Facility Information. The Product is Unit Specific. RECs Delivered must be from one of the Designated Systems and Seller represents as of the date of each Delivery hereunder by a Designated System that is Delivering REC(s) that: (a) Each such Designated System is not and will not be a generating unit whose costs are being recovered through rates regulated by Illinois or any other state or states. (b) Each such Designated System is a new generating unit such that the Date of Final Interconnection Approval did not occur before June 1, 2017. (c) Each such Designated System meets the definition of the Class of Resource indicated in the applicable Product Order and meets the requirements specified in the IPA Act or rules promulgated by the ICC for the designated Class of Resource. If a Designated System is determined not to be in compliance with any of the provisions of Sections 4(a) through (c) (inclusive), then upon the occurrence of such determination, the IPA shall provide written notice of such non-compliance to Buyer and Seller and the Designated System and the RECs associated with such Designated System shall be deemed removed from this REC Contract twenty (20) Business Days after such written notice by the IPA to Buyer and Seller unless Seller demonstrates, within such twenty (20) Business Day period and to the satisfaction of Buyer and the IPA in their reasonable discretion, that such event has not occurred. As soon as practicable after the conclusion of such twenty (20) Business Day period, if the non-compliance of the Designated System has not been determined to be cured, the IPA shall provide to Buyer and Seller a revised Schedule A (and Schedule B, if applicable) and Schedule C to the Product Order for such Designated System indicating the removal of such Designated System from the REC Contract. In addition, for non-compliance with Sections 4(a), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred ten percent (110%) of the total payments Seller has received from Buyer associated with RECs from such Designated System; and for non-compliance with any of the provisions of Sections 4(b) through (c) (inclusive), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred percent (100%) of the total payments Seller has received from Buyer associated with RECs from such Designated System. The Parties acknowledge that (A) Buyer shall be damaged by the failure of Seller to comply with one or more of Sections 4(a) through (c) (inclusive), (B) it would be impracticable or extremely difficult to determine the actual damages resulting therefrom, (C) the remedies specified herein are fair and reasonable and do not constitute a penalty and (D) the remedies specified in this Section 4 shall be Buyer’s sole and exclusive remedy in the event that Seller fails to comply with one or more of Sections 4(a) through (c).
Appears in 6 contracts
Samples: Renewable Energy Credit Agreement, Renewable Energy Credit Agreement, Renewable Energy Credit Agreement
Facility Information. The Product is Unit Specific. RECs Delivered must be from one of the Designated Systems and Seller represents as of the date of each Delivery hereunder by a Designated System that is Delivering REC(s) that:
(a) Each As required by Section 1-75(c)(1)(J) of the IPA Act, each such Designated System is not and will not be a generating unit whose costs are being recovered through rates regulated by Illinois or any other state or states.
(b) Each As required by Section 1-75(c)(1)(K) of the IPA Act, each such Designated System is a new generating unit such that the Date of Final Interconnection Approval did not occur before June 1, 2017.
(c) As required by Section 1-75(c)(7) of the IPA Act, each such Designated System has been installed by Qualified Persons in compliance with Section 16-128A of the Public Utilities Act and any rules or regulations adopted thereunder.
(d) Each such Designated System meets the definition of the Class of Resource indicated in the applicable Product Order and meets the requirements specified in the IPA Act or rules promulgated by the ICC for the designated Class of Resource. If a Designated System is determined not to be in compliance with any of the provisions of Sections 4(a4(b) through (cd) (inclusive), then upon the occurrence of such determination, the IPA shall provide written notice number of such non-compliance to Buyer and Seller and the Designated System and the RECs associated with such Designated System shall be deemed removed from this REC Contract twenty five (205) Business Days after such written notice by the IPA Buyer to Buyer and Seller unless Seller demonstrates, within such twenty five (205) Business Day period and to the satisfaction of Buyer and the IPA in their reasonable discretion, its sole discretion that such event has not occurred. As soon as practicable after the conclusion of such twenty (20) Business Day period, if the non-compliance of the Designated System has not been determined to be cured, the IPA shall provide to Buyer and Seller a revised Schedule A (and Schedule B, if applicable) and Schedule C to the Product Order for such Designated System indicating the removal of such Designated System from the REC Contract. In addition, for non-compliance with Sections 4(a), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred ten percent (110%) of the total payments Seller has received from Buyer associated with RECs from such Designated System; and for non-non- compliance with any of the provisions of Sections 4(b) through (cd) (inclusive), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred percent (100%) of the total payments Seller has received from Buyer associated with RECs from such Designated System. If a Designated System is determined not to be in compliance with Section 4(a), then the number of RECs associated with such Designated System shall be deemed removed from this REC Contract and Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement or (ii) one hundred ten percent (110%) of the total payments Seller has received from Buyer associated with RECs from such Designated System. The Parties acknowledge that (A) Buyer shall be damaged by the failure of Seller to comply with one or more of the Sections 4(a) through (cd) (inclusive), (B) it would be impracticable or extremely difficult to determine the actual damages resulting therefrom, (C) the remedies specified herein are fair and reasonable and do not constitute a penalty penalty, and (D) the remedies specified in this Section 4 4(e) shall be Buyer’s sole and exclusive remedy in the event that Seller fails to comply with one or more of Sections 4(a) through (cd).
