Energy Cost Savings Guarantee Sample Clauses

Energy Cost Savings Guarantee. Subject to the adjustments provided for in ARTICLE 15 (Material Changes), QESP guarantees that the annual level of Energy Cost Savings shall be in accordance with the measurement and verification of the Energy-Savings Measures as set forth in Schedule C (Savings Measurement and Verification Plan; Post-Retrofit M&V Plan; Annual M&V Reporting Requirements). The Energy Cost Savings Guarantee is set forth in annual increments for the term of the SOW as specified in Schedule A (Energy Cost Savings Guarantee) and QESP guarantees that it is sufficient to cover any and all annual payments required to be made by the Department as set forth in Schedule J (Compensation to QESP for Annual Services) and Schedule I (Financing Agreement and Payment Schedule).
Sample 1Sample 2Sample 3See All (11)
AutoNDA by SimpleDocs

Related to Energy Cost Savings Guarantee

  • Performance Guarantee 9.4.1 The Concessionaire shall, for the performance of its obligations hereunder during the Concession Period, provide to the Authority no later than [90] days prior to expiry of the Performance Security, an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)7 in the form set forth in Schedule-FF (the “Performance Guarantee”). Until such time the Performance Guarantee is provided by the Concessionaire pursuant hereto and the same comes into effect, notwithstanding anything contained in clause 9.3 the Performance Security shall remain in force and effect, and upon such provision of the Performance Guarantee pursuant hereto, the Authority shall release the Performance Security to the Concessionaire. 9.4.2 Notwithstanding anything to the contrary contained in this Agreement, in the event Performance Guarantee is not provided by the Concessionaire within a period of [90] days prior to expiry of the Performance Security, the Authority may invoke and encash the Performance Security and appropriate the proceeds thereof as Damages, and thereupon all rights, privileges, claims and entitlements of the Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Concessionaire, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!