Owner Performance Security Sample Clauses

Owner Performance Security. 19.2.1 In the event that an Owner experiences a Security Posting Condition, the Owner experiencing such Security Posting Condition shall, within ten (10) Business Days thereafter, provide to Contractor and maintain an Eligible Letter of Credit or Cash Security in an amount equal to the product of: (i) such Owner’s Ownership Interest; and (ii) the Owner Security Amount (“Owner Security”). The Owner providing the security shall have the right to select whether it will post Cash Security or an Eligible Letter of Credit. If at any time Owner Security held by Contractor exceeds the amount required hereunder, Contractor shall refund the excess Cash Security held or permit the applicable Owner to replace or amend the Eligible Letter of Credit so that the amount of the Owner Security held by Contractor is equal to the amount required by the provisions of this Section 19.2.1 19.2.2 Within three (3) Business Days after the cessation of a Security Posting Condition with respect to an Owner and Owner’s notification to Contractor thereof, or upon such Owner’s satisfaction of all of its payment obligations under this Agreement, Contractor shall return to such Owner Security previously provided to Contractor.