Appears in 5 contracts
Samples: Renewable Energy Credit Agreement, Renewable Energy Credit Agreement, Renewable Energy Credit Agreement
Facility Information. The Product is Unit Specific. RECs Delivered must be from one of the Designated Systems and Seller represents as of the date of each Delivery hereunder by a Designated System that is Delivering REC(s) that:
(a) Each As required by Section 1-75(c)(1)(J) of the IPA Act, each such Designated System is not and will not be a generating unit whose costs are being recovered through rates regulated by Illinois or any other state or states.
(b) Each As required by Section 1-75(c)(1)(K) of the IPA Act, each such Designated System is a new generating unit such that the Date of Final Interconnection Approval did not occur before June 1, 2017.
(c) As required by Section 1-75(c)(7) of the IPA Act, each such Designated System has been installed by Qualified Persons in compliance with Section 16-128A of the Public Utilities Act and any rules or regulations adopted thereunder.
(d) Each such Designated System meets the definition of the Class of Resource indicated in the applicable Product Order and meets the requirements specified in the IPA Act or rules promulgated by the ICC for the designated Class of Resource. If a Designated System is determined not to be in compliance with any of the provisions of Sections 4(a) through (cd) (inclusive), then upon the occurrence of such determination, the IPA shall provide written notice number of such non-compliance to Buyer and Seller and the Designated System and the RECs associated with such Designated System shall be deemed removed from this REC Contract twenty fifteen (2015) Business Days after such written notice by the IPA Buyer to Buyer and Seller unless Seller demonstrates, within such twenty fifteen (2015) Business Day period and to the satisfaction of Buyer and the IPA in their its reasonable discretion, that such event has not occurred. As soon as practicable after the conclusion of such twenty (20) Business Day period, if the non-compliance of the Designated System has not been determined to be cured, the IPA shall provide to Buyer and Seller a revised Schedule A (and Schedule B, if applicable) and Schedule C to the Product Order for such Designated System indicating the removal of such Designated System from the REC Contract. In addition, for non-compliance with Sections 4(a), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred ten percent (110%) of the total payments Seller has received from Buyer associated with RECs from such Designated System; and for non-compliance with any of the provisions of Sections 4(b) through (cd) (inclusive), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred percent (100%) of the total payments Seller has received from Buyer associated with RECs from such Designated System. The Parties acknowledge that (A) Buyer shall be damaged by the failure of Seller to comply with one or more of the Sections 4(a) through (cd) (inclusive), (B) it would be impracticable or extremely difficult to determine the actual damages resulting therefrom, (C) the remedies specified herein are fair and reasonable and do not constitute a penalty and (D) the remedies specified in this Section 4 shall be Buyer’s sole and exclusive remedy in the event that Seller fails to comply with one or more of Sections 4(a) through (cd).
Appears in 4 contracts
Samples: Renewable Energy Credit Agreement, Renewable Energy Credit Agreement, Renewable Energy Credit Agreement
Facility Information. The Product is Unit Specific. RECs Delivered must be from one of the Designated Systems and Seller represents as of the date of each Delivery hereunder by a Designated System that is Delivering REC(s) that:
(a: As required by Section 1-75(c)(1)(J) Each of the IPA Act, each such Designated System is not and will not be a generating unit whose costs are being recovered through rates regulated by Illinois or any other state or states.
