3 the Buyer will issue a confirmation of the adjusted Contract Capacity for the Parties’ records.records.‌‌‌