Common use of Variable Interest Entity Clause in Contracts

Variable Interest Entity. 13.4.1 Within five (5) Days after the Effective Date and thereafter prior to the commencement of the Initial Period and each Annual Period of the Term, QF shall provide Alabama Power with the Variable Interest Entity (“VIE”) information in the form of Appendix F attested to and signed by a duly authorized officer of QF. QF covenants to promptly notify Buyer following any determination made by QF or its independent auditor that QF must be partially or fully deconsolidated from the books of QF’s parent, as the case may be, or any other changes that require reconsideration, including a change in the primary benefactor. Should existing accounting standards be modified or new standards adopted which supersede the standards at the time of execution of this Agreement, then Appendix F shall be modified accordingly for QF and Alabama Power to account for this arrangement appropriately in their respective books and records. 13.4.2 In the event that ▇▇▇▇▇’s independent accountants determine that consolidation of QF, or any of its Affiliates or permitted assigns, as a VIE in Alabama Power’s or any of its Affiliates’ financial statements has occurred, Alabama Power may provide notice to QF of such condition. In addition, within ten (10) Business Days after receiving any such notice, QF shall provide all necessary financial information to Alabama Power to enable Alabama Power (and any of its applicable Affiliates) to properly consolidate QF (and any of its applicable Affiliates) on a timely basis.

Variable Interest Entity. 13.4.1 Within five (5) Days after the Effective Date and thereafter prior to the commencement of the Initial Period and each Annual Period of the Term, QF shall provide Alabama Power with the Variable Interest Entity (“VIE”) information in the form of Appendix F attested to and signed by a duly authorized officer of QF. QF covenants to promptly notify Buyer Alabama Power following any determination made by QF or its independent auditor that QF must be partially or fully deconsolidated from the books of QF’s parent, as the case may be, or any other changes that require reconsideration, including a change in the primary benefactor. Should existing accounting standards be modified or new standards adopted which supersede the standards at the time of execution of this Agreement, then Appendix F shall be modified accordingly for QF and Alabama Power to account for this arrangement appropriately in their respective books and records. 13.4.2 In the event that ▇▇▇▇▇Alabama PowerBuyer’s independent accountants determine that consolidation of QF, or any of its Affiliates or permitted assigns, as a VIE in Alabama Power’s or any of its Affiliates’ financial statements has occurred, Alabama Power may provide notice to QF of such condition. In addition, within ten (10) Business Days after receiving any such notice, QF shall provide all necessary financial information to Alabama Power to enable Alabama Power (and any of its applicable Affiliates) to properly consolidate QF (and any of its applicable Affiliates) on a timely basis.

Variable Interest Entity. 13.4.1 Within five (5) Days after the Effective Date and thereafter prior to the commencement of the Initial Period and each Annual Period of the Term, QF shall provide Alabama Power with the Variable Interest Entity (“VIE”) information in the form of Appendix F attested to and signed by a duly authorized officer of QF. QF covenants to promptly notify Buyer Alabama Power following any determination made by QF or its independent auditor that QF must be partially or fully deconsolidated from the books of QF’s parent, as the case may be, or any other changes that require reconsideration, including a change in the primary benefactor. Should existing accounting standards be modified or new standards adopted which supersede the standards at the time of execution of this Agreement, then Appendix F shall be modified accordingly for QF and Alabama Power to account for this arrangement appropriately in their respective books and records. 13.4.2 In the event that ▇▇▇▇▇Alabama Power’s independent accountants determine that consolidation of QF, or any of its Affiliates or permitted assigns, as a VIE in Alabama Power’s or any of its Affiliates’ financial statements has occurred, Alabama Power may provide notice to QF of such condition. In addition, within ten (10) Business Days after receiving any such notice, QF shall provide all necessary financial information to Alabama Power to enable Alabama Power (and any of its applicable Affiliates) to properly consolidate QF (and any of its applicable Affiliates) on a timely basis.