(b. As required by Section 1-75(c)(1)(K) Each of the IPA Act, each such Designated System is a new generating unit such that the Date of Final Interconnection Approval did not occur before June 1, 2017.
(c. As required by Section 1-75(c)(7) of the IPA Act, each such Designated System has been installed by Qualified Persons in compliance with Section 16-128A of the Public Utilities Act and any rules or regulations adopted thereunder. Each such Designated System meets the definition of the Class of Resource indicated in the applicable Product Order and meets the requirements specified in the IPA Act or rules promulgated by the ICC for the designated Class of Resource. If a Designated System is determined not to be in compliance with any of the provisions of Sections 4(a4(b) through (cd) (inclusive), then upon the occurrence of such determination, the IPA shall provide written notice number of such non-compliance to Buyer and Seller and the Designated System and the RECs associated with such Designated System shall be deemed removed from this REC Contract twenty five (205) Business Days after such written notice by the IPA Buyer to Buyer and Seller unless Seller demonstrates, within such twenty five (205) Business Day period and to the satisfaction of Buyer and the IPA in their reasonable discretion, its sole discretion that such event has not occurred. As soon as practicable after the conclusion of such twenty (20) Business Day period, if the non-compliance of the Designated System has not been determined to be cured, the IPA shall provide to Buyer and Seller a revised Schedule A (and Schedule B, if applicable) and Schedule C to the Product Order for such Designated System indicating the removal of such Designated System from the REC Contract. In addition, for non-compliance with Sections 4(a), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred ten percent (110%) of the total payments Seller has received from Buyer associated with RECs from such Designated System; and for non-compliance with any of the provisions of Sections 4(b) through (cd) (inclusive), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred percent (100%) of the total payments Seller has received from Buyer associated with RECs from such Designated System. If a Designated System is determined not to be in compliance with Section 4(a), then the number of RECs associated with such Designated System shall be deemed removed from this REC Contract and Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement or (ii) one hundred ten percent (110%) of the total payments Seller has received from Buyer associated with RECs from such Designated System. The Parties acknowledge that (A) Buyer shall be damaged by the failure of Seller to comply with one or more of the Sections 4(a) through (cd) (inclusive), (B) it would be impracticable or extremely difficult to determine the actual damages resulting therefrom, (C) the remedies specified herein are fair and reasonable and do not constitute a penalty penalty, and (D) the remedies specified in this Section 4 4(e) shall be Buyer’s sole and exclusive remedy in the event that Seller fails to comply with one or more of Sections 4(a) through (cd).
Appears in 1 contract
Samples: Renewable Energy Credit Agreement
Facility Information. The Product is Unit Specific. RECs Delivered must be from one of the Designated Systems and Seller represents as of the date of each Delivery hereunder by a Designated System that is Delivering REC(s) that:
(a) Each As required by Section 1-75(c)(1)(J) of the IPA Act, each such Designated System is not and will not be a generating unit whose costs are being recovered through rates regulated by Illinois or any other state or states.
(b) Each As required by Section 1-75(c)(1)(K) of the IPA Act, each such Designated System is a new generating unit such that the Date of Final Interconnection Approval did not occur before June 1, 2017.
(c) As required by Section 1-75(c)(7) of the IPA Act, each such Designated System has been installed by Qualified Persons in compliance with Section 16-128A of the Public Utilities Act and any rules or regulations adopted thereunder.
