Common use of Size Change of Designated Systems Clause in Contracts

Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (A) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP. 6 For avoidance of doubt, if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the Proposed Nameplate Capacity, the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and (B) the quantity of RECs used for purposes of payment shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (1) Contract Nameplate Capacity (in MW), (2) Contract Capacity Factor, (3) 8,760 hours and (4) 15 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 For avoidance of doubt, the relevant REC price shall be the REC price associated with the same Class of Resource and category under the ABP as determined by the IPA and as may be adjusted pursuant to the IPA Act.

Appears in 4 contracts

Samples: Master Renewable Energy Credit Purchase and Sale Agreement, Renewable Energy Credit Purchase and Sale Agreement, Master Renewable Energy Credit Purchase and Sale Agreement

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Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (A) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP. 6 4 For avoidance of doubt, if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the Proposed Nameplate Capacity, the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and (B) the maximum quantity of RECs used for purposes of payment that could be paid under this REC Contract shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (1) Contract Nameplate Capacity (in MW), (2) Contract Capacity Factor, (3) 8,760 hours and (4) 15 20 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 Agreement. In all these cases, a portion of Seller’s Performance Assurance Amount equal to the Collateral Requirement associated with such Designated System shall be forfeited unless the new ABP application of such Designated System is approved by the ICC for inclusion in this Agreement or an agreement between Buyer and Seller under the ABP within three hundred sixty five (365) days of the date of the written notice from Seller or the IPA requesting for the removal of such Designated System from this Agreement, in which case the previously forfeited portion of such Seller’s Performance Assurance Amount associated with the original Designated System’s Proposed Nameplate Capacity shall be applied to meet the Collateral Requirement of such newly approved Designated System (or meet a portion of such Collateral Requirement if the previously forfeited amount is insufficient to fully meet such Collateral Requirement). If the previously forfeited amount is not entirely required to meet the Collateral Requirement of such newly approved Designated System as required by the previous sentence, the excess amount will be refunded to Seller. The IPA shall notify Buyer when either forfeiture of the applicable portion of Seller’s Performance Assurance Amount or re-application of the applicable portion 4 For avoidance of doubt, the relevant REC price shall be the REC price associated with the same Class of Resource and category under the ABP as determined by the IPA and as may be adjusted pursuant to the IPA Act. of the previously forfeited amount shall occur.

Appears in 2 contracts

Samples: Renewable Energy Credit Purchase and Sale Agreement, Renewable Energy Credit Purchase and Sale Agreement

Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (A) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP. 6 4 For avoidance of doubt, if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the Proposed Nameplate Capacity, the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and (B) the maximum quantity of RECs used for purposes of payment that could be paid under this REC Contract shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (1) Contract Nameplate Capacity (in MW), (2) Contract Capacity Factor, (3) 8,760 hours and (4) 15 20 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 For avoidance Agreement. In all these cases, a portion of doubt, Seller’s Performance Assurance Amount equal to the relevant REC price Collateral Requirement associated with such Designated System shall be forfeited unless the REC price new ABP application of such Designated System is approved by the ICC for inclusion in this Agreement or an agreement between Buyer and Seller under the ABP within three hundred sixty five (365) days of the date of the written notice from Seller or the IPA requesting for the removal of such Designated System from this Agreement, in which case the previously forfeited portion of such Seller’s Performance Assurance Amount associated with the same Class original Designated System’s Proposed Nameplate Capacity shall be applied to meet the Collateral Requirement of Resource and category under such newly approved Designated System (or meet a portion of such Collateral Requirement if the ABP previously forfeited amount is insufficient to fully meet such Collateral Requirement). If the previously forfeited amount is not entirely required to meet the Collateral Requirement of such newly approved Designated System as determined required by the previous sentence, the excess amount will be refunded to Seller. The IPA and as may be adjusted pursuant to shall notify Buyer when either forfeiture of the IPA Act.applicable portion of Seller’s Performance Assurance Amount or re-application of the applicable portion of the previously forfeited amount shall occur.‌

