Common use of Development Period Credit Support Clause in Contracts

Development Period Credit Support. In order to secure Seller’s obligations prior to Commercial Operation of the Facility, at Seller’s expense, Seller shall post and maintain in favor of Buyer the Development Period Credit Support in accordance with the following terms and conditions: (a) The Development Period Credit Support shall be posted within twenty (20) Business Days of the Effective Date of this Agreement; provided, however, that if such Development Period Credit Support is not posted within twenty (20) Business Days of the Effective Date of this Agreement, this Agreement shall become null and void and deemed to be terminated, without liability of either Party to the other Party under this Agreement, as of the twenty-first (21st) Business Day following the Effective Date of this Agreement. Furthermore, Xxxxx shall have the right to draw upon, exercise remedies against, or otherwise retain the full amount of the Development Period Credit Support in connection with, among other things, any of the following: 1) The termination of this Agreement pursuant to Section 5.3(c); or 2) The termination of this Agreement pursuant to Section 11.2 by the Buyer as the non-defaulting Party. If this Agreement is terminated pursuant to Section 15.18(c), then the Development Period Credit Support shall be returned to the Seller net of any outstanding balance owed by Seller to Buyer in accordance with the terms of this Agreement. (b) When all or a portion of the Development Period Credit Support is posted in the form of Cash Collateral, any such deposit by Seller shall at all times be held under the possession and control of Buyer and, if in an account maintained with an institution, either where Buyer is the institution’s customer or pursuant to a control agreement in a form and under terms which are reasonably acceptable to Buyer and Seller, to pay claims made by Buyer pursuant to this Agreement. (c) Seller may change the form of the Development Period Credit Support at any time and from time to time upon reasonable prior written notice to Xxxxx; provided that the ELECTRONICALLY FILED - 2019 September 20 5:06 PM - SCPSC - Docket # 2019-184-E - Page 34 of 66 Development Period Credit Support shall at all times satisfy the requirements of this Agreement, including, but not limited to, the requisite approvals of Buyer as required in this Agreement. (d) Seller shall maintain the Development Period Credit Support, and Buyer shall return or release its interest in any of the undrawn or remaining Development Period Credit Support, if any, within fifteen (15) days after the earlier of (i) the date on which Seller has posted the Delivery Term Credit Support, and (ii) all payment obligations of the Seller arising under this Agreement, including any Termination Payment, indemnification payments or other damages are paid in full. (e) To the extent applicable to the form of the Development Period Credit Support, Seller shall replenish the Development Period Credit Support to the full required amount within thirty (30) days following a draw or other exercise of remedies against the Development Period Credit Support by Xxxxx.

Development Period Credit Support. In order to secure Seller’s obligations prior to Commercial Operation of the Facility, at Seller’s expense, Seller shall post and maintain in favor of Buyer the Development Period Credit Support in accordance with the following terms and conditions: (a) The Development Period Credit Support shall be posted within twenty (20) Business Days of the Effective Date of this Agreement; provided, however, that if such Development Period Credit Support is not posted within twenty (20) Business Days of the Effective Date of this Agreement, this Agreement shall become null and void and deemed to be terminated, without liability of either Party to the other Party under this Agreement, as of the twenty-first (21st) Business Day following the Effective Date of this Agreement. Furthermore, Xxxxx shall have the right to draw upon, exercise remedies against, or otherwise retain the full amount of the Development Period Credit Support in connection with, among other things, any of the following: 1) The termination of this Agreement pursuant to Section 5.3(c); or 2) The termination of this Agreement pursuant to Section 11.2 by the Buyer as the non-defaulting Party. If this Agreement is terminated pursuant to Section 15.18(c), then the Development Period Credit Support shall be returned to the Seller net of any outstanding balance owed by Seller to Buyer in accordance with the terms of this Agreement. (b) When all or a portion of the Development Period Credit Support is posted in the form of Cash Collateral, any such deposit by Seller shall at all times be held under the possession and control of Buyer and, if in an account maintained with an institution, either where Buyer is the institution’s customer or pursuant to a control agreement in a form and under terms which are reasonably acceptable to Buyer and Seller, to pay claims made by Buyer pursuant to this Agreement. (c) Seller may change the form of the Development Period Credit Support at any time and from time to time upon reasonable prior written notice to XxxxxBuyer; provided that the ELECTRONICALLY FILED - 2019 September 20 5:06 PM - SCPSC - Docket # 2019-184-E - Page 34 of 66 Development Period Credit Support shall at all times satisfy the requirements of this Agreement, including, but not limited to, the requisite approvals of Buyer as required in this Agreement. (d) Seller shall maintain the Development Period Credit Support, and Buyer shall return or release its interest in any of the undrawn or remaining Development Period Credit Support, if any, within fifteen (15) days after the earlier of (i) the date on which Seller has posted the Delivery Term Credit Support, and (ii) all payment obligations of the Seller arising under this Agreement, including any Termination Payment, indemnification payments or other damages are paid in full. (e) To the extent applicable to the form of the Development Period Credit Support, Seller shall replenish the Development Period Credit Support to the full required amount within thirty (30) days following a draw or other exercise of remedies against the Development Period Credit Support by Xxxxx.