(d) Each such Designated System meets the definition of the Class of Resource indicated in the applicable Product Order and meets the requirements specified in the IPA Act or rules promulgated by the ICC for the designated Class of Resource. If a Designated System is determined not to be in compliance with any of the provisions of Sections 4(a) through (cd) (inclusive), then upon the occurrence of such determination, the IPA number ofIPA shall provide written notice of such non-compliance to Buyer and Seller and the Designated System and the RECs associated with such Designated System shall be deemed removed from this REC Contract twenty fifteen (15twenty (20) Business Days after such written notice by the IPA to Buyer and toand Seller unless Seller demonstrates, within such twenty fifteen (15twenty (20) Business Day period and to the satisfaction of Buyer and the IPA in their itstheir reasonable discretion, that such event has not occurred. As soon as practicable after the conclusion of such twenty (20) Business Day period, if the non-compliance of the Designated System has not been determined to be cured, the IPA shall provide to Buyer and Seller a revised Schedule A (and Schedule B, if applicable) and Schedule C to the Product Order for such Designated System indicating the removal of such Designated System from the REC Contract. In addition, for non-compliance with Sections 4(a), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred ten percent (110%) of the total payments Seller has received from Buyer associated with RECs from such Designated System; and for non-compliance with any of the provisions of Sections 4(b) through (cd) (inclusive), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred percent (100%) of the total payments Seller has received from Buyer associated with RECs from such Designated System. The Parties acknowledge that (A) Buyer shall be damaged by the failure of Seller to comply with one theone or more of Sections 4(a) through (cd) (inclusive), (B) it would be impracticable or extremely difficult to determine the actual damages resulting therefrom, (C) the remedies specified herein are fair and reasonable and do not constitute a penalty and (D) the remedies specified in this Section 4 shall be Buyer’s sole and exclusive remedy in the event that Seller fails to comply with one or more of Sections 4(a) through (cd).
Appears in 1 contract
Samples: Renewable Energy Credit Agreement
Facility Information. The Product is Unit Specific. RECs Delivered must be from one of the Designated Systems and Seller represents as of the date of each Delivery hereunder by a Designated System that is Delivering REC(s) that:
(a) : Each such Designated System is not and will not be a generating unit whose costs are being recovered through rates regulated by Illinois or any other state or states.
(b) . Each such Designated System is a new generating unit such that the Date of Final Interconnection Approval did not occur before June 1, 2017.
(c) . Each such Designated System meets the definition of the Class of Resource indicated in the applicable Product Order and meets the requirements specified in the IPA Act or rules promulgated by the ICC for the designated Class of Resource. If a Designated System is determined not to be in compliance with any of the provisions of Sections 4(a) through (c) (inclusive), then upon the occurrence of such determination, the IPA shall provide written notice of such non-compliance to Buyer and Seller and the Designated System and the RECs associated with such Designated System shall be deemed removed from this REC Contract twenty (20) Business Days after such written notice by the IPA to Buyer and Seller unless Seller demonstrates, within such twenty (20) Business Day period and to the satisfaction of Buyer and the IPA in their reasonable discretion, that such event has not occurred. As soon as practicable after the conclusion of such twenty (20) Business Day period, if the non-compliance of the Designated System has not been determined to be cured, the IPA shall provide to Buyer and Seller a revised Schedule A (and Schedule B, if applicable) and Schedule C to the Product Order for such Designated System indicating the removal of such Designated System from the REC Contract. In addition, for non-compliance with Sections 4(a), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred ten percent (110%) of the total payments Seller has received from Buyer associated with RECs from such Designated System; and for non-compliance with any of the provisions of Sections 4(b) through (c) (inclusive), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred percent (100%) of the total payments Seller has received from Buyer associated with RECs from such Designated System. The Parties acknowledge that (A) Buyer shall be damaged by the failure of Seller to comply with one or more of Sections 4(a) through (c) (inclusive), (B) it would be impracticable or extremely difficult to determine the actual damages resulting therefrom, (C) the remedies specified herein are fair and reasonable and do not constitute a penalty and (D) the remedies specified in this Section 4 shall be Buyer’s sole and exclusive remedy in the event that Seller fails to comply with one or more of Sections 4(a) through (c).
Appears in 1 contract
Samples: Renewable Energy Credit Agreement
Facility Information. The Product is Unit Specific. RECs Delivered must be from one of the Designated Systems and Seller represents as of the date of each Delivery hereunder by a Designated System that is Delivering REC(s) that:
(a) Each As required by Section 1-75(c)(1)(J) of the IPA Act, eachEach such Designated System is not and will not be a generating unit whose costs are being recovered through rates regulated by Illinois or any other state or states.
(b) Each As required by Section 1-75(c)(1)(K) of the IPA Act, eachEach such Designated System is a new generating unit such that the Date of Final Interconnection Approval did not occur before June 1, 2017.
(c) As required by Section 1-75(c)(7) of the IPA Act, each such Designated System has been installed by Qualified Persons in compliance with Section 16-128A of the Public Utilities Act and any rules or regulations adopted thereunder.
