Common use of Net Out of Settlement Amounts Clause in Contracts

Net Out of Settlement Amounts. In the Event of Default with respect to Buyer as the “Defaulting Party”, the following shall occur: Buyer shall return Seller’s Performance Assurance held by Buyer by the date the Termination Payment is due; with respect to a Designated System, Seller shall calculate a Settlement Amount for RECs that were Delivered but were not yet paid by Xxxxx. Specifically, with respect to a Designated System, if the number of RECs Delivered from such Designated System is greater than the Designated System Paid REC Quantity, then with respect to such Designated System, the Settlement Amount shall equal to the multiplicative product of (A) the Contract Price and (B) the positive difference between (i) the number of RECs that has been Delivered from such Designated System (not to exceed the Designated System Contract Maximum REC Quantity) and (ii) the Designated System Paid REC Quantity. For avoidance of doubt, if the number of RECs Delivered from such Designated System is equal to or less than the Designated System Paid REC Quantity, then the Settlement Amount for such Designated System shall be zero; Seller shall calculate the Termination Payment by aggregating all Settlement Amounts into a single liquidated amount by summing the calculated Settlement Amount with respect to a Designated System across all Designated Systems; and the Termination Payment, if any, is due to Seller as the Non-Defaulting Party within twenty (20) Business Days following notice by Seller to Buyer pursuant to Section 9.3. In the Event of Default with respect to Seller as the “Defaulting Party”, the following shall occur: With respect to a Designated System, Buyer shall calculate a Settlement Amount as the sum of: Collateral Requirement of such Designated System; the multiplicative product of (1) the Contract Price and (2) the result obtained by subtracting the number of RECs that has been Delivered from such Designated System (not to exceed the Designated System Contract Maximum REC Quantity) from the Designated System Paid REC Quantity. For avoidance of doubt, if the number of RECs Delivered from such Designated System is greater than the Designated System Paid REC Quantity, then this calculation shall be zero. Buyer shall calculate the Termination Payment by aggregating all Settlement Amounts into a single liquidated amount by summing the calculated Settlement Amount with respect to a Designated System across all Designated Systems. The Termination Payment, if any, is due to Buyer as the Non-Defaulting Party within twenty (20) Business Days following notice by Buyer to Seller pursuant to Section 9.3. Unless Seller pays the Termination Payment in full during this twenty (20) Business Day period, Seller’s Performance Assurance held by Buyer shall be applied to the Termination Payment with any excess Performance Assurance Amounts returned to Seller. For avoidance of doubt, the Non-Defaulting Party shall not owe any amount as Termination Payment to the Defaulting Party and payment of the Termination Payment shall only be from the Defaulting Party to the Non-Defaulting Party. An example of the net out of Settlement Amount calculations in respect of Seller as the “Defaulting Party” is provided in Exhibit F-5.

Net Out of Settlement Amounts. In the Event of Default with respect to Buyer as the “Defaulting Party”, the following shall occur: Buyer shall return Seller’s Performance Assurance held by Buyer by the date the Termination Payment is due; with respect to a Designated System, Seller shall calculate a Settlement Amount for RECs that were Delivered but were not yet paid by Xxxxx. Specifically, with respect to a Designated System, if the number of RECs Delivered from such Designated System is greater than the Designated System Paid REC Quantity, then with respect to such Designated System, the Settlement Amount shall equal to the multiplicative product of (A) the Contract Price and (B) the positive difference between (i) the number of RECs that has been Delivered from such Designated System (not to exceed the Designated System Contract Maximum REC Quantity) and (ii) the Designated System Paid REC Quantity. For avoidance of doubt, if the number of RECs Delivered from such Designated System is equal to or less than the Designated System Paid REC Quantity, then the Settlement Amount for such Designated System shall be zero; . Seller shall calculate the Termination Payment by aggregating all Settlement Amounts into a single liquidated amount by summing the calculated Settlement Amount with respect to a Designated System across all Designated Systems; and . the Termination Payment, if any, is due to Seller as the Non-Defaulting Party within twenty (20) Business Days following notice by Seller to Buyer pursuant to Section 9.3. In the Event of Default with respect to Seller as the “Defaulting Party”, the following shall occur: With respect to a Designated System, Buyer shall calculate a Settlement Amount as the sum of: Collateral Requirement of such Designated System; the multiplicative product of (1A) the Contract Price and (2B) the result obtained by subtracting the number of RECs that has been Delivered from such Designated System (not to exceed the Designated System Contract Maximum REC Quantity) from the Designated System Paid REC Quantity. For avoidance of doubt, if the number of RECs Delivered from such Designated System is greater than the Designated System Paid REC Quantity, then this calculation shall be zero. Buyer shall calculate the Termination Payment by aggregating all Settlement Amounts into a single liquidated amount by summing the calculated Settlement Amount with respect to a Designated System across all Designated Systems. The Termination Payment, if any, is due to Buyer as the Non-Defaulting Party within twenty (20) Business Days following notice by Buyer to Seller pursuant to Section 9.3. Unless Seller pays the Termination Payment in full during this twenty (20) Business Day period, Seller’s Performance Assurance held by Buyer shall be applied to the Termination Payment with any excess Performance Assurance Amounts returned to Seller. For avoidance of doubt, the Non-Defaulting Party shall not owe any amount as Termination Payment to the Defaulting Party and payment of the Termination Payment shall only be from the Defaulting Party to the Non-Defaulting Party. An example of the net out of Settlement Amount calculations in respect of Seller as the “Defaulting Party” is provided in Exhibit F-5.

