Operating Period Security. To guarantee the performance of Seller's obligations under the Agreement for the period starting from the Commercial Operations Date to the expiration or termination of this Agreement, Seller shall provide satisfactory operating period security to Company in the amount of $75/kW based on the Contract Capacity (the "Operating Period Security"). Seller shall provide such Operating Period Security to Company within five (5) Business Days after the Commercial Operations Date, provided that, at all times, some form of Security Funds shall be in place and available to Company, whether Development Period Security or Operating Period Security.
Operating Period Security. To guarantee the performance of Seller's obligations under the Agreement for the period starting from the Commercial Operations Date to the expiration or termination of this Agreement, Seller shall provide operating period security to Company in the amount of $75/kW based on the Contract Capacity (the "Operating Period Security"). When the Commercial Operations Date has been achieved, the Development Period Security minus an amount that is due and owing to Company but not previously paid by Seller (including but not limited to Daily Delay Damages), shall be converted to Operating Period Security unless the Parties otherwise agree. Any additional amount necessary to fully fund the Operating Period Security shall be due within five (5) Days of the Commercial Operations Date.
Operating Period Security. The Operating Period Security established, funded, and maintained by Seller pursuant to the provisions of this Article 14 (Credit Assurance and Security) shall be available to pay any amount due Company pursuant to this Agreement, and to provide Company security that Seller will construct the Facility to meet the Construction Milestones. The Operating Period Security shall also provide security to Company to cover damages, should the Seller fail operate the Facility in accordance with this Agreement. Seller shall maintain the Operating Period Security at the contractually-required level throughout the Term of this Agreement. Seller shall replenish the Operating Period Security to such required level within fifteen (15) Business Days after any draw on the Operating Period Security by Company.
Operating Period Security. To guarantee the performance of Subscriber Organization's obligations under the Agreement for the period starting from the Commercial Operations Date to the expiration or termination of this Agreement, Subscriber Organization shall provide satisfactory operating period security to Company in the amount of $75/kW based on the Contract Capacity (the "Operating Period Security"). Subscriber Organization shall provide such Operating Period Security to Company within five (5) Business Days after the Commercial Operations Date, provided that, at all times, some form of Security Funds shall be in place and available to Company, whether Development Period Security or Operating Period Security.
Operating Period Security. To guarantee the performance of Seller’s obligations under the Agreement for the period starting from the Commercial Operation Date to the expiration or termination of this Agreement, Seller shall post on or before the first day of each Contract Year for the first two (2) Contract Years, Operating Period Security in an amount equal to the Contract Value for the given year with assumed forecasted amount of dispatches and contract prices from the applicable Flexibility Service Form (the “Operating Period Security”). Seller shall provide such Operating Period Security to Buyer within five (5) Business Days after the Commercial Operation Date. Following the second Contract Year, Buyer may withhold or prorate the Contract Price due and owing to Seller in the event of Seller’s underperformance. Such withholding or prorating shall be equal to the downward adjustment as calculated in accordance with APPENDIX H (Non- Performance Liquidated Damages). Any such withholding or prorating of the Contract Price shall serve as Operating Period Security for the remainder of the Term.
Operating Period Security. To guarantee the performance of Seller’s obligations under the Agreement for the period starting from the Commercial Operation Date to the end of the Term, Seller shall provide financial security to Company in the amount equal to $3.8 million (the “Operating Period Security”). When the Commercial Operation Date has been achieved, the Development Period Security minus an amount that is due and owing to Company, but not previously paid by Seller (including but not limited to Daily Delay Damages) shall be converted to Operating Period Security unless the Parties otherwise agree. Any additional amount necessary to fully fund the Operating Period Security shall be due within thirty (30) Days of the Commercial Operation Date.
Operating Period Security. To guarantee the performance of Seller’s obligations under the Agreement for the period starting from the Commercial Operation Date to the expiration or termination of this Agreement, Seller shall provide financial security to Company in the amount equal to $175/kW of the Contract Firm Capacity based on the Contract Firm Capacity (the “Operating Period Security”)[OPERATING PERIOD SECURITY AMOUNT TO BE DETERMINED PRIOR TO PROVIDING THIS FORM TO SELLER]. When the Commercial Operation Date has been achieved, the Development Period Security minus an amount that is due and owing to Company but not previously paid by Seller (including but not limited to Daily Delay Damages), shall be converted to Operating Period Security unless the Parties otherwise agree. Any additional amount necessary to fully fund the Operating Period Security shall be, due within five (5) Days of the Commercial Operation Date.
