RESA Statements Clause Samples
The RESA Statements clause requires the preparation and delivery of specific reports or statements related to the Real Estate Settlement Act (RESA). Typically, this involves providing detailed disclosures about settlement costs, fees, and other financial information to parties involved in a real estate transaction. By mandating these statements, the clause ensures transparency and compliance with legal requirements, helping all parties understand their financial obligations and protecting them from unexpected costs or regulatory issues.
RESA Statements.
(a) For each Settlement Period during the Support Period, the AESO shall prepare and deliver to the Generator both preliminary and final settlement statements in respect of such Settlement Period (each a "RESA Statement"). Such RESA Statements shall be provided to Generator at the same time that the AESO makes preliminary and final power pool statements available to the Generator pursuant to the ISO Rules with respect to its exchange of Electricity generated at or by the Facility through the Power Pool (the "Power Pool Statements"). Any amount owing by one Party to the other under the final RESA Statement shall be due and payable on the same date as the power pool settlement date under the ISO Rules (the "RESA Settlement Date"). As of the date hereof, the preliminary and final power pool statements are issued and made available by the AESO on the fifth (5th) and fifteenth (15th) Business Day, respectively, following the end of a Settlement Period, and the power pool settlement date is the twentieth (20th) Business Day following the end of a Settlement Period.
(b) Each RESA Statement for a Settlement Period shall set forth the amount of, and basis for:
(i) any fees payable to the AESO pursuant to Section 6.1 in respect of such Settlement Period;
(ii) the Monthly Support Payment to be paid by the AESO to the Generator, or by the Generator to the AESO, as the case may be, in respect of such Settlement Period;
(iii) the Monthly Forgone TC Energy Payment, if any, to be paid by the AESO to the Generator in respect of the immediately preceding Settlement Period;
(iv) the Monthly Forgone CIL Energy Payment, if any, to be paid by the AESO to the Generator in respect of the immediately preceding Settlement Period;
(v) any adjustments to the Metered Energy in respect of prior Settlement Periods and the corresponding adjustments to the above-referenced fees and payments;
(vi) any other payments owing under this Agreement by either Party to the other;
(vii) any applicable GST;
(viii) the total amount owing by the AESO to the Generator, or by the Generator to the AESO, as the case may be (in either case, the "Monthly RESA Payment"); and
(ix) the amount of any deductions made pursuant to Section 6.5(a). Each RESA Statement may be delivered or made available by the AESO to the Generator by e-mail or other electronic means, and shall include the reference number assigned to this Agreement by the AESO and such supporting information as may be determined by the AESO, actin...