Common use of Operations Security Clause in Contracts

Operations Security. 12.4.2.1 On the Commercial Operations Date, the Seller shall provide to the Purchaser security ("Operations Security") in the amount of [] to ensure the completion and proper operation and maintenance of the Plant. The Operations Security shall be: (a) an unconditional and irrevocable direct pay letter of credit issued by a bank acceptable to the Purchaser in form and substance satisfactory to the Purchaser; and (b) adjusted in terms of amount from time to time in accordance with [Schedule 5 -]. Adjustments to be considered in a case-by-case basis. 12.4.2.2 The Operations Security may be applied to: (a) the payment of liquidated damages and accrued interest thereon in accordance with Clause 12.5; and (b) the payment of other Damages and interest that the Seller shall be required to pay to the Purchaser. 12.4.2.3 Except as expressly provided in this Agreement, the Seller shall maintain the Operations Security at the level designated in Clause 12. 4.2.1 at all times; except that the Seller may have [] Days from the date the Purchaser gives notice to the Seller that it has retained or collected funds from the Operations Security pursuant to this Clause 12.4.2 to replenish the Operations Security so as to return it to the required level, as escalated. 12.4.2.4 Upon termination of this Agreement: (a) the Purchaser shall be entitled to retain or collect, as the case may be, from the Operations Security any Damages or moneys then due or reasonably expected to be due to the Purchaser by the Seller and shall pay or return to the Seller the remainder of the Operations Security and accrued interest, if any; and (b) if there is any matter between the Seller and the Purchaser that has been referred to an expert for determination or is being arbitrated pursuant to the Agreement, then the Purchaser shall be entitled to retain or collect, as the case may be, from the Operations Security, an amount equal to the Damages or moneys that the Purchaser, in its reasonable judgment, deems sufficient to satisfy any amount that may be due to the Purchaser by reason of such matter. Upon settlement or resolution of the matter, the Purchaser shall pay or return to the Seller the remaining amount of Operations Security.

Operations Security. 12.4.2.1 On the Commercial Operations Date, the Seller shall provide to the Purchaser security ("Operations Security") in the amount of [◆] to ensure the completion and proper operation and maintenance of the Plant. The Operations Security shall be: (a) an unconditional and irrevocable direct pay letter of credit issued by a bank acceptable to the Purchaser in form and substance satisfactory to the Purchaser; and (b) adjusted in terms of amount from time to time in accordance with [Schedule 5 -]. Adjustments to be considered in a case-by-case basis. 12.4.2.2 The Operations Security may be applied to: (a) the payment of liquidated damages and accrued interest thereon in accordance with Clause 12.5; and (b) the payment of other Damages and interest that the Seller shall be required to pay to the Purchaser. 12.4.2.3 Except as expressly provided in this Agreement, the Seller shall maintain the Operations Security at the level designated in Clause 12. 4.2.1 12.4.2.1 at all times; except that the Seller may have [◆] Days from the date the Purchaser gives notice to the Seller that it has retained or collected funds from the Operations Security pursuant to this Clause 12.4.2 to replenish the Operations Security so as to return it to the required level, as escalated. 12.4.2.4 Upon termination of this Agreement: (a) the Purchaser shall be entitled to retain or collect, as the case may be, from the Operations Security any Damages or moneys then due or reasonably expected to be due to the Purchaser by the Seller and shall pay or return to the Seller the remainder of the Operations Security and accrued interest, if any; and (b) if there is any matter between the Seller and the Purchaser that has been referred to an expert for determination or is being arbitrated pursuant to the Agreement, then the Purchaser shall be entitled to retain or collect, as the case may be, from the Operations Security, an amount equal to the Damages or moneys that the Purchaser, in its reasonable judgment, deems sufficient to satisfy any amount that may be due to the Purchaser by reason of such matter. Upon settlement or resolution of the matter, the Purchaser shall pay or return to the Seller the remaining amount of Operations Security.

Operations Security. 12.4.2.1 12.3.2.1 On the Commercial Operations Date, the Seller shall provide to the Purchaser security ("Operations Security") in the amount of [] to ensure the completion and proper operation and maintenance of the Plant. The Operations Security shall be: (a) an unconditional and irrevocable direct pay letter of credit issued by a bank acceptable to the Purchaser in form and substance satisfactory to the Purchaser; and (b) adjusted in terms of amount from time to time in accordance with [Schedule 5 -]. Adjustments to be considered in a case-by-case basis. 12.4.2.2 12.3.2.2 The Operations Security may be applied to: (a) the payment of liquidated damages and accrued interest thereon in accordance with Clause 12.512.4; and (b) the payment of other Damages and interest that the Seller shall be required to pay to the Purchaser. 12.4.2.3 12.3.2.3 Except as expressly provided in this Agreement, the Seller shall maintain the Operations Security at the level designated in Clause 12. 4.2.1 3.2.1 at all times; except that the Seller may have [] Days from the date the Purchaser gives notice to the Seller that it has retained or collected funds from the Operations Security pursuant to this Clause 12.4.2 12.3.2 to replenish the Operations Security so as to return it to the required level, as escalated. 12.4.2.4 12.3.2.4 Upon termination of this Agreement: (a) the Purchaser shall be entitled to retain or collect, as the case may be, from the Operations Security any Damages or moneys then due or reasonably expected to be due to the Purchaser by the Seller and shall pay or return to the Seller the remainder of the Operations Security and accrued interest, if any; and (b) if there is any matter between the Seller and the Purchaser that has been referred to an expert for determination or is being arbitrated pursuant to the Agreement, then the Purchaser shall be entitled to retain or collect, as the case may be, from the Operations Security, an amount equal to the Damages or moneys that the Purchaser, in its reasonable judgment, deems sufficient to satisfy any amount that may be due to the Purchaser by reason of such matter. Upon settlement or resolution of the matter, the Purchaser shall pay or return to the Seller the remaining amount of Operations Security.