Development Period Credit Support. In order to secure Seller’s 's obligations prior to Commercial Operation of the Facility, at Seller’s 's expense, Seller shall post and maintain in favor of Buyer the Development Period Credit Support in accordance with the following terms and conditions: (a) The Development Period Credit Support shall be posted within twenty (20) Business Days of the Effective Date of this Agreement; provided, however, that if such Development Period Credit Support is not posted within twenty (20) Business Days of the Effective Date of this Agreement, this Agreement shall become null and void and deemed to be terminated, without liability of either Party to the other Party under this Agreement, as of the twenty-first (21st21 '') Business Day following the Effective Date of this Agreement. Furthermore, Xxxxx shall have the right to draw upon, exercise remedies against, or otherwise retain the full amount of the Development Period Credit Support in connection with, among other things, any of the following: 1) The termination of this Agreement pursuant to Section 3.1(b); or 2) The termination of this Agreement pursuant to Section 5.3(c); or 23) The termination of this Agreement pursuant to Section 11.2 by the Buyer as the non-defaulting Party. If this Agreement is terminated pursuant to Section 15.18(c), then the Development Period Credit Support shall be returned to the Seller net of any outstanding balance owed by Seller to Buyer in accordance with the terms of this Agreement. (b) When all or a portion of the Development Period Credit Support is posted in the form of Cash Collateral, any such deposit by Seller shall at all times be held under the possession and control of Buyer and, if in an account maintained with an institution, either where Buyer is the institution’s 's customer or pursuant to a control agreement in a form and under terms which are reasonably acceptable to Buyer and Seller, to pay claims made by Buyer pursuant to this Agreement. (c) After Seller has provided written notification to Buyer of the satisfaction of the Milestones defined in Sections 5.3(c) (i), 5.3(c) (ii), and 5.3 (c) (iii), Seller may change the form of the Development Period Credit Support at any time and from time to time upon reasonable prior written notice to XxxxxBuyer; provided that the ELECTRONICALLY FILED - 2019 September 20 5:06 PM - SCPSC - Docket # 2019-184-E - Page 34 of 66 Development Period Credit Support shall at all times satisfy the requirements of this Agreement, including, but not limited to, the requisite approvals of Buyer as required in this Agreement. (d) Seller shall maintain the Development Period Credit Support, and Buyer shall return or release its interest in any of the undrawn or remaining Development Period Credit Support, if any, within fifteen (15) days after the earlier of (i) the date on which Seller has posted the Delivery Term Credit Support, and (ii) all ail payment obligations of the Seller arising under this Agreement, including any Termination Payment, indemnification payments or other damages are paid in full. (e) To the extent applicable to the form of the Development Period Credit Support, Seller shall replenish the Development Period Credit Support to the full required amount within thirty (30) days following a draw or other exercise of remedies against the Development Period Credit Support by Xxxxx.

Development Period Credit Support. In order to secure Seller’s obligations prior to Commercial Operation of the Facility, at Seller’s expense, Seller shall post and maintain in favor of Buyer the Development Period Credit Support in accordance with the following terms and conditions: (a) The Development Period Credit Support shall be posted within twenty (20) Business Days of the Effective Date of this Agreement; provided, however, that if such Development Period Credit Support is not posted within twenty (20) Business Days of the Effective Date of this Agreement, this Agreement shall become null and void and deemed to be terminated, without liability of either Party to the other Party under this Agreement, as of the twenty-first (21st) Business Day following the Effective Date of this Agreement. Furthermore, Xxxxx shall have the right to draw upon, exercise remedies against, or otherwise retain the full amount of the Development Period Credit Support in connection with, among other things, any of the following: 1) The termination of this Agreement pursuant to Section 5.3(c); or 2) The termination of this Agreement pursuant to Section 11.2 by the Buyer as the non-defaulting Party. If this Agreement is terminated pursuant to Section 15.18(c), then the Development Period Credit Support shall be returned to the Seller net of any outstanding balance owed by Seller to Buyer in accordance with the terms of this Agreement. (b) When all or a portion of the Development Period Credit Support is posted in the form of Cash Collateral, any such deposit by Seller shall at all times be held under the possession and control of Buyer and, if in an account maintained with an institution, either where Buyer is the institution’s customer or pursuant to a control agreement in a form and under terms which are reasonably acceptable to Buyer and Seller, to pay claims made by Buyer pursuant to this Agreement. (c) Seller may change the form of the Development Period Credit Support at any time and from time to time upon reasonable prior written notice to Xxxxx; provided that the ELECTRONICALLY FILED - 2019 September 20 5:06 2021 June 7 6:26 PM - SCPSC - Docket # 20192021-18488-E - Page 34 35 of 66 150 Development Period Credit Support shall at all times satisfy the requirements of this Agreement, including, but not limited to, the requisite approvals of Buyer as required in this Agreement. (dc) Seller shall maintain the Development Period Credit Support, and Buyer shall return or release its interest in any of the undrawn or remaining Development Period Credit Support, if any, within fifteen (15) days after the earlier of (i) the date on which Seller has posted the Delivery Term Credit Support, and (ii) all payment obligations of the Seller arising under this Agreement, including any Termination Payment, indemnification payments or other damages are paid in full. (ed) To the extent applicable to the form of the Development Period Credit Support, Seller shall replenish the Development Period Credit Support to the full required amount within thirty (30) days following a draw or other exercise of remedies against the Development Period Credit Support by Xxxxx.