REC Purchase Payment Amount means, with respect to a Designated System that has been Energized, the total monetary amount for payment of RECs from such Designated System as confirmed by the IPA or its designee and as indicated in the respective Schedule B to the Product Order that includes the Designated System.” The following is added as Section 1.54.2:
REC Purchase Payment Amount means, with respect to a Designated System that has been Energized, the total monetary amount for payment of RECs from such Designated System as confirmed by the IPA and as indicated in Schedule B to the Product Order that is applicable to such Designated System. The REC Purchase Payment Amount at the time of Energization shall, with respect to a Designated System, equal the multiplicative product of the Contract Price and the Designated System Contract Maximum REC Quantity, as these amounts may be amended or adjusted in accordance with the terms of this Agreement, including (without limitation) Section 2.6 or Section 4.2(f). With respect to a Community Renewable Energy Generation Project, for the period following each of the Community Solar Quarterly Reports, the REC Purchase Payment Amount shall be updated pursuant to Section 2.6(g) with the calculations made consistent with Section 2.6(a), Section 2.6(b) and Section 2.6(c).2
REC Purchase Payment Amount means, with respect to a Designated System that has been Energized, the total monetary amount for payment of RECs from such Designated System as confirmed by the IPA and as indicated in the Schedule B to the Product Order that is applicable to such Designated System. The REC Purchase Payment Amount shall, (a) with respect to a Community Renewable Energy Generation Project, equal the sum of the Community Solar Anchor Payment and Community Solar Non-Anchor Payment amount and, (b) with respect to a Distributed Renewable Energy Generation Device, equal the multiplicative product of the Contract Price and the Designated System Contract Maximum REC Quantity, as these amounts may be amended or adjusted in accordance with the terms of this Agreement, including (without limitation) Section 5(f)(iii) and Section 5(f)(vi) of the Cover Sheet.” The following is added as Section 1.54.2:
Examples of REC Purchase Payment Amount in a sentence
In this case, with respect to the portion of the Maximum Allowable Payment associated with such Designated System, the Maximum Allowable Payment will reflect (a) the initial Advance of Capital amount and (b) the remaining balance of the REC Purchase Payment Amount associated with such Designated System upon Energization if such Designated System is not a Community Renewable Energy Generation Project, is Energized and its Actual Nameplate Capacity is equal to or less than 25 kW.
For purposes of payment, the Quarterly Netting Statement will reflect a one-time full payment of one hundred percent (100%) of the REC Purchase Payment Amount associated with a Designated System, which payment calculation shall also be subject to adjustments in accordance with the terms of this Agreement, including (without limitation) Section 2.6. An example of the Quarterly Netting Statement calculations is provided in Exhibit F-4.
Contract Price = $____/REC Actual Capacity Factor: _____% Contract Capacity Factor: _____% Actual Nameplate Capacity: _______kW (AC Rating) Contract Nameplate Capacity: _______kW (AC Rating) Designated System Contract Maximum REC Quantity = _______RECs REC Purchase Payment Amount = Contract Price x Designated System Contract Maximum REC Quantity.
Upon Energization, with respect to such Designated System, Seller shall be entitled to payment that reflects a one-time full payment of one hundred percent (100%) of the REC Purchase Payment Amount as indicated in Schedule B to the Product Order.
For purposes of payment, the Quarterly Netting Statement will reflect a one-time full payment of one hundred percent (100%) of the REC Purchase Payment Amount calculated at time of Energization associated with a Designated System, which payment calculation shall also be subject to adjustments in accordance with the terms of this Agreement, including (without limitation) Section 3.6. An example of the Quarterly Netting Statement calculations is provided in Exhibit F-4.
