Common use of REC Tracking Systems Clause in Contracts

REC Tracking Systems. The Parties will use PJM EIS GATS or M-RETS as the tracking system for the Product. The Parties shall work together to establish a Standing Order for the Project for the automatic recurring transfer of RECs from the Project as follows: Seller or a designee of Seller, as transferor of the RECs, shall confirm the Standing Order request within the PJM EIS GATS or M-RETS within thirty (30) days of the later of: Date the Project is deemed Energized or the Effective Date. Buyer, as transferee, shall accept the Standing Order request within the PJM EIS GATS or M-RETS within thirty (30) days of receipt of such Standing Order request. When the Standing Order is initially established, the Standing Order shall indicate for 100% of the RECs from the Project to be Delivered and for REC transfers to recur indefinitely. Subsequent to the submission of the First Year Report by Seller pursuant to Section 10(b) of the Cover Sheet, the IPA shall prepare and complete the First Year Confirmation Report substantially in the form of Exhibit A-3 to this REC Contract and provide such First Year Confirmation Report to Buyer and Seller. The First Year Confirmation Report shall be accompanied with instructions for the amendment to the Standing Order. Standing Order shall be amended by Buyer and Seller as soon as practicable after the receipt of the First Year Confirmation Report and instructions by the IPA to amend the Standing Order to reflect the Base Subscription Rate. Such amendment to the Standing Order shall be performed on a prospective basis and not retroactive basis. The written instructions by the IPA shall include information on the Base Subscription Rate, and updated Maximum Contract Value, Annual Contract Value and Collateral Requirement. To calculate the Base Subscription Rate, the IPA will first calculate the average subscription percentage for each of the Quarterly Periods covered in the First Year Report separately. If the period covered by the First Year Report includes an initial stub period that is a partial Quarterly Period, then a separate average subscription percentage shall be calculated for such partial Quarterly Period. For each partial and full Quarterly Period, the subscription percentage will be calculated first as a daily average, then averaged over the partial or full Quarterly Period. This daily average will be based on subscription start and end dates comprised of the day a subscription start or end request was submitted to the utility, as entered in the First Year Report. The Base Subscription Rate shall be the greater of: 50% or the highest average subscription percentage calculated for a Quarterly Period based on information as recorded in the First Year Report. Seller may request in its First Year Report for a Base Subscription Rate to be set higher than the rate based on the foregoing calculation up to 100%; in which case, such Base Subscription Rate will be reflected in IPA’s written instructions to Buyer and Seller. Seller shall provide written request to Buyer for the revocation of the Standing Order no earlier than thirty (30) days prior to the end of the Delivery Term (or as soon as practicable in the case of an early termination of this REC Contract) and Buyer shall revoke the Standing Order within thirty (30) days of receipt of such request. Buyer shall retire RECs Delivered by the month after the receipt of such RECs in Buyer’s PJM EIS GATS or M-RETS account. Buyer is not responsible for, and is under no obligation to return, any inadvertent transfer of RECs, including but not limited to, the Delivery of RECs beyond the Delivery Term if a timely confirmation of a Standing Order amendment is not initiated or timely request for revocation is not submitted by Seller or its designee. For avoidance of doubt, any REC Delivered pursuant to the Standing Order shall be the property of Buyer and shall not be returned to Seller regardless of whether the RECs are attributable to Subscribed shares of the Project or not; and regardless of whether the Delivered RECs are eligible for payment or not. Any REC that is not eligible for Delivery under the Standing Order shall be the exclusive property of Seller, to be utilized in Seller’s sole discretion. Seller shall Deliver the RECs in an unretired state. The Parties shall abide by the applicable rules of PJM EIS GATS or M-RETS. The Seller shall take all actions necessary to ensure creation of RECs and REC Delivery through the irrevocable Standing Order. Each Party shall bear the costs associated with performing its respective obligations in connection with such tracking system. Seller shall upload meter readings to PJM EIS GATS or M-RETS at least annually prior to the registry cutoff to produce RECs for generation occurring in May as well as all previous months for which generation has not been recorded.

