Supplier Option to Reduce Contract Capacity Sample Clauses

Supplier Option to Reduce Contract Capacity. (a) From and after the Term Commencement Date, the Supplier shall, once in any given Contract Year, have the right to reduce the Contract Capacity to a lower amount, which lower amount shall either be 0 MW or an amount equal to or greater than 5 MW, by written notice by the Supplier to the Buyer, and which reduction shall take effect from and after the date set forth in Section 3.3(b). If the Contract Capacity, as reduced in accordance with the foregoing provisions, is equal to 0 MW, then the Agreement shall be terminated on the date such reduction takes effect without any costs or payments of any kind to either Party (save and except for the payment of all amounts owed but not yet paid by the Buyer or the Supplier to each other, whether or not such amounts are then due pursuant to this Agreement), and all security shall be returned forthwith. (b) The reduction in the Contract Capacity set out in Section 3.3(a) shall take effect on a date designated by the Supplier in writing that is no earlier than thirty (30) days following the date of such notice, and provided that all of the following conditions are met: (i) the amount of Contract Capacity, prior to the proposed reduction taking effect, shall have been verified to have been generated by a Capacity Check Test conducted within 30 days prior to the day such reduction is to take effect and (ii) there is no Supplier Event of Default on the effective date of the reduction. The Supplier acknowledges that any such reductions in the Contract Capacity shall not reduce any obligations of the Supplier in existence prior to the effective date of such reduction, and that such reductions shall be permanent and the Contract Capacity, as reduced, cannot be increased at any point during the balance of the Term.
Sample 1
Supplier Option to Reduce Contract Capacity. At any time within the six (6) month period immediately prior to the Milestone Date for Commercial Operation of the Facility, the Supplier shall, once during such period, have the right to reduce the Contract Capacity to a lower amount by providing written notice thereof to the Sponsor during such period, provided that any such reduction shall not be greater than 10% of the Contract Capacity prior to such reduction. The reduction in the Contract Capacity set out in this Section 4.3 shall take effect on COD, provided that there is no Supplier Event of Default as of COD. The Supplier acknowledges that any such reductions in the Contract Capacity shall not reduce any obligations of the Supplier in existence prior to the effective date of such reduction and that such reductions shall be permanent and the Contract Capacity as reduced, cannot be increased at any point during the balance of the Term.
Sample 1
Supplier Option to Reduce Contract Capacity. At any time within the six (6) month period immediately prior to the Milestone Date for Commercial Operation of the Facility, the Supplier shall, once during such period, have the right to reduce the Season 1 Contract Capacity, the Season 2 Contract Capacity, the Season 3 Contract Capacity and/or the Season 4 Contract Capacity to a lower amount by providing written notice thereof to the Buyer during such period, provided that any such reduction: (a) shall not be greater than 5% of the Annual Average Contract Capacity; or (b) shall not result in a Season 3 Contract Capacity of less than 750 MW; or (c) shall not result in the inability of the Facility to provide 45% or more of the Contract Capacity in any Season under N-1 Generating Facility Conditions. The reduction in the Contract Capacity set out in this Section 4.3 shall take effect on COD, provided that there is no Supplier Event of Default as of COD. The Supplier acknowledges that any such reductions in the Contract Capacity shall not reduce any obligations of the Supplier in existence prior to the effective date of such reduction and that such reductions shall be permanent and the Contract Capacity, as reduced, cannot be increased at any point during the balance of the Term.
Sample 1

Related to Supplier Option to Reduce Contract Capacity

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  • Interconnection Customer Compensation for Actions During Emergency Condition The CAISO shall compensate the Interconnection Customer in accordance with the CAISO Tariff for its provision of real and reactive power and other Emergency Condition services that the Interconnection Customer provides to support the CAISO Controlled Grid during an Emergency Condition in accordance with Article 11.6.

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