Examples of Delivered RECs in a sentence
All Delivered RECs must conform to the requirements of Article 5.
As part of the REC Annual Report, Seller shall report on any Designated Systems that have not Delivered a first REC, and report on any Designated Systems that have not Delivered RECs for more than twelve (12) months from their previous Delivery, and in such case, detail the corrective actions that will be taken to ensure future Deliveries and the time for such REC Deliveries.
Seller shall cooperate with Buyer, at Buyer’s expense, to certify the Plant as a renewable energy resource under any other renewable energy standard for which the Plant may qualify in order that Buyer may sell Delivered RECs which Buyer deems to be surplus to its requirements under Act 295 and Act 342.
If post-Payment is specified on Exhibit A, Buyer shall pay the Contract Price as applicable within 15 days of the later of (i) the date Buyer receives written, facsimile or electronic notice from Seller to Buyer that RECs have been Delivered, and (ii) the date Buyer receives an invoice from Seller reflecting the total amount due to Seller for the Delivered RECs (“Payment Date”).
Seller represents and warrants as of the date of this Agreement that the Plant from which Delivered RECs are to be purchased by Buyer hereunder will qualify as a “renewable energy resource” or “renewable energy system,” as applicable, pursuant to Act 295 and Act 342.
Payment will be limited to the actual, cumulative contract value associated with the Delivered RECs. For example, for an invoice rendered on December 10, 2016, Buyer shall make payments for RECs Delivered or transferred to its PJM EIS GATS, NARR or M RETS account, and for an amount that shall not cause the cumulative payments to Seller to exceed 50% of the contract value.
Seller shall use its commercially reasonable best efforts to ensure the receipt of Delivered RECs by Buyer within one hundred twenty (120) Days after the end of each applicable Billing Month.
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.
Within thirty (30) Days following the Commercial Operation Date, Buyer shall register, establish and maintain an account with MIRECS and provide information regarding such account to Seller, such that Seller may utilize a forward transfer or transfer-redirect process to allow Delivered RECs to be directly deposited into Buyer’s MIRECS account.
Buyer will pay the Contract Price as applicable within fifteen (15) Business days of the later of (i) the date Buyer receives written, facsimile or electronic notice from Seller to Buyer that RECs have been Delivered, and (ii) the date Buyer receives an invoice from Seller reflecting the total amount due to Seller for the Delivered RECs (“Payment Date”).