REC Tracking Systems. (a) The Parties will use PJM EIS GATS or M-RETS as the tracking system for the Product. . (b) The Parties shall work together to establish a Standing Order for the Project for the automatic recurring transfer of RECs from the Project as follows: : (i) Seller or a designee of Seller, as transferor of the RECs, shall confirm the Standing Order request within the PJM EIS GATS or M-RETS within thirty (30) days of the later of: Date the Project is deemed Energized or the Effective Date. Buyer, as 2 For example, if a Project is Energized on April 15, 2021, then the First Year Report would be due on June 10, 2022 for the period commencing April 15, 2021 through May 31, 2022. transferee, shall accept the Standing Order request within the PJM EIS GATS or M-M- RETS within thirty (30) days of receipt of such Standing Order request. When the Standing Order is initially established, the Standing Order shall indicate for 100% of the RECs from the Project to be Delivered and for REC transfers to recur indefinitely. . (ii) Subsequent to the submission of the First Year Report by Seller pursuant to Section 10(b) of the Cover Sheet, the IPA shall prepare and complete the First Year Confirmation Report substantially in the form of Exhibit A-3 to this REC Contract and provide such First Year Confirmation Report to Buyer and Seller. The First Year Confirmation Report shall be accompanied with instructions for the amendment to the Standing Order. Standing Order shall be amended by Buyer and Seller as soon as practicable after the receipt of the First Year Confirmation Report and instructions by the IPA to amend the Standing Order to reflect the Base Subscription Rate. Such amendment to the Standing Order shall be performed on a prospective basis and not retroactive basis. The written instructions by the IPA shall include information on the Base Subscription Rate, and updated Maximum Contract Value, Annual Contract Value and Collateral Requirement. To calculate the Base Subscription Rate, the IPA will first calculate the average subscription percentage for each of the Quarterly Periods covered in the First Year Report separately. If the period covered by the First Year Report includes an initial stub period that is a partial Quarterly Period, then a separate average subscription percentage shall be calculated for such partial Quarterly Period. For each partial and full Quarterly Period, the subscription percentage will be calculated first as a daily average, then averaged over the partial or full Quarterly Period. This daily average will be based on subscription start and end dates comprised of the day a subscription start or end request was submitted to the utility, as entered in the First Year Report. The Base Subscription Rate shall be the greater of: 50% or the highest average subscription percentage calculated for a any partial or full Quarterly Period based on information as recorded in the First Year Report. Seller may request in its First Year Report for a Base Subscription Rate to be set higher than the rate based on the foregoing calculation up to 100%; in which case, such Base Subscription Rate will be reflected in IPA’s written instructions to Buyer and Seller. . (iii) Seller shall provide written request to Buyer for the revocation of the Standing Order no earlier than thirty (30) days prior to the end of the Delivery Term (or as soon as practicable in the case of an early termination of this REC Contract) and Buyer shall revoke the Standing Order within thirty (30) days of receipt of such request. . (iv) Buyer shall retire RECs Delivered by the month after the receipt of such RECs in Buyer’s PJM EIS GATS or M-RETS account. Buyer is not responsible for, and is under no obligation to return, any inadvertent transfer of RECs, including but not limited to, the Delivery of RECs beyond the Delivery Term if a timely confirmation of a Standing Order amendment is not initiated or timely request for revocation is not submitted by Seller or its designee. . (v) For avoidance of doubt, any REC Delivered pursuant to the Standing Order shall be the property of Buyer and shall not be returned to Seller regardless of whether the RECs are attributable to Subscribed shares of the Project or not; and regardless of whether the Delivered RECs are eligible for payment or not. Any REC that is not eligible for Delivery under the Standing Order shall be the exclusive property of Seller, to be utilized in Seller’s sole discretion. . (c) Seller shall Deliver the RECs in an unretired state. . (d) The Parties shall abide by the applicable rules of PJM EIS GATS or M-RETS. The Seller shall take all actions necessary to ensure creation of RECs and REC Delivery through the irrevocable Standing Order. Each Party shall bear the costs associated with performing its respective obligations in connection with such tracking system. . (e) Seller shall upload meter readings to PJM EIS GATS or M-RETS at least annually prior to the registry cutoff to produce RECs for generation occurring in May as well as all previous months for which generation has not been recorded.

