Completion Security. (a) In the event the Participant has not completed the Supplemental Registration for the Contracted DER prior to the Contract Date, the Participant shall post the Completion Security as of the Contract Date, which Completion Security shall be maintained as security for the performance of the Participant’s obligations under this Contract with respect to completion of the Supplemental Registration for the Contracted DER. (b) If required in accordance with Section 3.1(a), the Participant acknowledges and agrees that the Auction Deposit for the Contracted DER will be exchanged for the Completion Security and consents to the retention of such funds by the DSO in order to fulfill its obligation to provide the Completion Security, and the DSO accepts and acknowledges such exchange as the valid performance by the Participant of its obligation to provide Completion Security. (c) Any interest earned by the DSO on any Completion Security provided to the DSO shall be for the account of the DSO and the Participant shall not have any right to such interest.
Appears in 3 contracts
Samples: York Region Non Wires Alternative Demonstration Project Contract for Energy and Reserve Services (Direct Participant), York Region Non Wires Alternative Demonstration Project Contract for Energy and Reserve Services (Direct Participant), York Region Non Wires Alternative Demonstration Project Contract for Energy and Reserve Services
Completion Security.
(a) In the event the Participant has not completed the Supplemental Registration for the Contracted DER prior to the Contract Date, the Participant shall post the Completion Security as of the Contract Date, which Completion Security shall be maintained as security for the performance of the Participant’s obligations under this Contract with respect to completion of the Supplemental Registration for the Contracted DER.
(b) If required in accordance with Section 3.1(a), the Participant acknowledges and agrees that the Auction Deposit for the Contracted DER will be exchanged for the Completion Security and consents to the retention of such funds by the DSO in order to fulfill its obligation to provide the Completion Security, and the DSO accepts and acknowledges such exchange as the valid performance by the Participant of its obligation to provide Completion Security.
(c) Any interest earned by the DSO on any Completion Security provided to the DSO shall be for the account of the DSO and the Participant shall not have any right to such interest.
Appears in 3 contracts
Samples: York Region Non Wires Alternative Demonstration Project Contract for Energy and Reserve Services (Direct Participant), Energy Services Contract, Energy Services Contract