(d) (c) Each such Designated System meets the definition of the Class of Resource indicated in the applicable Product Order and meets the requirements specified in the IPA Act or rules promulgated by the ICC for the designated Class of Resource. If a Designated System is determined not to be in compliance with any of the provisions of Sections 4(a) through (cdc) (inclusive), then upon the occurrence of such determination, the IPA shall provide written notice of such non-compliance to Buyer and Seller and the Designated System and the RECs associated with such Designated System shall be deemed removed from this REC Contract twenty (20) Business Days after such written notice by the IPA to Buyer and Seller unless Seller demonstrates, within such twenty (20) Business Day period and to the satisfaction of Buyer and the IPA in their reasonable discretion, that such event has not occurred. As soon as practicable after the conclusion of such twenty (20) Business Day period, if the non-compliance of the Designated System has not been determined to be cured, the IPA shall provide to Buyer and Seller a revised Schedule A (and Schedule B, if applicable) and Schedule C to the Product Order for such Designated System indicating the removal of such Designated System from the REC Contract. In addition, for non-compliance with Sections 4(a), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred ten percent (110%) of the total payments Seller has received from Buyer associated with RECs from such Designated System; and for non-compliance with any of the provisions of Sections 4(b) through (cdc) (inclusive), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred percent (100%) of the total payments Seller has received from Buyer associated with RECs from such Designated System. The Parties acknowledge that (A) Buyer shall be damaged by the failure of Seller to comply with one or more of Sections 4(a) through (cdc) (inclusive), (B) it would be impracticable or extremely difficult to determine the actual damages resulting therefrom, (C) the remedies specified herein are fair and reasonable and do not constitute a penalty and (D) the remedies specified in this Section 4 shall be Buyer’s sole and exclusive remedy in the event that Seller fails to comply with one or more of Sections 4(a) through (cdc).
Appears in 1 contract
Samples: Renewable Energy Credit Agreement
Facility Information. The Product is Unit Specific. RECs Delivered must be from one of the Designated Systems and Seller represents as of the date of each Delivery hereunder by a Designated System that is Delivering REC(s) that:
(a) Each As required by Section 1-75(c)(1)(J) of the IPA Act, each such Designated System is not and will not be a generating unit whose costs are being recovered through rates regulated by Illinois or any other state or states.
(b) Each As required by Section 1-75(c)(1)(K) of the IPA Act, each such Designated System is a new generating unit such that the Date of Final Interconnection Approval did not occur before June 1, 2017.
(c) As required by Section 1-75(c)(7) of the IPA Act, each such Designated System has been installed by Qualified Persons in compliance with Section 16-128A of the Public Utilities Act and any rules or regulations adopted thereunder.
(d) Each such Designated System meets the definition of the Class of Resource indicated in the applicable Product Order and meets the requirements specified in the IPA Act or rules promulgated by the ICC for the designated Class of Resource. If a Designated System is determined not to be in compliance with any of the provisions of Sections 4(a4(b) through (cd) (inclusive), then upon the occurrence of such determination, the IPA shall provide written notice number of such non-compliance to Buyer and Seller and the Designated System and the RECs associated with such Designated System shall be deemed removed from this REC Contract twenty five (205) Business Days after such written notice by the IPA Buyer to Buyer and Seller unless Seller demonstrates, within such twenty five (205) Business Day period and to the satisfaction of Buyer and the IPA in their reasonable discretion, its sole discretion that such event has not occurred. As soon as practicable after the conclusion of such twenty (20) Business Day period, if the non-compliance of the Designated System has not been determined to be cured, the IPA shall provide to Buyer and Seller a revised Schedule A (and Schedule B, if applicable) and Schedule C to the Product Order for such Designated System indicating the removal of such Designated System from the REC Contract. In addition, for non-non- compliance with any of the provisions of Sections 4(b) through (d) (inclusive), Buyer shall be entitled to payment by Seller as set out in Section XX in the amount of the greater of: (i) the Collateral Requirement or (ii) one hundred percent (100%) of the total payments Seller has received from Buyer associated with RECs from such Designated System. If a Designated System is determined not to be in compliance with Section 4(a), then the number of RECs associated with such Designated System shall be deemed removed from this REC Contract and Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred ten percent (110%) of the total payments Seller has received from Buyer associated with RECs from such Designated System; and for non-compliance with any of the provisions of Sections 4(b) through (c) (inclusive), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred percent (100%) of the total payments Seller has received from Buyer associated with RECs from such Designated System. The Parties acknowledge that (A) Buyer shall be damaged by the failure of Seller to comply with one or more of the Sections 4(a) through (cd) (inclusive), (B) it would be impracticable or extremely difficult to determine the actual damages resulting therefrom, (C) the remedies specified herein are fair and reasonable and do not constitute a penalty penalty, and (D) the remedies specified in this Section 4 4(e) shall be Buyer’s sole and exclusive remedy in the event that Seller fails to comply with one or more of Sections 4(a) through (cd).