More Definitions of REC Purchase Payment Amount
REC Purchase Payment Amount means, with respect to a Designated System that has been Energized, the total monetary amount for payment of RECs from such Designated System as confirmed by the IPA and as indicated in the Schedule B to the Product Order that is applicable to such Designated System. The REC Purchase Payment Amount shall, with respect to a Designated System, equal the multiplicative product of the Contract Price and the Designated System Contract Maximum REC Quantity, as these amounts may be amended or adjusted in accordance with the terms of this Agreement, including (without limitation) Section 5(f)(i)-(iii) and Section 5(f)(vi) of the Cover Sheet.” The following is added as Section 1.54.2:
REC Purchase Payment Amount means, with respect to a Designated System that has been Energized, the total monetary amount for payment of RECs from such Designated System as confirmed by the IPA and as indicated in Schedule B to the Product Order that is applicable to such Designated System. The REC Purchase Payment Amount at the time of Energization shall, with respect to a Designated System, equal the multiplicative product of the Contract Price and the Designated System Contract Maximum REC Quantity, as these amounts may be amended or adjusted in accordance with the terms of this Agreement, including (without limitation) Section 2.6 or Section 4.2(f). With respect to a Community Renewable Energy Generation Project, for the period following the Community Solar First Year Report, the REC Purchase Payment Amount shall be updated pursuant to Section 2.6(i) with the calculations made consistent with Section 2.6(b), Section 2.6(d) and Exhibit F-3. For purposes of Section 2.6(i), the REC Purchase Payment Amount shall equal (a) x (b) + (c) x (d) where (a) equals the multiplicative product of (i) Contract Nameplate Capacity (in MW) at Energization, (ii) Contract Capacity Factor, (iii) 8,760 hours, (iv) 1 year (or 13/12 as applicable), which result shall be rounded down to the nearest whole REC; where
REC Purchase Payment Amount means, with respect to a Designated System that has been Energized, the total monetary amount for payment of RECs from such Designated System as confirmed by the IPA and as indicated in Schedule B to the Product Order that is applicable to such Designated System. The REC Purchase Payment Amount at the time of Energization shall, with respect to a Designated System, equal the multiplicative product of the Contract Price and the Designated System Contract Maximum REC Quantity, as these amounts may be amended or adjusted in accordance with the terms of this Agreement, including (without limitation) Section 2.6 or Section 4.2(f). With respect to a Community Renewable Energy Generation Project, for the period following the fourth Community Solar First YearQuarterly Report, the REC Purchase Payment Amount shall be updated pursuant to Section 2.6(g) with the calculations made consistent with Section 2.6(a), Section 2.6(c) and Exhibit F-3. For purposes of Section 2.6(g), the REC Purchase Payment Amount shall equal (a) x (b) + (c) x (d) where (a) equals the multiplicative product of (i) Contract Nameplate Capacity (in MW) at Energization, (ii) Contract Capacity Factor, (iii) 8,760 hours, (iv) 1 year (or 13/12 as applicable), which result shall be rounded down to the nearest whole REC; where (b) equals the Contract Price at Energization; where (c) equals the 7 [NTD: See 2024 Long-Term Renewable Resources Procurement Plan (“2024 LTRRPP”) Section 7.15, which provides for the deadline changes of Annual Report filing requirements.] multiplicative product of (i) Contract Nameplate Capacity (in MW) calculated based on information in the Community Solar First Year ReportQuarterly Reports, (ii) Contract Capacity Factor, (iii) 8,760 hours, (iv) 14 years (or 167/12 as applicable), which result shall be rounded down to the nearest whole REC; and where (d) equals the Contract Price calculated using information in the Community Solar First Year ReportQuarterly Reports and consistent with Section 2.6(a) or Section 2.6(c). Notwithstanding the calculation set forth in the preceding sentence for the period following the fourth Community Solar First YearQuarterly Report, if there is no change between the values observed at Energization and the values calculated based on information in the Community Solar First Year ReportQuarterly Reports for the Contract Nameplate Capacity, Contract Capacity Factor and Contract Price, then there shall be no update to the REC Purchase Payment Amount.