Appears in 1 contract

Samples: Master Renewable Energy Credit Purchase and Sale Agreement

Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (A) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP. 6 16 For avoidance of doubt, if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the Proposed Nameplate Capacity, the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and (B) the quantity of RECs used for purposes of payment shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (1) Contract Nameplate Capacity (in MW), (2) Contract Capacity Factor, (3) 8,760 hours and (4) 15 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the 16 For avoidance of doubt, the relevant REC price shall be the REC price associated with the same Class of Resource and category under the ABP as determined by the IPA and as may be adjusted pursuant to the IPA Act. receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 For avoidance Agreement. In all these cases, a portion of doubt, Seller’s Performance Assurance Amount equal to the relevant REC price Collateral Requirement associated with such Designated System shall be forfeited unless the REC price new ABP application of such Designated System is approved by the ICC for inclusion in this Agreement or an agreement between Buyer and Seller under the ABP within three hundred sixty five (365) days of the date of the written notice from Seller or the IPA requesting for the removal of such Designated System from this Agreement, in which case the previously forfeited portion of such Seller’s Performance Assurance Amount associated with the same Class original Designated System’s Proposed Nameplate Capacity shall be applied to meet the Collateral Requirement of Resource and category under such newly approved Designated System (or meet a portion of such Collateral Requirement if the ABP previously forfeited amount is insufficient to fully meet such Collateral Requirement). If the previously forfeited amount is not entirely required to meet the Collateral Requirement of such newly approved Designated System as determined required by the previous sentence, the excess amount will be refunded to Seller. The IPA and as may be adjusted pursuant to shall notify Buyer when either forfeiture of the IPA Actapplicable portion of Seller’s Performance Assurance Amount or re-application of the applicable portion of the previously forfeited amount shall occur.

Appears in 1 contract

Samples: Renewable Energy Credit Purchase and Sale Agreement

Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (A) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP. 6 For avoidance of doubt, if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the Proposed Nameplate Capacity, the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and. (Bii) the quantity of RECs used for purposes of payment shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (1a) Contract Nameplate Capacity (in MW), (2b) Contract Capacity Factor, (3c) 8,760 hours and (4d) 15 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. application.20 If Seller desires to have the Designated System change its Class of Resource, Seller shall also have the option to request, by written notice to the IPA, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application.21 For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25/-25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, A (and Schedule B if applicable) and Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 For avoidance Agreement. In all these cases, a portion of doubt, Seller’s Performance Assurance Amount equal to the relevant REC price Collateral Requirement associated with such Designated System shall be forfeited unless the REC price new ABP application of such Designated System is approved by the ICC for inclusion in this Agreement or an agreement between Buyer and Seller under the ABP within three hundred sixty five (365) days of the date of the written notice from Seller or the IPA requesting for the removal of such Designated System from this Agreement, in which case the previously forfeited portion of such Seller’s Performance Assurance Amount associated with the same Class original Designated System’s Proposed Nameplate Capacity shall be applied to meet the Collateral Requirement of Resource and category under such newly approved Designated System. If the ABP previously forfeited amount is not entirely required to meet Collateral Requirement of such newly approved Designated System as determined required by the previous sentence, the excess amount will be refunded to Seller. The IPA and as may be adjusted pursuant to shall notify Buyer when either forfeiture of the IPA Act.applicable portion of Seller’s Performance Assurance Amount or re-

Appears in 1 contract

Samples: Renewable Energy Credit Purchase and Sale Agreement

Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (A) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP. 6 For avoidance of doubt, if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the Proposed Nameplate Capacity, the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and. (Bii) the quantity of RECs used for purposes of payment shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (1a) Contract Nameplate Capacity (in MW), (2b) Contract Capacity Factor, (3c) 8,760 hours and (4d) 15 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. application.20 If Seller desires to have the Designated System change its Class of Resource, Seller shall also have the option to request, by written notice to the IPA, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application.21 For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25/-25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, A (and Schedule B if applicable) and Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 For avoidance Agreement. In all these cases, a portion of doubt, Seller’s Performance Assurance Amount equal to the relevant REC price Collateral Requirement associated with such Designated System shall be forfeited unless the REC price new ABP application of such Designated System is approved by the ICC for inclusion in this Agreement or an agreement between Buyer and Seller under the ABP within three hundred sixty five (365) days of the date of the written notice from Seller or the IPA requesting for the removal of such Designated System from this Agreement, in which case the previously forfeited portion of such Seller’s Performance Assurance Amount associated with the same Class original Designated System’s Proposed Nameplate Capacity shall be applied to meet the Collateral Requirement of Resource and category under such newly approved Designated System. If the ABP previously forfeited amount is not entirely required to meet Collateral Requirement of such newly approved Designated System as determined required by the previous sentence, the excess amount will be refunded to Seller. The IPA and as may be adjusted pursuant to shall notify Buyer when either forfeiture of the IPA Act.applicable portion of Seller’s Performance Assurance Amount or re- application of the applicable portion of the previously forfeited amount shall occur.22

