Common use of Option to Withhold Last Two Payments to Reduce Letter of Credit Amount Clause in Contracts

Option to Withhold Last Two Payments to Reduce Letter of Credit Amount. In the event that Seller has posted Seller’s Performance Assurance in the form of a Letter of Credit, Seller may request for Buyer to withhold a portion of the last two REC payments of a Designated System (or withhold a portion of the only REC payment if the Designated System has an Actual Nameplate Capacity equal to or less than 25 kW) as Seller’s Performance Assurance in exchange for a Letter of Credit amount reduction. Seller’s written request must be made by the applicable Invoice Due Dates along with invoices requesting for payment to be applied to Seller’s Performance Assurance Requirement.16 With respect to a Designated System for which Seller elects to withhold a portion of the last two payments to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the last two payments associated with such Designated System and Buyer shall apply the withheld payments to the Performance Assurance Requirement on the date such payments are scheduled to be made. Buyer shall return the Performance Assurance in the amount of the Collateral Requirement upon receipt of a Letter of Credit amendment for the reduced amount from Seller, or cancel the Letter of Credit if the withheld amount of such last two REC payments is equal to or exceeds the Letter of Credit amount.

Option to Withhold Last Two Payments to Reduce Letter of Credit Amount. In the event that Seller has posted Seller’s Performance Assurance in the form of a Letter of Credit, Seller may request for Buyer to withhold a portion of the last two REC payments of a Designated System (or withhold a portion of the only REC payment if the Designated System has an Actual Nameplate Capacity equal to or less than 25 kWkW32) as Seller’s Performance Assurance in exchange for a Letter of Credit amount reduction. Seller’s written request must be made by the applicable Invoice Due Dates along with invoices requesting for payment to be applied to Seller’s Performance Assurance Requirement.16 Requirement.33 With respect to a Designated System for which Seller elects to withhold a portion of the last two payments to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the last two payments associated with such Designated System and Buyer shall apply the withheld payments to the Performance Assurance Requirement on the date such payments are scheduled to be made. Buyer shall return the Performance Assurance in the amount of the Collateral Requirement upon receipt of a Letter of Credit amendment for the reduced amount from Seller, or cancel the Letter of Credit if the withheld amount of such last two REC payments is equal to or exceeds the Letter of Credit amount.

Option to Withhold Last Two Payments to Reduce Letter of Credit Amount. In the event that Seller Xxxxxx has posted Seller’s Performance Assurance in the form of a Letter of Credit, Seller may request for Buyer to withhold a portion of the last two REC payments of a Designated System (or withhold a portion of the only REC payment if the Designated System has an Actual Nameplate Capacity equal to or less than 25 kWkW32) as Seller’s Performance Assurance in exchange for a Letter of Credit amount reduction. Seller’s written request must be made by the applicable Invoice Due Dates along with invoices requesting for payment to be applied to Seller’s Performance Assurance Requirement.16 Requirement.33 With respect to a Designated System for which Seller elects to withhold a portion of the last two payments to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the last two payments associated with such Designated System and Buyer shall apply the withheld payments to the Performance Assurance Requirement on the date such payments are scheduled to be made. Buyer shall return the Performance Assurance in the amount of the Collateral Requirement upon receipt of a Letter of Credit amendment for the reduced amount from Seller, or cancel the Letter of Credit if the withheld amount of such last two REC payments is equal to or exceeds the Letter of Credit amount.

