Development Period Security Sample Clauses

Development Period Security. To guarantee undertaking the performance of Seller's obligations under the Agreement for the period prior to the Commercial Operations Date (including but not limited to Seller's obligation to meet the Guaranteed Commercial Operations Date), Seller shall provide 50% of the Development Period Security to Company within ten (10) Days of Execution Date of the Agreement and the remaining 50% of the Development Period Security within ten (10) Business Days of the execution of the Interconnection Requirements Amendment.
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Development Period Security. 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 Security in accordance with the following terms and conditions: (a) The Development Period Security shall be posted within thirty (30) calendar days of the Effective Date of this Agreement; provided, however, that if such Development Period Security is not posted within thirty (30) calendar 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 thirty-first (315 ') calendar day following the Effective Date of this Agreement. Furthermore, Xxxxx shall have the right to draw and retain the full amount of the Development Period Security in connection with any of the following: 1) The termination of this Agreement pursuant to Section 3.l(b)(i) or Section 3.l(b)(ii); or 2) The termination of this Agreement pursuant to Section 5.3 (c); or 3) 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 00.xX(c), then the Development Period Security 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 Security is posted in a cash deposit, such deposit shall be held by Buyer, in a form and under terms which are 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 Section 5.3(c), Seller may change the form of the Development Period Security at any time and from time to time upon reasonable prior written notice to Buyer; provided that the Development Period Security 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 Security, and Buyer shall return or release its interest in any of the undrawn Development Period Security, if any, within fifteen (15) days after the earlier of (i) the date on which Seller has posted the Delivery Term Security, and (ii) all payment obligations of the Seller arising under this Agreement, including any ...
Sample 1
Development Period Security. On the Execution Date, Seller shall be required to establish collateral in favor of Buyer by providing Buyer with a Letter of Credit from a Qualified Issuer to secure Seller’s obligations under this Agreement in the period between the Execution Date and the Initial Delivery Date (the “Development Period Security”). The Development Period Security to be provided on the Execution Date pursuant to this Section 8.1(a) shall be in an amount equal to six million dollars ($6,000,000) and shall be maintained in full force and effect by Seller until its expiry pursuant to the terms hereof (subject to Section 2.3). By not later than fifteen (15) days after the Effective Date, the amount of the Development Period Security shall be increased to equal twelve million dollars ($12,000,000) and shall be maintained in full force and effect by Seller until its expiry pursuant to the terms hereof. In the event Buyer draws on the Development Period Security to pay Delay Damages, Seller shall promptly, and in all events within three (3) Business Days, replenish the amount of the Development Period Security by the amount drawn; provided, however, Seller shall not be required to replenish the Development Period Security in excess of the total amount of the Maximum Delay Damages. Buyer shall have the right to terminate the Agreement and retain the initial installment of the Development Period Security as liquidated damages if Seller fails to provide the increased amount of Development Period Security within fifteen (15) days after the Effective Date as set forth in this Section 8.1(a), and such failure shall be considered an Event of Default of Seller.
Sample 1
Development Period Security. To guarantee undertaking the performance of Subscriber Organization's obligations under the Agreement for the period prior to the Commercial Operations Date (including but not limited to Subscriber Organization's obligation to meet the Guaranteed Commercial Operations Date), Subscriber Organization shall provide 50% of the Development Period Security to Company within ten (10) Days of Execution Date of the Agreement and the remaining 50% of the Development Period Security within ten
Sample 1
Development Period Security. (a) Seller shall be required to establish collateral in favor of Buyer by providing Buyer with cash, a Letter of Credit from a Qualified Issuer or a performance and payment bond substantially in the form of Exhibit I from a Qualified Issuer, or any combination thereof, provided that, unless otherwise agreed to by Buyer in writing, in no event may the amount of security posted by Seller in the form of a payment bond exceed forty percent (40%) of Seller’s Developer Period Security requirement, to secure Seller’s obligations under this Agreement for the period between the Execution Date and the Commercial Operation Date (the “Development Period Security”). (b) The Development Period Security shall be provided on or prior to thirty (30) days after the Execution Date and shall be maintained in full force and effect by Seller until the return date specified in Section 10.4 below. The amount of the Development Period Security shall be maintained at Nine Hundred Thousand Dollars ($900,000.00); provided, however, in the case of any payment of damages associated with a delay in a Binding Milestone pursuant to Section 7.4, the Seller shall not be required to replenish the Development Period Security to a level in excess of the then- remaining amount of the Damage Payment. (c) In the event, prior to COD, Buyer terminates this Agreement due to Seller’s Event of Default as set forth in Section 12.1, as applicable, Buyer shall be entitled to any Development Period Security equal to the Settlement Amount payable by Seller to Buyer pursuant to Section 13.2. Any excess Development Period Security shall be returned to Seller pursuant to the provisions of Section 10.4.
Sample 1
Development Period Security. Company shall draw upon the Development Period Security established pursuant to Section 7.1 (Security Fund) on a monthly basis for payment of the total Milestone Delay Damages and Daily Delay Damages incurred by Seller during the preceding Calendar Month. If the Development Period Security is at any time insufficient to pay the amount of the draw to which Company is then entitled, Seller shall pay any such deficiency to Company promptly upon demand.
Sample 1
Development Period Security. 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 Security in accordance with the following terms and conditions: (a) The Development Period Security shall be posted within sixty (60) days of the Effective Date of this Agreement; provided, however, that if such Development Period Security is not posted within sixty (60) days of the Effective Date of this Agreement, Buyer may, at its sole and absolute discretion, terminate this Agreement upon written notice to Seller on or after the sixty-first ( 61 st) day following the Effective Date of this Agreement, with EXECUTION VERSION
Sample 1
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Development Period Security. To guarantee Seller's undertaking to meet the Commercial Operation Date Deadline, Seller shall provide financial security to Company within seven (7) Days of the date upon which the PUC Approval of Amendment Order becomes a non‑appealable order within the meaning of the definition of a Non-appealable PUC Approval of Amendment Order in Section 25.12(B) (Non-appealable PUC Approval of Amendment Order) in an amount equal to $40/kW of the Committed Capacity (the “Development Period Security”). When the Commercial Operation Date has been achieved, the Development Period Security minus an amount, if any, for Daily Delay Damages that is due and owing to Company but not previously paid by Seller, shall be converted to Operating Period Security unless the Parties otherwise agree.
Sample 1
Development Period Security 
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Related to Development Period Security

  • Development Period The Contractor may commence pre-construction activities like utility shifting, boundary wall construction or any other activity assigned to the Contractor by the Authority to enable construction of the Project Highway immediately after signing of the Agreement, to the extent that such work is ready for execution. The Parties agree that these works may be taken up and completed to the extent feasible by the Contractor, before declaration of the Appointed Date, but no claim against the Authority for delay shall survive during this period and that the undertaking of these works by the Contractor shall not count towards the Scheduled Construction Period of the project which starts counting only from the Appointed Date. No construction activity of the Project Highway shall be undertaken during the development period.

  • Contract Year A twelve (12) month period during the term of the Agreement commencing on the Effective Date and each anniversary thereof.

  • AGREEMENT PERIOD The terms of this Agreement and the performance of the parties hereto shall commence, or be deemed to have commenced, the 1st day of January 2020 and will continue through the 31st day of December 2020, both dates inclusive, unless sooner terminated or extended as provided for herein.

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