Appears in 1 contract

Samples: Master Renewable Energy Credit Purchase and Sale Agreement

Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (A) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP. 6 16 For avoidance of doubt, if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the Proposed Nameplate Capacity, the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and (B) the quantity of RECs used for purposes of payment shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (1) Contract Nameplate Capacity (in MW), (2) Contract Capacity Factor, (3) 8,760 hours and (4) 15 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the 16 For avoidance of doubt, the relevant REC price shall be the REC price associated with the same Class of Resource and category under the ABP as determined by the IPA and as may be adjusted pursuant to the IPA Act. receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 For avoidance Agreement. In all these cases, a portion of doubt, Seller’s Performance Assurance Amount equal to the relevant REC price Collateral Requirement associated with such Designated System shall be forfeited unless the REC price new ABP application of such Designated System is approved by the ICC for inclusion in this Agreement or an agreement between Buyer and Seller under the ABP within three hundred sixty five (365) days of the date of the written notice from Seller or the IPA requesting for the removal of such Designated System from this Agreement, in which case the previously forfeited portion of such Seller’s Performance Assurance Amount associated with the same Class original Designated System’s Proposed Nameplate Capacity shall be applied to meet the Collateral Requirement of Resource and category under such newly approved Designated System (or meet a portion of such Collateral Requirement if the ABP previously forfeited amount is insufficient to fully meet such Collateral Requirement). If the previously forfeited amount is not entirely required to meet the Collateral Requirement of such newly approved Designated System as determined required by the previous sentence, the excess amount will be refunded to Seller. The IPA and as may be adjusted pursuant to shall notify Buyer when either forfeiture of the IPA Actapplicable portion of Seller’s Performance Assurance Amount or re-application of the applicable portion of the previously forfeited amount shall occur.

Appears in 1 contract

Samples: Master Renewable Energy Credit Purchase and Sale Agreement

Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the Proposed Nameplate Capacity is equal to or less than 10 kW, and the Actual Nameplate Capacity is greater than 10 kW, then the monetary amount that is eligible for payment for RECs from such Designated System in the first REC payment shall be adjusted from one hundred percent (100%) to twenty percent (20%) of the REC Purchase Payment Amount with the remaining balance of the REC Purchase Payment Amount eligible to be made ratably over the subsequent 16 quarterly periods and if the Proposed Nameplate Capacity is greater than 10 kW, and the Actual Nameplate Capacity is equal to or less than 10 kW, then the monetary amount that is eligible for payment for RECs from such Designated System in the first REC payment shall be adjusted from twenty percent (20%) to one hundred percent (100%) of the REC Purchase Payment Amount; (ii) if the Actual Nameplate Capacity is greater than the Proposed Nameplate Capacity then: the Contract Price for purposes of payment shall be (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (A) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP; and (ii) the quantity. 6 For avoidance of doubtRECs used for purposesdoubt, if the size category of payment shall be the lesserthe Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the REC quantities calculated based on: (1) the Proposed Nameplate Capacity and Capacity Factor and (2) the Actual Nameplate Capacity and Capacity Factor. (iii) if the Actual Nameplate Capacity is less than the Proposed Nameplate Capacity, then: (A)(i) , the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and (B) the quantity of RECs used for purposes of payment shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (1) Contract Nameplate Capacity (in MW), (2) Contract Capacity Factor, (3) 8,760 hours and (4) 15 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 For avoidance of doubt, the relevant REC price Contract Price for purposes of payment shall not include any additional adders that may be the REC price associated with the same Class of Resource and category applicable to smaller sized generating units under the ABP as determined by the IPA and as may be adjusted pursuant to the IPA Act.ABP; and

Appears in 1 contract

Samples: Master Renewable Energy Certificate Credit Purchase and Sale Agreement

Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) : if the Designated System is a Distributed Renewable Energy Generation Device and if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP SFA is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (A) : the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP SFA at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABPSFA. 6 For avoidance of doubt, if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP SFA is the same as the size category of the Proposed Nameplate Capacity, the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and and the quantity of RECs used for purposes of payment shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (B1) Contract Nameplate Capacity (in MW), (2) Contract Capacity Factor, (3) 8,760 hours and (4) 15 years, which result shall be rounded down to the nearest whole REC. if the Designated System is a Community Renewable Energy Generation Project and if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the SFA is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: the Anchor Tenant Contract Price for purposes of calculating the Contract Price shall be the lesser of (i) the Anchor Tenant Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System and (ii) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP6; the Non-Anchor Tenant Contract Price for purposes of calculating the Contract Price shall be the lesser of (i) the Non-Anchor Tenant Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System and (ii) the REC price applicable to the Actual Nameplate Capacity under the SFA at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the SFA7; and the quantity of RECs used for purposes of payment shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (1) Contract Nameplate Capacity (in MW), (2) Contract Capacity Factor, (3) 8,760 hours and (4) 15 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 For avoidance of doubt, the relevant REC price shall be the REC price associated with the same Class of Resource and category under the ABP as determined by the IPA and as may be adjusted pursuant to the IPA Act.