REC Tracking Systems. (a) The Parties will use PJM EIS GATS or M-RETS as the tracking system for the Product. . (b) The Parties shall work together to establish a Standing Order for the Project for the automatic recurring transfer of RECs from the Project as follows: : (i) Seller or a designee of Seller, as transferor of the RECs, shall confirm the Standing Order request within the PJM EIS GATS or M-RETS within thirty (30) days of the later of: Date the Project is deemed Energized or the Effective Date. Buyer, as transferee, shall accept the Standing Order request within the PJM EIS GATS or M-M- RETS within thirty (30) days of receipt of such Standing Order request. When the Standing Order is initially established, the Standing Order shall indicate for 100% of the RECs from the Project to be Delivered and for REC transfers to recur indefinitely. . (ii) Subsequent to the submission of the First Year Report by Seller pursuant to Section 10(b) of the Cover Sheet, the IPA shall prepare and complete the First Year Confirmation Report substantially in the form of Exhibit A-3 to this REC Contract and provide such First Year Confirmation Report to Buyer and Seller. The First Year Confirmation Report shall be accompanied with instructions for the amendment to the Standing Order. Standing Order shall be amended by Buyer and Seller as soon as practicable after the receipt of the First Year Confirmation Report and instructions by the IPA to amend the Standing Order to reflect the Base Subscription Rate. Such amendment to the Standing Order shall be performed on a prospective basis and not retroactive basis. The written instructions by the IPA shall include information on the Base Subscription Rate, and updated Maximum Contract Value, Annual Contract Value and Collateral Requirement. To calculate the Base Subscription Rate, the IPA will first calculate the average subscription percentage for each of the Quarterly Periods covered in the First Year Report separately. If the period covered by the First Year Report includes an initial stub period that is a partial Quarterly Period, then a separate average subscription percentage shall be calculated for such partial Quarterly Period. For each partial and full Quarterly Period, the subscription percentage will be calculated first as a daily average, then averaged over the partial or full Quarterly Period. This daily average will be based on subscription start and end dates comprised of the day a subscription start or end request was submitted to the utility, as entered in the First Year Report. The Base Subscription Rate shall be the greater of: 50% or the highest average subscription percentage calculated for a aany partial or full Quarterly Period based on information as recorded in the First Year Report. Seller may request in its First Year Report for a Base Subscription Rate to be set higher than the rate based on the foregoing calculation up to 100%; in which case, such Base Subscription Rate will be reflected in IPA’s written instructions to Buyer and Seller. . (iii) Seller shall provide written request to Buyer for the revocation of the Standing Order no earlier than thirty (30) days prior to the end of the Delivery Term (or as soon as practicable in the case of an early termination of this REC Contract) and Buyer shall revoke the Standing Order within thirty (30) days of receipt of such request. . (iv) Buyer shall retire RECs Delivered by the month after the receipt of such RECs in Buyer’s PJM EIS GATS or M-RETS account. Buyer is not responsible for, and is under no obligation to return, any inadvertent transfer of RECs, including but not limited to, the Delivery of RECs beyond the Delivery Term if a timely confirmation of a Standing Order amendment is not initiated or timely request for revocation is not submitted by Seller or its designee. . (v) For avoidance of doubt, any REC Delivered pursuant to the Standing Order shall be the property of Buyer and shall not be returned to Seller regardless of whether the RECs are attributable to Subscribed shares of the Project or not; and regardless of whether the Delivered RECs are eligible for payment or not. Any REC that is not eligible for Delivery under the Standing Order shall be the exclusive property of Seller, to be utilized in Seller’s sole discretion. . (c) Seller shall Deliver the RECs in an unretired state. . (d) The Parties shall abide by the applicable rules of PJM EIS GATS or M-RETS. The Seller shall take all actions necessary to ensure creation of RECs and REC Delivery through the irrevocable Standing Order. Each Party shall bear the costs associated with performing its respective obligations in connection with such tracking system. . (e) Seller shall upload meter readings to PJM EIS GATS or M-RETS at least annually prior to the registry cutoff to produce RECs for generation occurring in May as well as all previous months for which generation has not been recorded.

