Monthly Tier 4 REC Price definition

Monthly Tier 4 REC Price. A price in dollars per Tier 4 REC for each month of the Contract Delivery Term. The Monthly Tier 4 REC Price shall be calculated pursuant to Section 4.03 of this Agreement. Such price may be adjusted pursuant to Section 4.05 or 4.09(b) and may be reduced pursuant to Section 4.11 of this Agreement.

Monthly Tier 4 REC Price. A price in dollars per Tier 4 REC for each month of the Contract Delivery Term. If the Applicable Tier 4 REC Price is the Fixed Tier 4 REC Price, the Monthly Tier 4 REC Price shall be calculated pursuant to Section 4.02 of this Agreement. If the Applicable Tier 4 REC Price is the Index Tier 4 REC Price, the Monthly Tier 4 REC Price shall be calculated pursuant to Section 4.03 of this Agreement. New York Control Area (NYCA): The geographic bounds of the electricity system that is under the control of the NYISO, which is reflected in Appendices A-1 and A-2 of the Independent System Operator/ Transmission Owner Agreement and may be amended from time to time. New York Generation Attribute Tracking System (NYGATS): The tracking system, administered under the auspices of NYSERDA, that records electricity generation attribute information within New York State, and processes generation attribute information from energy imported and consumed within New York State, as a basis for creating generation attribute certificates, including Tier 4 RECs. NYGATS will create exactly one Tier 4 REC per MWh of generation attributable to the Selected Project and delivered to the Delivery Point in accordance with the applicable electricity delivery requirement set forth in Article III of this Agreement.

Monthly Tier 4 REC Price has the meaning set forth in Section 2.2.

Examples of Monthly Tier 4 REC Price in a sentence

• If, for any month, the amount payable to Seller is a negative amount because the Monthly Tier 4 REC Price for that month was negative, NYSERDA shall make no payment to Seller for that month and instead shall record a debit in such amount (“Monthly Debit”).

• The Monthly Tier 4 REC Price shall be the Index Tier 4 REC Price, as set forth in Section 4.03 of this Agreement, as may be reduced pursuant to Section 4.11 of this Agreement.

• NYSERDA shall have no obligation to pay any invoice submitted more than six (6) months after NYSERDA notifies Seller of the Monthly Tier 4 REC Price for the Tier 4 RECs transferred in the month for which payment is requested.

• The Fixed Tier 4 REC Carbon Price Adjustment shall be calculated by NYSERDA no less than annually, based on a 12-month period that NYSERDA may select in its reasonable discretion; provided, however that if NYISO publishes data that readily facilitate monthly calculation, NYSERDA shall calculate the Fixed Tier 4 REC Carbon Price Adjustment each month and apply it to the Monthly Tier 4 REC Price.

• Within fifteen (15) days after the conclusion of each month, NYSERDA shall inform Seller of the Monthly Tier 4 REC Price for that month.

• The Monthly Tier 4 REC Price shall be the Index Tier 4 REC Price for such month, as set forth in Section 4.02 of this Agreement and as may be reduced pursuant to Section 4.09 of this Agreement.

• NYSERDA shall deduct the Fixed Tier 4 REC Carbon Price Adjustment from the Fixed Tier 4 REC Price in order to determine the Monthly Tier 4 REC Price.

• City shall pay NYSERDA each month an amount (the “Monthly Obligation Payment”) equal to the product of (x) the Monthly Tier 4 REC Price for such month and (y) the Forecast Quantity for such month.

• The price payable by City to NYSERDA for each Tier 4 REC generated in a month and purchased hereunder (the “Monthly Tier 4 REC Price”) shall be an amount equal to the sum of (A) the lesser of (i) the weighted average of the CHPE Monthly Tier 4 REC Price and the CPNY Tier 4 REC Price, and (ii) the CHPE Monthly Tier 4 REC Price; plus (B) an Adder.

• Details regarding the calculation of the Monthly Tier 4 REC Price and Monthly Obligation Payment are set forth in Schedule 2.2, which schedule may be updated and revised over the term of this Agreement upon mutual consent of the Parties.