Appears in 1 contract

Samples: Master Renewable Energy Credit Purchase and Sale Agreement

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Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the Proposed Nameplate Capacity is equal to or less than 10 kW, and the Actual Nameplate Capacity is greater than 10 kW, then the monetary amount that is eligible for payment for RECs from such Designated System in the first REC payment shall be adjusted from one hundred percent (100%) to twenty percent (20%) of the REC Purchase Payment Amount with the remaining balance of the REC Purchase Payment Amount eligible to be made ratably over the subsequent 16 quarterly periods and if the Proposed Nameplate Capacity is greater than 10 kW, and the Actual Nameplate Capacity is equal to or less than 10 kW, then the monetary amount that is eligible for payment for RECs from such Designated System in the first REC payment shall be adjusted from twenty percent (20%) to one hundred percent (100%) of the REC Purchase Payment Amount; (ii) if the Actual Nameplate Capacity is greater than the Proposed Nameplate Capacity then: (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (Aa) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP; and (b) the quantity. 6 16 For avoidance of doubtRECs used for purposesdoubt, if the size category of payment shall be the lesserthe Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the Proposed Nameplate Capacity, the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and (B) the quantity of RECs used for purposes of payment shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of quantities calculated based on: (1) Contract Nameplate Capacity (in MW), (2) Contract Capacity Factor, (3) 8,760 hours and (4) 15 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between Capacity Factor and (2) the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 For avoidance of doubt, the relevant REC price shall be the REC price associated with the same Class of Resource and category under the ABP as determined by the IPA and as may be adjusted pursuant to the IPA ActFactor.

Appears in 1 contract

Samples: Master Renewable Energy Certificate Credit Purchase and Sale Agreement

Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (A) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP. 6 16 For avoidance of doubt, if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the Proposed Nameplate Capacity, the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and (B) the quantity of RECs used for purposes of payment shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (1) Contract Nameplate Capacity (in MW), (2) Contract Capacity Factor, (3) 8,760 hours and (4) 15 20 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25/-25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 Agreement. In all these cases, a portion of 16 For avoidance of doubt, the relevant REC price shall be the REC price associated with the same Class of Resource and category under the ABP as determined by the IPA and as may be adjusted pursuant to the IPA Act. Seller’s Performance Assurance Amount equal to the Collateral Requirement associated with such Designated System shall be forfeited unless the new ABP application of such Designated System is approved by the ICC for inclusion in this Agreement or an agreement between Buyer and Seller under the ABP within three hundred sixty five (365) days of the date of the written notice from Seller or the IPA requesting for the removal of such Designated System from this Agreement, in which case the previously forfeited portion of such Seller’s Performance Assurance Amount associated with the original Designated System’s Proposed Nameplate Capacity shall be applied to meet the Collateral Requirement of such newly approved Designated System (or meet a portion of such Collateral Requirement if the previously forfeited amount is insufficient to fully meet such Collateral Requirement). If the previously forfeited amount is not entirely required to meet the Collateral Requirement of such newly approved Designated System as required by the previous sentence, the excess amount will be refunded to Seller. The IPA shall notify Buyer when either forfeiture of the applicable portion of Seller’s Performance Assurance Amount or re-application of the applicable portion of the previously forfeited amount shall occur.

