Default Security. Buyer may apply the Credit Support Security at any time to reduce amounts due from Seller to Buyer under this Agreement which are not paid when due.
Default Security. If on the Commercial Operation Date or at any time thereafter during the Term Seller fails to satisfy the Credit Requirements, then within ten (10) Business Days after the earlier of Seller’s receipt of notice from (a) any source that Seller no longer satisfies the Credit Requirements or (b) PacifiCorp requesting the posting of Default Security, Seller must provide to PacifiCorp and maintain in accordance with this Section 8, Default Security. Within five (5) Business Days from receipt of a written request from PacifiCorp at any time after the Commercial Operation Date, Seller shall provide to PacifiCorp all such financial information and records as PacifiCorp may reasonably request in order to verify that Seller continues to satisfy the requirements of this Section 8, including that any Default Security and the Security Provider continues to satisfy the requirements of this Section 8. If at any time after the Commercial Operation Date a Security Provider fails to satisfy the Credit Requirements, then within ten (10) Business Days after the earlier of Seller’s receipt of notice from (i) any source that the Security Provider no longer satisfies the Credit Requirements or (ii) PacifiCorp requesting the posting of alternate Default Security, Seller must provide to PacifiCorp and maintain in accordance with this Section 8, alternate Default Security. PacifiCorp shall be entitled to draw upon the Default Security for: (A) damages if this Agreement is terminated under Section 11 because of a Seller Event of Default; and (B) any other amounts owing by Seller to PacifiCorp under this Agreement. If no obligations or liabilities remain due by Seller to PacifiCorp upon termination of this Agreement, then PacifiCorp must return any remaining Default Security to Seller within sixty (60) days following the termination of this Agreement.
Default Security. As defined in Section 9.4 of the General Terms and Conditions.
Default Security. If Seller does not meet the Credit Requirements as of the Commercial Operation Date, on the date specified in Section 2.2, or it is determined at any time after the Facility achieves Commercial Operation that Seller (or its guarantor, if applicable) no longer meets the Credit Requirements, within ten (10) days of notification from Utility, Seller must post and maintain Default Security in favor of Utility in the form of either (a) a guaranty from an entity that satisfies the Credit Requirements, in a form acceptable to Utility in its reasonable discretion, (b) a Letter of Credit in favor of Utility, in a form acceptable to Utility in its reasonable discretion, (c) cash escrow with a Qualified Institution, or (d) a grant of step-in rights or a senior lien in a form acceptable to Utility in its reasonable- exercised discretion, subject to the terms of this Section 8.3. If Seller elects a guaranty, cash escrow, or Letter of Credit as the form of Default Security, Utility is entitled to draw upon the Default Security for any damages to which it is entitled under this Agreement. If no damages or obligations remain due by Seller to Utility upon termination of the Agreement, Utility must return any remaining Default Security to Seller within twenty (20) Business Days following the termination of the Agreement.
Default Security. If this Agreement is terminated because of Seller’s default, PacifiCorp may proceed against any Default Security provided pursuant to Section 7.2 to reduce any amounts that Seller owes PacifiCorp arising from such default.
Default Security. Within five days of the Effective Date, and continuing at all times until 98 days following the end of the Term, MMC shall post and maintain in favor of PPM a Letter of Credit in the amount of $***. If MMC fails to pay any amount due to PPM within the time provided for payment hereunder, PPM shall be entitled to and shall draw upon the Letter of Credit from time to time an amount equal to the amount unpaid, and MMC shall be required to replenish or reinstate the Letter of Credit up to the amount specified in this Section. Without limiting its other remedies hereunder, subject to the provisions set forth herein, PPM shall also be entitled to draw upon the Letter of Credit for damages arising if this Agreement is terminated because of MMC’s default. ***Confidential Information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.
Default Security. 38 8.4 No Interest on Security. 37 8.5 Grant of Security Interest 37 8.6 Waiver of PacifiCorp Security 37 8.7 Security is Not a Limit on Seller’s Liability 39 SECTION 9 METERING 39 9.1 Installation of Metering Equipment. 39
Default Security. On or before the Execution Date, at any time during the Term when Seller does not satisfy the Credit Requirements, Seller shall post and maintain in favor of PacifiCorp (a) a guaranty from an entity that satisfies the Credit Requirements, in a form acceptable to PacifiCorp, (b) a Letter of Credit (the “Default Security”), or (c) cash escrow, under terms acceptable to PacifiCorp.
(a) Amount of Default Security. The amount of Default Security required by Section 4.1 shall be in the amount of _________. The Default Security shall remain in place for the Term of the Agreement to secure Seller’s obligation under this Agreement.
Default Security. Any of the following constitutes a default by Purchaser: (a) failure to make payment for any Product or Service when due;
Default Security. On the date specified in Section 2.2(c), Seller must post and maintain Default Security in favor of PacifiCorp in the form of either (a) a guaranty from an entity that satisfies the Credit Requirements, in substantially the form attached hereto as Exhibit G, or (b) a Letter of Credit in favor of PacifiCorp, in a form acceptable to PacifiCorp in its reasonable discretion. Seller and any entity providing a guaranty must provide within five (5) Business Days from receipt of a written request from PacifiCorp all reasonable financial records necessary for PacifiCorp to confirm the guarantor satisfies the Credit Requirements. If no obligations remain due by Seller to PacifiCorp upon termination of the Agreement, PacifiCorp must return any remaining Default Security to Seller within sixty (60) days following the termination of the Agreement.
