Examples of Project SRECs in a sentence
Borrower may sell the Project SRECs delivered to Borrower’s SREC Account in accordance with Section 6(a).
Borrower shall have a continuing obligation to execute such documents as may be necessary to authorize the SREC Program Administrator to automatically transfer Project SRECs to Lender’s SREC Account.
Borrower will cooperate and do all things necessary to ensure that all Project SRECs are credited to Lender in a timely manner.
The College has gained momentum through the pandemic, with a recently updated curriculum emphasizing diversity, pluralism, antiracism, global awareness, and integrative learning, and with major renovations to multiple core buildings underway.
Lender will calculate (a) the aggregate value of the Project SRECs and cash (excluding any Annual True-Up or Biennial True-Up payments made that Contract Year) received from Borrower to pay the Loan for the Contract Year (“Actual Payments”), and (b) ninety percent (90%) of the total payments due with respect to the Loan for the Contract Year as indicated in the Loan Amortization Schedule (the “90% Amount”).
At the closing of the Loan and for the duration of the Term, Borrower shall execute such documents as are necessary to assign to Lender all of the Project SRECs until the Loan is repaid in full and do all things necessary to ensure that all Project SRECs are credited to Lender in a timely manner.
Lender shall not be required to pay down the Loan with Project SRECs that are not RPS-eligible.
Except as provided in Section 2.5(c), the Loan and accrued interest shall be repaid with Project SRECs, which will be valued at the greater of the Floor Price or the Market Price.
If Borrower elects to repay the Loan with cash, Lender will continue to accept delivery of the Project SRECs from the SREC Program Administrator into Lender’s SREC Account.
All amounts due under this Agreement and the Note can be paid in (i) cash or (ii) the value of the Project SRECs. Following each Quarter, Lender will provide an amortization statement to Borrower showing the amount paid by Borrower in cash and Project SRECs, the current balance of the Loan and the expected balance according to the Loan amortization statement (“Quarterly Amortization Statement”).