Quantity of SRECs Sample Clauses

Quantity of SRECs. A. During each Contract Month of each Contract Year, You shall sell and deliver to Us, and We shall purchase and accept delivery of (and pay in accordance with Section 11 below), 100% of the quantity of Transferred SRECs produced by Seller’s Project, if any, during each such Contract Month of each Contract Year, up to, but not in excess of, on an annual basis, an amount calculated by multiplying (i) the Direct Current (“DC”) nameplate generating capacity, expressed in kilowatts (i.e., kWs) of the solar photovoltaic panels comprising Seller’s Project by (ii) 1,300 hours (the product of such calculation being the “Annual SREC Generation Capacity”). B. In the event that Seller’s Project produces SRECs in excess of such Annual SREC Generation Capacity, We shall have the option, but not the obligation, to purchase up to the total of such excess SRECs at 95% of the Purchase Price. Unless We exercise such option, and then only to the extent of the number of excess SRECs we choose to purchase, excess SRECs shall not be treated, or paid for, as Transferred SRECs. C. As used herein, “Contract Month” means each calendar month during the Delivery Period and, where the Commencement Date does not fall on the first day of a month, the remaining portion of such initial month.
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Quantity of SRECs. A. Subject to Section 6.B. above, during each Contract Month of each Contract Year, You shall sell and deliver to Us, and We shall purchase and accept delivery of (and pay in accordance with Section 11 below), 100% of the quantity of Transferred SRECs produced by Seller’s Project, if any, during each such Contract Month for each Contract Year during the Delivery Period; provided, however, that the total amount of SRECs purchased by Us hereunder during the Delivery Period shall not exceed the number of SRECs calculated by multiplying (i) the Size of Project expressed in kilowatts (i.e., kWs) by (ii) 1,350 hours, and dividing the product thereof by (iii) 1,000 kilowatt hours, and multiplying the result thereof by (iv) ten years, producing a number of SRECs, which will be rounded up to the next whole number of SRECS, (the result of such calculation of the foregoing (i), (ii), (iii) and (iv) factors being the “SREC Purchase Cap”).1 B. For purposes of calculating the SREC Purchase Cap, the Size of Project shall be the lesser of (i) the Size of Project set forth in Appendix B (reflecting the size of the Project selected in accordance with Board-approved procedures and authorized by the SREC Contracting Order for the award of this Agreement under the SREC-II program) or (ii) the actual as-constructed size of the Project on the Commencement Date; provided, however, that the as- constructed Size of Project: (a) does not increase the Size of Project set forth in Appendix B on the Effective Date by more than 10%, or (b) does not reduce the Size of Project set forth in Appendix B on the Effective Date below 50 kW, and (c) as set forth in Seller’s written certification to Purchaser, does not result from circumstances that were (1) known to Seller on the Effective Date, and (2) within Seller’s control. Subject to the requirements of the foregoing sentence, the as-constructed size, if different than the Size of Project set forth in Appendix B on the Effective Date, will promptly thereafter be reflected as an authorized amendment to Appendix B. Changes in the Size of Project beyond the foregoing allowance shall be deemed an Event of Default resulting in the termination of this Agreement. C. Purchaser shall have no obligation to purchase any SRECs produced by Seller’s Project in excess of such SREC Purchase Cap or after the Ten Year Anniversary Date (in 1 For example, a 10 kW Project would have a contract limit of 135 SRECs (i.e., 1350 kWh x 10 kW / 1000 x 10 years). each ...
Sample 1
Quantity of SRECs. A. During each Contract Month of each Contract Year, You shall sell and deliver to Us, and We shall purchase and accept delivery of, 100% of the quantity of Transferred SRECs produced by Seller’s Project, if any, during each such Contract Month of each Contract Year, up to, but not in excess of, on an annual basis, an amount calculated by multiplying (i) the Direct Current (“DC”) nameplate generating capacity, expressed in kilowatts (i.e., kWs) of the solar photovoltaic panels comprising Seller’s Project by (ii) 1,300 hours (the product of such calculation being the “Annual SREC Generation Capacity”). B. In the event that Seller’s Project produces SRECs in excess of such Annual SREC Generation Capacity, We shall have the option, but not the obligation, to purchase up to the total of such excess SRECs at 95% of the Purchase Price. Unless We exercise such option, and then only to the extent of the number of excess SRECs we choose to purchase, excess SRECs shall not be treated, or paid for, as Transferred SRECs C. As used herein, “Contract Month” means each calendar month during the Delivery Period and, where the Commencement Date does not fall on the first day of a month, the remaining portion of such initial month.
Sample 1

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