Option to Withhold Last Two Payments to Reduce Letter of Credit Amount. In the event that Seller Xxxxxx has posted Seller’s Performance Assurance in the form of a Letter of Credit, Seller may request for Buyer to withhold a portion of the last two REC payments of a Designated System (or withhold a portion of the only REC payment if the Designated System has an Actual Nameplate Capacity equal to or less than 25 kWkW52) as Seller’s Performance Assurance in exchange for a Letter of Credit amount reduction. Seller’s written request must be made by the applicable Invoice Due Dates along with invoices requesting for payment to be applied to Seller’s Performance Assurance Requirement.16 Requirement.53 With respect to a Designated System for which Seller elects to withhold a portion of the last two payments to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the last two payments associated with such Designated System and Buyer shall apply the withheld payments to the Performance Assurance Requirement on the date such payments are scheduled to be made. Buyer shall return the Performance Assurance in the amount of the Collateral Requirement upon receipt of a Letter of Credit amendment for the reduced amount from Seller, or cancel the Letter of Credit if the withheld amount of such last two REC payments is equal to or exceeds the Letter of Credit amount.

Option to Withhold Last Two Payments to Reduce Letter of Credit Amount. In the event that Seller has posted Seller’s Performance Assurance in the form of a Letter of Credit, Seller may request for Buyer to withhold a portion of the last two REC payments of a Designated System (or withhold a portion of the only REC payment if the Designated System has an Actual Nameplate Capacity equal to or less than 25 kW) as Seller’s Performance Assurance in exchange for a Letter of Credit amount reduction. Seller’s written request must be made by the applicable Invoice Due Dates along with invoices requesting for payment to be applied to Seller’s Performance Assurance Requirement.16 Requirement.17 With respect to a Designated System for which Seller elects to withhold a portion of the last two payments to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the last two payments associated with such Designated System and Buyer shall apply the withheld payments to the Performance Assurance Requirement on the date such payments are scheduled to be made. Buyer shall return the Performance Assurance in the amount of the Collateral Requirement upon receipt of a Letter of Credit amendment for the reduced amount from Seller, or cancel the Letter of Credit if the withheld amount of such last two REC payments is equal to or exceeds the Letter of Credit amount.

Option to Withhold Last Two Payments to Reduce Letter of Credit Amount. In the event that Seller has posted Seller’s Performance Assurance in the form of a Letter of Credit, Seller may request for Buyer to withhold a portion of the last two REC payments of a Designated System (or withhold a portion of the only REC payment if the Designated System has an Actual Nameplate Capacity equal to or less than 25 kWkW52) as Seller’s Performance Assurance in exchange for a Letter of Credit amount reduction. Seller’s written request must be made by the applicable Invoice Due Dates along with invoices requesting for payment to be applied to Seller’s Performance Assurance Requirement.16 Requirement.53 With respect to a Designated System for which Seller elects to withhold a portion of the last two payments to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the last two payments associated with such Designated System and Buyer shall apply the withheld payments to the Performance Assurance Requirement on the date such payments are scheduled to be made. Buyer shall return the Performance Assurance in the amount of the Collateral Requirement upon receipt of a Letter of Credit amendment for the reduced amount from Seller, or cancel the Letter of Credit if the withheld amount of such last two REC payments is equal to or exceeds the Letter of Credit amount.

Option to Withhold Last Two Payments to Reduce Letter of Credit Amount. In the event that Seller has posted Seller’s Performance Assurance in the form of a Letter of Credit, Seller may request for Buyer to withhold a portion of the last two REC payments of a Designated System (or withhold a portion of the only REC payment if the Designated System has an Actual Nameplate Capacity equal to or less than 25 kW) as Seller’s Performance Assurance in exchange for a Letter of Credit amount reduction. Seller’s written request must be made by the applicable Invoice Due Dates along with invoices requesting for payment to be applied to Seller’s Performance Assurance Requirement.16 Requirement.14 With respect to a Designated System for which Seller elects to withhold a portion of the last two payments to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the last two payments associated with such Designated System and Buyer shall apply the withheld payments to the Performance Assurance Requirement on the date such payments are scheduled to be made. Buyer shall return the Performance Assurance in the amount of the Collateral Requirement upon receipt of a Letter of Credit amendment for the reduced amount from Seller, or cancel the Letter of Credit if the withheld amount of such last two REC payments is equal to or exceeds the Letter of Credit amount.