Annual OREC Cap definition

Annual OREC Cap. An amount of ORECs equal to the product of 1.10 and the P10 Annual OREC Exceedance. The Annual OREC Cap under this Agreement shall be _______ ORECs unless and until the P10 Annual OREC Exceedance is adjusted by Seller in accordance with Section 2.01(e). Seller will retain ownership and all rights to ORECs that exceed the Annual OREC Cap.
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Annual OREC Cap. An amount of ORECs equal to the product of 1.10 and
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Annual OREC Cap. The amount of ORECs equal to the product of 1.1 and the P10 Annual OREC Exceedance. The Annual OREC Cap under this Agreement shall be ORECs.
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Examples of Annual OREC Cap in a sentence

  • NYSERDA will not pay for ORECs beyond the Annual OREC Cap for any Contract Year.

  • Seller shall Transfer ORECs, up to the Annual OREC Cap, to the NYSERDA NYGATS Account on a monthly basis via a Forward Certificate Transfer.

  • Delivery of electric energy during the Contract Delivery Term that complies with this electricity delivery requirement will be sufficient to support the creation of ORECs by NYGATS up to the Annual OREC Cap and in accordance with the transfer requirements of Section 2.03 of this Agreement.

  • The Parties agree that this Agreement entitles NYSERDA to all Environmental Attributes of the Actual Production up to the energy equivalent (in MWh) of the Annual OREC Cap.

  • Electric energy from the Selected Project sold on a bilateral basis will produce ORECs and NYSERDA will purchase such ORECs in accordance with Article II of this Agreement until the Annual OREC Cap is reached, provided that the energy is delivered and sold within the NYCA in accordance with this Article.

  • Accordingly, Seller shall not sell, transfer, retire or otherwise dispose of any Environmental Attributes associated with the Actual Production during the Contract Delivery Term unless (a) approved by NYSERDA, or (b) if such other Environmental Attributes are associated with the Actual Production produced in excess of the energy equivalent (in MWh) of the Annual OREC Cap.

  • Notwithstanding Section 2.01(a), in no Contract Year shall NYSERDA be obligated under this Agreement to purchase from Seller, nor Seller obligated under this Agreement to sell to NYSERDA, more ORECs than the Annual OREC Cap.

  • Seller shall be free to sell, assign, transfer or otherwise subject to any encumbrance any ORECs produced by the Selected Project in excess of the Annual OREC Cap.

  • With NYSERDA’s written consent, which shall not be unreasonably withheld, conditioned, or delayed, Seller may, at any time prior to Commercial Operation of the Selected Project, adjust the P10 Annual OREC Exceedance (and, thereby, the Annual OREC Cap) and the P50 Annual OREC Exceedance to reflect changes in the technical or meteorological assumptions upon which the prior estimate was based or changes in the capacity of the Selected Project up to the Maximum Project Capacity.

Related to Annual OREC Cap

  • Total Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Net Debt as of the last day of such Test Period to (b) Consolidated Adjusted EBITDA of the Borrower for such Test Period.

  • Secured Net Leverage Ratio means, on any date, the ratio of (a) Consolidated Secured Net Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.