Net Out of Settlement Amounts. In the Event of Default with respect to Buyer as the “Defaulting Party”, the following shall occur: Buyer shall return Seller’s Performance Assurance held by Buyer by the date the Termination Payment is due; with respect to a Designated System, Seller shall calculate a Settlement Amount for RECs that were Delivered but were not yet paid by Xxxxx. Specifically, with respect to a Designated System, if the number of RECs Delivered from such Designated System is greater than the Designated System Paid REC Quantity, then with respect to such Designated System, the Settlement Amount shall equal to the multiplicative product of (A) the Contract Price and (B) the positive difference between (i) the number of RECs that has been Delivered from such Designated System (not to exceed the Designated System Contract Maximum REC Quantity) and (ii) the Designated System Paid REC Quantity. For avoidance of doubt, if the number of RECs Delivered from such Designated System is equal to or less than the Designated System Paid REC Quantity, then the Settlement Amount for such Designated System shall be zero; Seller shall calculate the Termination Payment by aggregating all Settlement Amounts into a single liquidated amount by summing the calculated Settlement Amount with respect to a Designated System across all Designated Systems; and the Termination Payment, if any, is due to Seller as the Non-Defaulting Party within twenty (20) Business Days following notice by Seller to Buyer pursuant to Section 9.3. In the Event of Default with respect to Seller as the “Defaulting Party”, the following shall occur: With respect to a Designated System, Buyer shall calculate a Settlement Amount as the sum of: Collateral Requirement of such Designated System; the amount of the Advance of Capital associated with compliant RECs from such Designated System that have not been Delivered by Seller to Buyer. Specifically, such amount shall equal the multiplicative product of (1) the Contract Price and (2) the result obtained by subtracting the number of RECs that has been Delivered from such Designated System (not to exceed the Designated System Contract Maximum REC Quantity) from the Designated System Paid REC Quantitynumber of RECs used for calculating the Advance of Capital; where the number of RECs used for calculating the Advance of Capital shall equal the result obtained by dividing the Advance of Capital amount by the Contract Price, rounded down to the nearest REC. For avoidance of doubt, if the number of RECs Delivered from such Designated System is greater than the Designated System Paid REC Quantitynumber of RECs used for calculating the Advance of Capital, then this calculation shall be zero. Buyer shall calculate the Termination Payment by aggregating all Settlement Amounts into a single liquidated amount by summing the calculated Settlement Amount with respect to a Designated System across all Designated Systems. The Termination Payment, if any, is due to Buyer as the Non-Defaulting Party within twenty (20) Business Days following notice by Buyer to Seller pursuant to Section 9.3. Unless Seller pays the Termination Payment in full during this twenty (20) Business Day period, Seller’s Performance Assurance held by Buyer shall be applied to the Termination Payment Payment, with any excess Performance Assurance Amounts returned to Seller. For avoidance of doubt, the Non-Defaulting Party shall not owe any amount as Termination Payment to the Defaulting Party and payment of the Termination Payment shall only be from the Defaulting Party to the Non-Defaulting Party. An example of the net out of Settlement Amount calculations in with respect of to Seller as the “Defaulting Party” is provided in Exhibit F-5.-A and Exhibit F-5-B.

Net Out of Settlement Amounts. In the Event of Default with respect to Buyer as the “Defaulting Party”, the following shall occur: Buyer shall return Seller’s Performance Assurance held by Buyer by the date the Termination Payment is due; with respect to a Designated System, Seller shall calculate a Settlement Amount for RECs that were Delivered but were not yet paid by Xxxxx. Specifically, with respect to a Designated System, if the number of RECs Delivered from such Designated System is greater than the Designated System Paid REC Quantity, then with respect to such Designated System, the Settlement Amount shall be equal to the multiplicative product of (A) the Contract Price and (B) the positive difference between (i) the number of RECs that has been Delivered from such Designated System (not to exceed the Designated System Contract Maximum REC Quantity) and (ii) the Designated System Paid REC Quantity. For avoidance of doubt, if the number of RECs Delivered from such Designated System is equal to or less than the Designated System Paid REC Quantity, then the Settlement Amount for such Designated System shall be zero; Seller shall calculate the Termination Payment by aggregating all Settlement Amounts into a single liquidated amount by summing the calculated Settlement Amount with respect to a Designated System across all Designated Systems; and the Termination Payment, if any, is due to Seller as the Non-Defaulting Party within twenty (20) Business Days following notice by Seller to Buyer pursuant to Section 9.310.3. In the Event of Default with respect to Seller as the “Defaulting Party”, the following shall occur: With respect to a Designated System, Buyer shall calculate a Settlement Amount as the sum of: Collateral Requirement of such Designated System; the multiplicative product of (1) the Contract Price and (2) the result obtained by subtracting the number of RECs that has been Delivered from such Designated System (not to exceed the Designated System Contract Maximum REC Quantity) from the Designated System Paid REC Quantity. For avoidance of doubt, if the number of RECs Delivered from such Designated System is greater than the Designated System Paid REC Quantity, then this calculation shall be zero. Buyer shall calculate the Termination Payment by aggregating all Settlement Amounts into a single liquidated amount by summing the calculated Settlement Amount with respect to a Designated System across all Designated Systems. The Termination Payment, if any, is due to Buyer as the Non-Defaulting Party within twenty (20) Business Days following notice by Buyer to Seller pursuant to Section 9.310.3. Unless Seller pays the Termination Payment in full during this twenty (20) Business Day period, Seller’s Performance Assurance held by Buyer shall be applied to the Termination Payment Payment, with any excess Performance Assurance Amounts returned to Seller. For avoidance of doubt, the Non-Defaulting Party shall not owe any amount as Termination Payment to the Defaulting Party and payment of the Termination Payment shall only be from the Defaulting Party to the Non-Defaulting Party. An example of the net out of Settlement Amount calculations in respect of Seller as the “Defaulting Party” is provided in Exhibit F-5.