Appears in 1 contract
Samples: Renewable Energy Credit Agreement
Facility Information. The Product is Unit Specific. RECs Delivered must be from one of the Designated Systems and Seller represents as of the date of each Delivery hereunder by a Designated System that is Delivering REC(s) that:
(a) Each As required by Section 1-75(c)(1)(J) of the IPA Act, each such Designated System is not and will not be a generating unit whose costs are being recovered through rates regulated by Illinois or any other state or states. For the avoidance of doubt, any net-metering benefits, Adjustable Block Program incentives, and any other renewable energy incentives shall not be considered as costs being recovered through regulated rates for purposes of this Section.
(b) Each As required by Section 1-75(c)(1)(K) of the IPA Act, each such Designated System is a new generating unit such that the Date of Final Interconnection Approval did not occur before June 1, 2017.
(c) As required by Section 1-75(c)(7) of the IPA Act, each such Designated System has been installed by Qualified Persons in compliance with Section 16-128A of the Public Utilities Act and any rules or regulations adopted thereunder.
(d) Each such Designated System meets the definition of the Class of Resource indicated in the applicable Product Order and meets the requirements specified in the IPA Act or rules promulgated by the ICC for the designated Class of Resource. If a Designated System is determined not to be in compliance with any of the provisions of Sections 4(a4(b) through (cd) (inclusive), then upon the occurrence of such determination, the IPA shall provide written notice number of such non-compliance to Buyer and Seller and the Designated System and the RECs associated with such Designated System shall be deemed removed from this REC Contract twenty five (205) Business Days after such written notice by the IPA Buyer to Buyer and Seller unless Seller demonstrates, within such twenty five (205) Business Day period and to the satisfaction of Buyer and the IPA in their reasonable discretion, its reasonablesole discretion that such non-compliance event has not occurred. As soon as practicable after the conclusion of such twenty (20) Business Day period, if the non-compliance of the Designated System has not been determined to be cured, the IPA shall provide to Buyer and Seller a revised Schedule A (and Schedule B, if applicable) and Schedule C to the Product Order for such Designated System indicating the removal of such Designated System from the REC Contract. In addition, for non-compliance with Sections 4(a), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred ten percent (110%) of the total payments Seller has received from Buyer associated with RECs from such Designated System; and for non-compliance with any of the provisions of Sections 4(b) through (cd) (inclusive), Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement with respect to such Designated System or (ii) one hundred percent (100%) of the total payments Seller has received from Buyer associated with RECs from such Designated System as set out in Schedule A and Schedule B. If the non- compliance is cured at any time during the Term, any RECs removed from this Contract due to such non- compliance shall be deemed reinstated immediately upon written notice by Seller to Buyer. If a Designated System is determined not to be in compliance with Section 4(a), then the number of RECs associated with such Designated System shall be deemed removed from this REC Contract and Buyer shall be entitled to payment by Seller in the amount of the greater of: (i) the Collateral Requirement or (ii) one hundred ten percent (110%) of the total payments Seller has received from Buyer associated with RECs from such Designated System. The Parties acknowledge that (A) Buyer shall be damaged by the failure of Seller to comply with one or more of the Sections 4(a) through (cd) (inclusive), (B) it would be impracticable or extremely difficult to determine the actual damages resulting therefrom, (C) the remedies specified herein are fair and reasonable and do not constitute a penalty penalty, and (D) the remedies specified in this Section 4 4(e) shall be Buyer’s sole and exclusive remedy in the event that Seller fails to comply with one or more of Sections 4(a) through (cd).
Appears in 1 contract
Samples: Renewable Energy Credit Agreement