GEP Shortfall definition
Examples of GEP Shortfall in a sentence
Seller may also cure the GEP Shortfall by procuring Replacement Energy in accordance with Section 9.2. In the event Seller is unable to cure the GEP Shortfall with Delivered Energy or Replacement Energy in accordance with Section 9.2, Seller shall pay Buyer GEP Shortfall Liquidated Damages in accordance with Section 9.3.
If Seller is obligated to deliver Facility Energy in excess of the Guaranteed Generation during the GEP Shortfall Makeup Period under Section 9.1, it shall be delivered to Buyer on a delivery schedule directed by Buyer, considering the as-available nature of the Product.
If Seller fails to pay Buyer the GEP Shortfall Damages within sixty (60) days after the end of the GEP Shortfall Makeup Period or RPS Compliance Period, as applicable, Buyer shall have the right to immediately draw the applicable amount of GEP Shortfall Damages owed to Buyer from the Delivery Term Security.
The provision of GEP Shortfall Liquidated Damages shall be in lieu of actual damages for the occurrence of any GEP Shortfall hereunder that is not cured with Facility Energy and/or Replacement Energy, and notwithstanding any other provision of this Agreement, the GEP Shortfall Liquidated Damages shall be Buyer’s sole remedy, and Seller’s sole liability, for Seller’s failure to meet the Guaranteed Energy Production.
If in any Contract Year of a GEP Termination Period there is a GEP Shortfall and after the close of the GEP Termination Period there is also GEP Termination Event, then Seller’s right to cure the GE...
To the extent Seller is unable to deliver or provide sufficient Adjusted Energy Production or Replacement Product in excess of the Guaranteed Generation to make up the remaining GEP Shortfall Energy, then Seller shall, at the end of the GEP Shortfall Makeup Period, pay Buyer GEP Shortfall Damages.
If Seller fails to make up the full amount of any GEP Shortfall Energy by the end of the GEP Shortfall Makeup Period, then Seller shall within sixty (60) days after the end of such GEP Shortfall Makeup Period pay Buyer the GEP Shortfall Damages; provided that, if the GEP Shortfall occurs during the final Contract Year, then Seller shall within sixty (60) days after the end of that final Contract Year pay Buyer the GEP Shortfall Damages, if any.
If Seller fails to deliver an amount of Delivered Energy equal to or greater than the Guaranteed Energy Production in any Contract Year (a “GEP Shortfall”), then Seller shall cure the GEP Shortfall during the Contract Year immediately following the occurrence of the GEP Shortfall (the “GEP Shortfall Makeup Period”).
If Seller fails following ten (10) Business Days’ Notice from Buyer to pay Buyer the GEP Shortfall Damages within sixty (60) days after the end of the GEP Shortfall Makeup Period, Buyer shall have the right to immediately draw the applicable amount of GEP Shortfall Damages owed to Buyer from the Operation Security.
The foregoing provisions shall not excuse any obligation of Seller with respect to delivery of GEP Shortfall Energy or Replacement Energy, as applicable, arising prior to the occurrence of any Force Majeure event.