Common use of Failure to Report Clause in Contracts

Failure to Report. In the event that at any time after the Effective Date Seller (a) fails to provide information expressly required by this Agreement to be reported to NYSERDA (for example, Progress Reports required under Section 6.02 or Annual Operating Reports required under Section 6.03), or (b) fails to provide information reasonably requested by NYSERDA in connection with the matters contemplated by this Agreement, in either case within the time period required by this Agreement or otherwise reasonably required by NYSERDA and, following written notice of such failure, Seller does not cure the failure within a reasonable time period, not to exceed 15 business days, NYSERDA shall be permitted to (x) draw from Seller’s Contract Security (or, if elected by Seller, Seller shall pay NYSERDA), or (y) retain from any amounts due to Seller under this Agreement, an amount equal to $10,000 per uncured failure to provide information; provided that the amount shall increase to $20,000 per uncured failure after the first three instances this provision is triggered. The payments contemplated in this Section

Failure to Report. In the event that at any time after the Effective Date Seller (a) fails to provide information expressly required by this Agreement to be reported to NYSERDA (for example, Progress Reports required under Section 6.02 or Annual Operating Reports required under Section 6.03), or (b) fails to provide information reasonably requested by NYSERDA in connection with the matters contemplated by this Agreement, in either case within the time period required by this Agreement or otherwise reasonably required by NYSERDA and, following written notice of such failure, Seller does not cure the failure within a reasonable time period, not to exceed 15 business days, NYSERDA shall be permitted to (x) draw from Seller’s Contract Security (or, if elected by Seller, Seller shall pay NYSERDA), or (y) retain from any amounts due to Seller under this Agreement, an amount equal to $10,000 per uncured failure to provide information; provided that the amount shall increase to $20,000 per uncured failure after the first three instances this provision is triggered. The payments contemplated in this SectionSection 6.13 for reporting failures are designed to help compensate NYSERDA for, among other things, the damages that result from the failure to timely submit information to NYSERDA and do not constitute a penalty payment.