Appears in 1 contract

Samples: Renewable Energy Credit Purchase and Sale Agreement

Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the Proposed Nameplate Capacity is equal to or less than 10 kW, and the Actual Nameplate Capacity is greater than 10 kW, then the monetary amount that is eligible for payment for RECs from such Designated System in the first REC payment shall be adjusted from one hundred percent (100%) to twenty percent (20%) of the REC Purchase Payment Amount with the remaining balance of the REC Purchase Payment Amount eligible to be made ratably over the subsequent 16 quarterly periods and if the Proposed Nameplate Capacity is greater than 10 kW, and the Actual Nameplate Capacity is equal to or less than 10 kW, then the monetary amount that is eligible for payment for RECs from such Designated System in the first REC payment shall be adjusted from twenty percent (20%) to one hundred percent (100%) of the REC Purchase Payment Amount; (ii) if the Actual Nameplate Capacity is greater than the Proposed Nameplate Capacity then: (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (Aa) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP; and (b) the quantity. 6 For avoidance of doubtRECs used for purposesdoubt, if the size category of payment shall be the lesserthe Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the REC quantities calculated based on: (1) the Proposed Nameplate Capacity and Capacity Factor and (2) the Actual Nameplate Capacity and Capacity Factor. (iii) if the Actual Nameplate Capacity is less than the Proposed Nameplate Capacity, then: (A) the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System. For avoidance of doubt, the Contract Price for purposes of payment shall not include any additional adders that may be applicable to smaller sized generating units under the ABP; and (B) the quantity of RECs used for purposes of payment shall be the Designated lesserDesignated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of the REC quantities calculated based on: (1) Contract the ProposedContract Nameplate Capacity and (in MW), (2) Contract Capacity Factor and (2) the Actual Nameplate Capacity and Capacity Factor, (3) 8,760 hours and (4) 15 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity 6 For avoidance of doubt, the relevant REC price shall be the REC price associated with the same Class of Resource and category under the ABP as determined by the IPA and as may be adjusted pursuant to the IPA Act. is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System and the RECs associated with such Designated System to to be removed from this Agreement REC ContractAgreement and to be submitted under a new ABP application. If Seller desires to have the Designated System change its Class of Resource, Seller shall also have the option to request, by written notice to the IPA , for such Designated System to be removed from this REC Contract and to be submitted under a new ABP application. For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25/-25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this AgreementREC ContractAgreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the receipt of such Seller’s request to remove the Designated System from the Agreement REC ContractAgreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule AA (and, Schedule C B if applicable)C and Schedule D CD to the Product Order for such Designated System indicating the removal of such Designated System from the 6 For avoidance REC ContractAgreement. In all these cases, a portion of doubt, Seller’s Performance Assurance Amount equal to the relevant REC price Collateral Requirement associated with such Designated System shall be forfeited unless the new ABP application of such Designated System is approved by the ICC for inclusion in this REC price ContractAgreement or an agreement between Buyer and Seller under the ABP within three hundred sixty five (365) days of the date of the written notice from Seller or the IPA requesting for the removal of such Designated System from this REC ContractAgreement, in which case the previously forfeited portion of such Seller’s Performance Assurance Amount associated with the same Class original Designated System’s Proposed Nameplate Capacity shall be applied to meet the Collateral Requirement of Resource and category under such newly approved Designated System. If (or meet a portion of such Collateral Requirement if the ABP previously forfeited Performance Assuranceamount is insufficient to fully meet such Collateral Requirement). If the previously forfeited amount is not entirely required to meet the Collateral Requirement of such newly approved Designated System as determined required by the previous sentence, itthe excess amount will be refunded to Seller. The IPA and as may be adjusted pursuant to shall notify the IPA ActBuyer when either forfeiture of the applicable portion of Seller’s Performance Assurance Amount or re-application of the applicable portion of Seller’s Performance Assurancethe previously forfeited amount shall occur.

Appears in 1 contract

Samples: Master Renewable Energy Certificate Credit Purchase and Sale Agreement

Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (A) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP. 6 4 For avoidance of doubt, if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the Proposed Nameplate Capacity, the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and (B) the maximum quantity of RECs used for purposes of payment that could be paid under this REC Contract shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (1) Contract Nameplate Capacity (in MW), (2) Contract Capacity Factor, (3) 8,760 hours and (4) 15 20 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 Agreement. In all these cases, a portion of Seller’s Performance Assurance Amount equal to the Collateral Requirement associated with such Designated System shall be forfeited unless the new ABP application of such Designated System is approved by the ICC for inclusion in this Agreement or an agreement between Buyer and Seller under the ABP within three hundred sixty five (365) days of the date of the written notice from Seller or the IPA requesting for the removal of such Designated System from this Agreement, in which case the previously forfeited portion of such Seller’s Performance Assurance Amount associated with the original Designated System’s Proposed Nameplate Capacity shall be applied to meet the Collateral Requirement of such newly approved Designated System (or meet a portion of such Collateral Requirement if the previously forfeited amount is insufficient to fully meet such Collateral Requirement). If the previously forfeited amount is not entirely required to meet the Collateral Requirement of such newly approved Designated System as required by the previous sentence, the excess amount will be refunded to Seller. The IPA shall notify Buyer when either forfeiture of the applicable portion of Seller’s Performance Assurance Amount or re-application of the applicable portion 4 For avoidance of doubt, the relevant REC price shall be the REC price associated with the same Class of Resource and category under the ABP as determined by the IPA and as may be adjusted pursuant to the IPA Act. of the previously forfeited amount shall occur.

