Transfer of RECs. Transfer of Renewable Energy Credits. Seller and, if applicable, its successors, represents and warrants that throughout the Term of this Agreement the Renewable Energy Credits transferred to Purchaser conform to the definition and attributes required for compliance with the California Renewables Portfolio Standard, as set forth in California Public Utilities Commission Decision 00-00-000, and as may be modified by subsequent decision of the California Public Utilities Commission or by subsequent legislation. To the extent a change in law occurs after execution of this Agreement that causes this representation and warranty to be materially false or misleading, it shall not be an Event of Default if Seller has used commercially reasonable efforts to comply with such change in law. [STC REC-1, Non-modifiable. D.00-00-000] Tracking of RECs in WREGIS. Seller warrants that all necessary steps to allow the Renewable Energy Credits transferred to Purchaser to be tracked in the Western Renewable Energy Generation Information System will be taken prior to the first delivery under the contract. [STC REC-2, Non-modifiable. D.00-00-000] Purchaser warrants that all necessary steps to allow the Renewable Energy Credits transferred to Purchaser to be tracked in the Western Renewable Energy Generation Information System will be taken prior to the first delivery under the contract. The Transfer of RECs shall be made in accordance with the rules and regulations of WREGIS. For each month during the Delivery Term, Seller shall transfer RECs from its WREGIS account to Purchaser’s WREGIS account within ten (10) Business Days of creation of the RECs. If Purchaser’s WREGIS account ID is not available as of the Effective Date, Purchaser will provide it to Seller promptly once Purchaser receives the WREGIS account ID. Vintage: Calendar Year(s): _______. Payment: Energy: To simplify the scheduling and settlement process based on the current CAISO market scheduling and settlement protocols, whereby CAISO will pay the Seller for the value of the Energy produced and delivered by the Generating Facilities at the Delivery Point on behalf of Purchaser, the Parties agree that Seller shall schedule and deliver an amount of Energy consistent with the Contract Quantity during the Delivery Period with and to the CAISO at the Delivery Point(s), and Seller shall receive payment for the Energy from the CAISO for such delivery based on the CAISO Locational Marginal Price. Consequently, and consist...
Transfer of RECs. (a) In consideration of the payment made by Buyer to Seller pursuant to Section 3.2 in respect of any Supplement, Seller hereby absolutely and irrevocably transfers, assigns and sells to Buyer all of Seller’s right title and interest in and to all RECs, including partial RECs, produced by the Projects specified in Schedule 1 to each Supplement at any time during the periods as specified in Schedule 1 to such Supplement (including all of Seller’s rights to measure, verify, certify, market and resell such RECs and the proceeds thereof) (in respect of each Supplement, the “Transferred RECs”). For the avoidance of doubt, the transfer, assignment and sale of Transferred RECs to Buyer pursuant to this Agreement and any Supplement constitutes a present transfer, assignment and sale of such Transferred RECs whether such Transferred RECS are existing as of the applicable Supplement Date or are produced by the applicable Projects thereafter. In furtherance of the foregoing, Seller shall take, or cause to be taken, such actions with respect to the Projects as are reasonably necessary in order to cause the Transferred RECs to be created in Buyer’s account (which may include an account in Seller’s name but under the control of Buyer) with any applicable Tracking System, including without limitation registering the Projects as generation assets in Buyer’s account (or such Buyer controlled Seller account).