REC Tracking Systems. (a) The Parties will use PJM EIS GATS or M-RETS as the tracking system for the Product. . (b) The Parties shall work together to establish a Standing Order for the Project for the automatic recurring transfer of RECs from the Project as follows: : (i) Seller or a designee of Seller, as transferor of the RECs, shall confirm the Standing Order request within the PJM EIS GATS or M-RETS within thirty (30) days of the later of: Date the Project is deemed Energized or the Effective Date. Buyer, as transferee, shall accept the Standing Order request within the PJM EIS GATS or M-M- RETS within thirty (30) days of receipt of such Standing Order request. When the Standing Order is initially established, the Standing Order shall indicate for 100% of the RECs from the Project to be Delivered and for REC transfers to recur indefinitely. . (ii) Subsequent to the submission of the First Year Report by Seller pursuant to Section 10(b) of the Cover Sheet, the IPA shall prepare and complete the First Year Confirmation Report substantially in the form of Exhibit A-3 to this REC Contract and provide such First Year Confirmation Report to Buyer and Seller. The First Year Confirmation Report shall be accompanied with instructions for the amendment to the Standing Order. Standing Order shall be amended by Buyer and Seller as soon as practicable after the receipt of the First Year Confirmation Report and instructions by the IPA to amend the Standing Order to reflect the Base Subscription Rate. Such amendment to the Standing Order shall be performed on a prospective basis and not retroactive basis. The written instructions by the IPA shall include information on the Base Subscription Rate, and updated Maximum Contract Value, Annual Contract Value and Collateral Requirement. To calculate the Base Subscription Rate, the IPA will first calculate the average subscription percentage for each of the Quarterly Periods covered in the First Year Report separately. If the period covered by the First Year Report includes an initial stub period that is a partial Quarterly Period, then a separate average subscription percentage shall be calculated for such partial Quarterly Period. For each partial and full Quarterly Period, the subscription percentage will be calculated first as a daily average, then averaged over the partial or full Quarterly Period. This daily average will be based on subscription start and end dates comprised of the day a subscription start or end request was submitted to the utility, as entered in the First Year Report. The Base Subscription Rate shall be the greater of: 50% or the highest average subscription percentage calculated for a any partial or full Quarterly Period based on information as recorded in the First Year Report. Seller may request in its First Year Report for a Base Subscription Rate to be set higher than the rate based on the foregoing calculation up to 100%; in which case, such Base Subscription Rate will be reflected in IPA’s written instructions to Buyer and Seller. . (iii) Seller shall provide written request to Buyer for the revocation of the Standing Order no earlier than thirty (30) days prior to the end of the Delivery Term (or as soon as practicable in the case of an early termination of this REC Contract) and Buyer shall revoke the Standing Order within thirty (30) days of receipt of such request. . (iv) Buyer shall retire RECs Delivered by the month after the receipt of such RECs in Buyer’s PJM EIS GATS or M-RETS account. Buyer is not responsible for, and is under no obligation to return, any inadvertent transfer of RECs, including but not limited to, the Delivery of RECs beyond the Delivery Term if a timely confirmation of a Standing Order amendment is not initiated or timely request for revocation is not submitted by Seller or its designee. . (v) For avoidance of doubt, any REC Delivered pursuant to the Standing Order shall be the property of Buyer and shall not be returned to Seller regardless of whether the RECs are attributable to Subscribed shares of the Project or not; and regardless of whether the Delivered RECs are eligible for payment or not. Any REC that is not eligible for Delivery under the Standing Order shall be the exclusive property of Seller, to be utilized in Seller’s sole discretion. . (c) Seller shall Deliver the RECs in an unretired state. . (d) The Parties shall abide by the applicable rules of PJM EIS GATS or M-RETS. The Seller shall take all actions necessary to ensure creation of RECs and REC Delivery through the irrevocable Standing Order. Each Party shall bear the costs associated with performing its respective obligations in connection with such tracking system. . (e) Seller shall upload meter readings to PJM EIS GATS or M-RETS at least annually prior to the registry cutoff to produce RECs for generation occurring in May as well as all previous months for which generation has not been recorded.