REC Purchase Payment Amount means, with respect to a Designated System that has been Energized, the total monetary amount for payment of RECs from such Designated System as confirmed by the IPA and as indicated in Schedule B to the Product Order that is applicable to such Designated System. The REC Purchase Payment Amount at the time of Energization shall, with respect to a Designated System, equal the multiplicative product of the Contract Price and the Designated System Contract Maximum REC Quantity, as these amounts may be amended or adjusted in accordance with the terms of this Agreement, including (without limitation) Section 3.6 or Section 5.2(f). With respect to a Community Renewable Energy Generation Project, for the period following the fourth Community Solar Quarterly Report, the REC Purchase Payment Amount shall be updated pursuant to Section 3.6(a)(i)(g) with the calculations made consistent with Section 3.6(a)(i)(a), Section 3.6(a)(i)(c) and Exhibit F-3. For purposes of Section 3.6(a)(i)(g), the REC Purchase Payment Amount shall equal (a) x (b) + (c) x (d) where (a) equals the multiplicative product of (i) Contract Nameplate Capacity (in MW) at Energization, (ii) Contract Capacity Factor, (iii) 8,760 hours, (iv) 1 year (or 13/12 as applicable), which result shall be rounded down to the nearest whole REC; where
REC Purchase Payment Amount means, with respect to a Designated System that has been Energized, the total monetary amount for payment of RECs from such Designated System as confirmed by the IPA and as indicated in Schedule B to the Product Order that is applicable to such Designated System. The REC Purchase Payment Amount at the time of Energization shall, with respect to a Designated System, equal the multiplicative product of the Contract Price and the Designated System Contract Maximum REC Quantity, as these amounts may be amended or adjusted in accordance with the terms of this Agreement, including (without limitation) Section or Section . With respect to a Community Renewable Energy Generation Project, for the period following each of the Community Solar Quarterly Reports, the REC Purchase Payment Amount shall be updated pursuant to Section with the calculations made consistent with Section , Section and Section . that specifies (a) the quantity of RECs that has been Delivered from a Designated System during such Delivery Year that has just concluded; (b) the quantity of those Delivered RECs that is to be retired by Buyer; (c) the quantity of Ineligible RECs to be returned by Buyer to Seller, if applicable; and (d) the quantity of Surplus RECs to be held by Buyer, if applicable.
REC Purchase Payment Amount means, with respect to a Designated System that has been Energized, the total monetary amount for payment of RECs from such Designated System as confirmed by the IPA and as indicated in the Schedule B to the Product Order that is applicable to such Designated System. The REC Purchase Payment Amount shall reflect, with respect to a Designated System, equal the multiplicative product of the Contract Price and the Designated System Contract Maximum REC Quantity, as these amounts may be amended or adjusted in accordance with the terms of this Agreement, including (without limitation) Section 5(e)(iv) of the Cover Sheet.2.6.
REC Purchase Payment Amount means, with respect to a Designated System that has been Energized, the total monetary amount for payment of RECs from such Designated System as confirmed by the IPA and as indicated in Schedule B to the Product Order that is applicable to such Designated System. The REC Purchase Payment Amount at the time of Energization shall, with respect to a Designated System, equal the multiplicative product of the Contract Price and the Designated System Contract Maximum REC Quantity, as these amounts may be amended or adjusted in accordance with the terms of this Agreement, including (without limitation) Section 2.6 or Section 4.2(f). With respect to a 2 [NTD: See 2024 Long-Term Renewable Resources Procurement Plan (“2024 LTRRPP”) Section 7.15, which provides for the deadline changes of Annual Report filing requirements.] Community Renewable Energy Generation Project, for the period following each of the Community Solar Quarterly Reports, the REC Purchase Payment Amount shall be updated pursuant to Section 2.6(g) with the calculations made consistent with Section 2.6(a), Section 2.6(b) and Section 2.6(c).3