1Cash. In the event that Seller elects to provide cash as the applicable Performance Assurance, Buyer shall deposit (or cause to be deposited) such cash in an account bearing interest at the rate per annum equal to the Interest Rate. Interest shall be calculated monthly (without compounding) at a monthly rate of 1/12 of such Interest Rate, shall be retained in such account, and shall be applied toward the amount of the applicable Performance Assurance, and any amount in excess of the required amount of applicable Performance Assurance on the last Business Day of each calendar year shall be returned to Seller.
Appears in 4 contracts
Samples: Energy Storage Power Purchase Agreement, Storage Power Purchase Agreement, Energy Storage Power Purchase Agreement
1Cash. In the event that Seller elects to provide cash as the applicable Performance Assurance, Buyer shall deposit (or cause to be deposited) such cash shall be deposited in an account bearing interest at the rate per annum equal to the Interest Rate. . Interest shall be calculated compounded monthly (without compounding) at a monthly rate of 1/12 of such Interest Rate, shall be retained in such account, and shall be applied toward the amount of the applicable Performance Assurance, and any amount in excess of the required amount of applicable Performance Assurance on the last Business Day of each calendar year shall be returned to Seller.
Appears in 3 contracts
Samples: System Power Purchase Tolling Agreement, Power Purchase Tolling Agreement, Power Purchase Tolling Agreement
1Cash. In the event that Seller elects to provide cash as the applicable Performance Assurance, Buyer shall deposit (or cause to be deposited) such cash shall be deposited in an account bearing interest at the rate per annum equal to the Interest Rate. Interest shall be calculated compounded monthly (without compounding) at a monthly rate of 1/12 of such Interest Rate, shall be retained in such account, and shall be applied toward the amount of the applicable Performance Assurance, and any amount in excess of the required amount of applicable Performance Assurance on the last Business Day of each calendar year shall be returned to Seller.
Appears in 1 contract
Samples: Power Purchase Tolling Agreement
1Cash. In the event that Seller elects to provide cash as the applicable Performance Assurance, Buyer shall deposit (or cause to be deposited) such cash shall be deposited in an account bearing interest at the rate per annum equal to the Interest Rate. . Interest shall be calculated monthly (without compounding) at a monthly rate of 1/12 of such Interest Rate, shall be retained in such account, and shall be applied toward the amount of the applicable Performance Assurance, and any amount in excess of the required amount of applicable Performance Assurance on the last Business Day of each calendar year shall be returned to Seller.
Appears in 1 contract
Samples: Energy Storage System Power Purchase Tolling Agreement
