Replacement ZRCs definition

Replacement ZRCs has the meaning specified in Section 3.11(a).
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Replacement ZRCs and “Excess ZRCs” in Section 1.1 would become “Replacement Equivalent ZRCs” and “Excess Equivalent ZRCs,” respectively. for such Planning Year if the Delivery Term Commencement Date had occurred (with the Facility achieving Commercial Operation at the Expected Capacity and Storage Expected Capacity) by the deadline for submission of the Facility into the Planning Resource Auction and the Facility was properly submitted into such auction according to Section 4.2, then Seller shall transfer to Buyer custody of and title to (or, if not possible, the benefit of, as directed by Buyer) such quantity of ZRCs no later than ten (10) Days prior to the commencement of the Planning Resource Auction applicable to such Planning Year; provided, however, that, notwithstanding anything to the contrary in Section 4.2, if Seller satisfies its obligation to provide such ZRCs to Buyer pursuant to this Section 3.11(a) by providing ZRCs sourced from resource(s) other than the Facility (“Replacement ZRCs”), Seller may retain any ZRCs awarded after such obligation is satisfied for such Planning Year with respect to the Facility, up to the amount of Replacement ZRCs so provided to Buyer; provided, further, that, for the avoidance of doubt, if Seller receives any ZRCs so awarded with respect to the Facility in an amount greater than the amount of Replacement ZRCs transferred to Buyer pursuant to this Section 3.11(a) (such excess ZRCs, “Excess ZRCs”), Seller shall immediately notify Buyer and, at Buyer’s option, either (I) transfer to Buyer custody of and title to (or, if not possible, the benefit of, as directed by Buyer) such quantity of Excess ZRCs or an equal amount of ZRCs sourced from resource(s) other than the Facility as soon as reasonably possible, but in no event later than three (3) Days after Buyer’s election to receive ZRCs pursuant to this clause (I), or (II) pay or credit Buyer an amount equal to the quantity of Excess ZRCs multiplied by the Auction Clearing Price resulting from the Planning Resource Auction for such Planning Year applicable to a ZRC. Seller shall include the amount of any payment or credit pursuant to clause (II) above on the Monthly Invoice for the later of (A) the month in which Buyer elects to receive payment or credit pursuant to clause (II) above and (B) the month in which such Auction Clearing Price is determined and, if applicable, shall pay such amount to Buyer according to Article XI. [In addition, if Seller provides a ZRC Equivalent describe...
Sample 1
Replacement ZRCs and “Excess ZRCs” in Section 1.1 would become “Replacement Equivalent ZRCs” and “Excess Equivalent ZRCs,” respectively. that, for the avoidance of doubt, if Seller receives any ZRCs so awarded with respect to the Facility in an amount greater than the amount of Replacement ZRCs transferred to Buyer pursuant to this Section 3.11(a) (such excess ZRCs, “Excess ZRCs”), Seller shall immediately notify Buyer and, at Buyer’s option, either (I) transfer to Buyer custody of and title to (or, if not possible, the benefit of, as directed by Xxxxx) such quantity of Excess ZRCs or an equal amount of ZRCs sourced from resource(s) other than the Facility as soon as reasonably possible, but in no event later than three
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More Definitions of Replacement ZRCs

Replacement ZRCs and “Excess ZRCs” in Section 1.1 would become “Replacement Equivalent ZRCs” and “Excess Equivalent ZRCs,” respectively. this Section 3.11(a) by providing ZRCs sourced from resource(s) other than the Facility (“Replacement ZRCs”), Seller may retain any ZRCs awarded for such Planning Year with respect to the Facility up to the amount of Replacement ZRCs so provided to Buyer; provided, further, that, for the avoidance of doubt, if Seller receives any ZRCs so awarded with respect to the Facility in an amount greater than the amount of Replacement ZRCs transferred to Buyer pursuant to this Section 3.11(a) (such excess ZRCs, “Excess ZRCs”), Seller shall immediately notify Buyer and, at Buyer’s option, either (I) transfer to Buyer custody of and title to (or, if not possible, the benefit of, as directed by Buyer) such quantity of Excess ZRCs or an equal amount of ZRCs sourced from resource(s) other than the Facility as soon as reasonably possible, but in no event later than three
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Related to Replacement ZRCs

  • Replacement Card means a renewal or replacement Card issued to you by us;

  • Replacement Facility means 1 of the following:

  • Replacement unit means a landfill, surface impoundment, or waste pile unit from which all or substantially all of the waste is removed, and which is subsequently reused to treat, store, or dispose of hazardous waste. Replacement unit does not include a unit from which waste is removed during closure, if the subsequent reuse solely involves the disposal of waste from that unit and other closing units or corrective action areas at the facility, in accordance with a closure or corrective action plan approved by USEPA or the Agency.

  • Replacement shall have the meaning assigned to it in Section 4.8.

  • Replacement Engine means a [Engine Manufacturer and Model] engine (or an engine of the same or another manufacturer of a comparable or an improved model and suitable for installation and use on the Airframe with the other Engine (or any other Replacement Engine being substituted simultaneously therewith)) that shall have been made subject to the Lien of the Indenture pursuant to Section 7.04 or Section 7.05 thereof, together with all Parts relating to such engine, but excluding items installed or incorporated in or attached to any such engine from time to time that are excluded from the definition of Parts.

  • Replacement Assets means (1) non-current assets that will be used or useful in a Permitted Business or (2) substantially all the assets of a Permitted Business or a majority of the Voting Stock of any Person engaged in a Permitted Business that will become on the date of acquisition thereof a Restricted Subsidiary.

  • Replacement Value means the price, including accrued interest, at which Equivalent Securities to the Borrowed Securities could be purchased in the principal market for such securities at the time of election by State Street under Section 13.1 hereof.

  • replacement grant means an option that a reasonable person would consider to be granted in relation to a prior or potential cancellation of an option;

  • Replacement Property means any property which is placed in service as a replacement for any item of Equipment or any Improvement previously subject to this Fee Agreement regardless of whether such property serves the same functions as the property it is replacing and regardless of whether more than one piece of property replaces any item of Equipment or any Improvement to the fullest extent that the FILOT Act permits.

  • Replacement Provider has the meaning set forth in Section II.D.1.

  • Replacement Price means the price, determined by Buyer in a commercially reasonable manner, at which Buyer purchases (if at all) substitute SRECs having the same or subsequent Reporting Year as those SRECs not delivered by Seller for the deficiency or, absent such a purchase, the Market Price for such quantity of SRECs at or during the time that Seller fails to deliver the SRECs, provided that the Market Price shall never exceed the solar alternative compliance payment.

  • Replacement Reserve Agreement means a Replacement Reserve and Security Agreement, reasonably required by the Lender, and completed in accordance with the requirements of the DUS Guide.

  • Replacement Benchmark means a benchmark rate which is:

  • Replacement Reserve As defined in Section 9.5.1.

  • Term SOFR Replacement Date has the meaning specified in Section 3.03(b).

  • Replacement Option means an Option that is granted when a Participant uses a Common Share held or to be acquired by the Participant to exercise an Option and/or to satisfy tax withholding requirements incident to the exercise of an Option.

  • Replacement Rate has the meaning assigned thereto in Section 4.2.(b).