REC Tracking Systems. (a) The Parties will use PJM EIS GATS or M-RETS as the tracking system for the Product. . (b) The Parties shall work together to establish a Standing Order for the Project for the automatic recurring transfer of RECs from the Project as follows: : (i) Seller or a designee of Seller, as transferor of the RECs, shall confirm the Standing Order request within the PJM EIS GATS or M-RETS within thirty (30) days of the later of: Date the Project is deemed Energized or the Effective Date. Buyer, as 2 For example, if a Project is Energized on April 15, 2021, then the First Year Report would be due on June 10, 2022 for the period commencing April 15, 2021 through May 31, 2022. transferee, shall accept the Standing Order request within the PJM EIS GATS or M-M- RETS within thirty (30) days of receipt of such Standing Order request. When the Standing Order is initially established, the Standing Order shall indicate for 100% of the RECs from the Project to be Delivered and for REC transfers to recur indefinitely. . (ii) Subsequent to the submission of the First Year Report by Seller pursuant to Section 10(b) of the Cover Sheet, the IPA shall prepare and complete the First Year Confirmation Report substantially in the form of Exhibit A-3 to this REC Contract and provide such First Year Confirmation Report to Buyer and Seller. The First Year Confirmation Report shall be accompanied with instructions for the amendment to the Standing Order. Standing Order shall be amended by Buyer and Seller as soon as practicable after the receipt of the First Year Confirmation Report and instructions by the IPA to amend the Standing Order to reflect the Base Subscription Rate. Such amendment to the Standing Order shall be performed on a prospective basis and not retroactive basis. The written instructions by the IPA shall include information on the Base Subscription Rate, and updated Maximum Contract Value, Annual Contract Value and Collateral Requirement. To calculate the Base Subscription Rate, the IPA will first calculate the average subscription percentage for each of the Quarterly Periods covered in the First Year Report separately. If the period covered by the First Year Report includes an initial stub period that is a partial Quarterly Period, then a separate average subscription percentage shall be calculated for such partial Quarterly Period. For each partial and full Quarterly Period, the subscription percentage will be calculated first as a daily average, then averaged over the partial or full Quarterly Period. This daily average will be based on subscription start and end dates comprised of the day a subscription start or end request was submitted to the utility, as entered in the First Year Report. The Base Subscription Rate shall be the greater of: 50% or the highest average subscription percentage calculated for a aany partial or full Quarterly Period based on information as recorded in the First Year Report. Seller may request in its First Year Report for a Base Subscription Rate to be set higher than the rate based on the foregoing calculation up to 100%; in which case, such Base Subscription Rate will be reflected in IPA’s written instructions to Buyer and Seller. . (iii) Seller shall provide written request to Buyer for the revocation of the Standing Order no earlier than thirty (30) days prior to the end of the Delivery Term (or as soon as practicable in the case of an early termination of this REC Contract) and Buyer shall revoke the Standing Order within thirty (30) days of receipt of such request. . (iv) Buyer shall retire RECs Delivered by the month after the receipt of such RECs in Buyer’s PJM EIS GATS or M-RETS account. Buyer is not responsible for, and is under no obligation to return, any inadvertent transfer of RECs, including but not limited to, the Delivery of RECs beyond the Delivery Term if a timely confirmation of a Standing Order amendment is not initiated or timely request for revocation is not submitted by Seller or its designee. . (v) For avoidance of doubt, any REC Delivered pursuant to the Standing Order shall be the property of Buyer and shall not be returned to Seller regardless of whether the RECs are attributable to Subscribed shares of the Project or not; and regardless of whether the Delivered RECs are eligible for payment or not. Any REC that is not eligible for Delivery under the Standing Order shall be the exclusive property of Seller, to be utilized in Seller’s sole discretion. . (c) Seller shall Deliver the RECs in an unretired state. . (d) The Parties shall abide by the applicable rules of PJM EIS GATS or M-RETS. The Seller shall take all actions necessary to ensure creation of RECs and REC Delivery through the irrevocable Standing Order. Each Party shall bear the costs associated with performing its respective obligations in connection with such tracking system. . (e) Seller shall upload meter readings to PJM EIS GATS or M-RETS at least annually prior to the registry cutoff to produce RECs for generation occurring in May as well as all previous months for which generation has not been recorded.