Common use of Option to Withhold Payment to Reduce Letter of Credit Amount Clause in Contracts

Option to Withhold Payment 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 REC payment of a Designated System 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 Date along with an invoice requesting for payment to be applied to Seller’s Performance Assurance Requirement.27 With respect to a Designated System for which Seller elects to withhold a portion of the REC payment to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the REC payment associated with such Designated System and Buyer shall apply the withheld payment to the Performance Assurance Requirement on the date the REC payment is 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 REC payment is equal to or exceeds the Letter of Credit amount.

Option to Withhold Payment 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 REC payment of a Designated System 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 Date along with an invoice requesting for payment to be applied to Seller’s Performance Assurance Requirement.27 Requirement.39 With respect to a Designated System for which Seller elects to withhold a portion of the REC payment to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the REC payment associated with such Designated System and Buyer shall apply the withheld payment to the Performance Assurance Requirement on the date the REC payment is 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 REC payment is equal to or exceeds the Letter of Credit amount.

Option to Withhold Payment 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 REC payment of a Designated System 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 Date along with an invoice requesting for payment to be applied to Seller’s Performance Assurance Requirement.27 Requirement.30 With respect to a Designated System for which Seller elects to withhold a portion of the REC payment to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the REC payment associated with such Designated System and Buyer shall apply the withheld payment to the Performance Assurance Requirement on the date the REC payment is 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 REC payment is equal to or exceeds the Letter of Credit amount.

Option to Withhold Payment 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 REC payment of a Designated System 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 Date along with an invoice requesting for payment to be applied to Seller’s Performance Assurance Requirement.27 Requirement.38 With respect to a Designated System for which Seller elects to withhold a portion of the REC payment to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the REC payment associated with such Designated System and Buyer shall apply the withheld payment to the Performance Assurance Requirement on the date the REC payment is 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 REC payment is equal to or exceeds the Letter of Credit amount.

Option to Withhold Payment 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 REC payment of a Designated System 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 Date along with an invoice requesting for payment to be applied to Seller’s Performance Assurance Requirement.27 Requirement.22 With respect to a Designated System for which Seller elects to withhold a portion of the REC payment to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the REC payment associated with such Designated System and Buyer shall apply the withheld payment to the Performance Assurance Requirement on the date the REC payment is 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 REC payment is equal to or exceeds the Letter of Credit amount.

Option to Withhold Payment 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 REC payment of a Designated System 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 Date along with an invoice requesting for payment to be applied to Seller’s Performance Assurance Requirement.27 Requirement.23 With respect to a Designated System for which Seller elects to withhold a portion of the REC payment to reduce the Letter of Credit amount, Buyer shall withhold an amount equal to the Collateral Requirement from the REC payment associated with such Designated System and Buyer shall apply the withheld payment to the Performance Assurance Requirement on the date the REC payment is 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 REC payment is equal to or exceeds the Letter of Credit amount.