Appears in 1 contract

Samples: Renewable Energy Credit Purchase and Sale Agreement

Size Change of Designated Systems. (a) If the Actual Nameplate Capacity of a Designated System upon Energization is different from the Proposed Nameplate Capacity of such Designated System and such Actual Nameplate Capacity is within the greater of: +/-5kW or +/-25% of such Proposed Nameplate Capacity, then the following shall apply: (i) if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is different from the size category of the Proposed Nameplate Capacity, then the following shall apply: (A) the Contract Price for purposes of payment shall be lesser of: (A) Proposed Price indicated in Schedule A to the Product Order and (B) the REC price applicable to the Actual Nameplate Capacity under the ABP at the time of Energization of such Designated System, and if such REC price is not available then the last prevailing REC price applicable to the Actual Nameplate Capacity under the ABP. 6 15 For avoidance of doubt, if the size category of the Actual Nameplate Capacity relevant to determining REC prices under the ABP is the same as the size category of the Proposed Nameplate Capacity, the Contract Price for purposes of payment shall remain unchanged from the Proposed Price indicated in Schedule A to the Product Order applicable to such Designated System; and (B) the quantity of RECs used for purposes of payment shall be the Designated System Contract Maximum REC Quantity, which unless amended or adjusted subsequently thereto, shall be equal to the multiplicative product of (1) Contract Nameplate Capacity (in MW), (2) Contract Capacity Factor, (3) 8,760 hours and (4) 15 20 years, which result shall be rounded down to the nearest whole REC. (b) For a Designated System that would otherwise be Energized pending the establishment of the Standing Order, if the Actual Nameplate Capacity is larger than the Proposed Nameplate Capacity and where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is within the greater of: +5kW or +25% of the Proposed Nameplate Capacity, then Seller shall have the option to request, by written notice to the IPA and Buyer substantially in the form of Schedule D to the Product Order, for such Designated System to be removed from this Agreement and to be submitted under a new ABP application. For all Designated Systems where the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/- 25/-25% of the Proposed Nameplate Capacity, as communicated by the IPA in writing to Buyer and Seller, then such Designated System shall be removed from this Agreement, and Seller shall have the option for such Designated System to be submitted under a new ABP application. As soon as practicable after the receipt of such Seller’s request to remove the Designated System from the Agreement or upon such determination by the IPA that the difference between the Actual Nameplate Capacity and the Proposed Nameplate Capacity is not within the greater of: +/-5kW or +/-25% of the Proposed Nameplate Capacity, the IPA shall provide to Buyer and Seller a revised Schedule A, Schedule C and Schedule D to the Product Order for such Designated System indicating the removal of such Designated System from the 6 Agreement. In all these cases, a portion of Seller’s Performance Assurance Amount equal to the Collateral Requirement associated with such 15 For avoidance of doubt, the relevant REC price shall be the REC price associated with the same Class of Resource and category under the ABP as determined by the IPA and as may be adjusted pursuant to the IPA Act. Designated System shall be forfeited unless the new ABP application of such Designated System is approved by the ICC for inclusion in this Agreement or an agreement between Buyer and Seller under the ABP within three hundred sixty five (365) days of the date of the written notice from Seller or the IPA requesting for the removal of such Designated System from this Agreement, in which case the previously forfeited portion of such Seller’s Performance Assurance Amount associated with the original Designated System’s Proposed Nameplate Capacity shall be applied to meet the Collateral Requirement of such newly approved Designated System (or meet a portion of such Collateral Requirement if the previously forfeited amount is insufficient to fully meet such Collateral Requirement). If the previously forfeited amount is not entirely required to meet the Collateral Requirement of such newly approved Designated System as required by the previous sentence, the excess amount will be refunded to Seller. The IPA shall notify Buyer when either forfeiture of the applicable portion of Seller’s Performance Assurance Amount or re-application of the applicable portion of the previously forfeited amount shall occur.

Appears in 1 contract

Samples: Renewable Energy Credit Purchase and Sale Agreement

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