Common use of Performance Assurances Clause in Contracts

Performance Assurances. Each Series A Member shall deliver, or cause to be delivered on such Series A Member’s behalf, to the Series (except to the extent delivered prior to the date hereof): (a) within [***] Business Days of the date hereof (or, with respect to a New Member admitted after the date hereof and prior to the In-Service Date with respect to the Mainline Facilities, within [***] Business Days of such admission), for the period up to the issuance of the FERC’s initial release to the Company to commence construction pursuant to the FERC Certificate for the Mainline Facilities (the “Initial Release”), Performance Assurances equal to such Member’s share of $[***] (calculated based on such Member’s Sharing Ratio in respect of Series A Membership Interests); and (b) within 10 Business Days of the date of the Initial Release (or, with respect to a New Member admitted after the Initial Release, within 10 Business Days of such admission), for the period following the Initial Release and up to the In-Service Date with respect to the Mainline Facilities, Performance Assurances equal to [***]% of an amount equal to such Member’s Sharing Ratio in respect of Series A Membership Interests multiplied by the remaining obligations under the applicable Construction Budget and less any security posted by such Member, or Member’s Affiliate, under any Approved Precedent Agreement. Notwithstanding anything to the contrary in this Section 1.03, at no time prior to the In-Service Date for the Mainline Facilities will a Series A Member’s Performance Assurance obligation be less than such Series A Member’s share of $[***] (calculated based on such Series A Member’s Sharing Ratio in respect of Series A Membership Interests). The Performance Assurances posted by a Member pursuant to this Schedule I-A shall be reduced (A) at the end of each Quarter, to reflect [***]% of such Member’s actual Capital Contributions made to the Company during such Quarter in respect of the Series A Membership Interests, (B) to reflect any Performance Assurances posted by any New Members holding Series A Membership Interests, and (C) in connection with a Disposition of all or a portion of such Member’s Series A Membership Interest, to reflect the replacement Performance Assurances to be posted by the Assignee of such Series A Membership Interest pursuant to this Schedule I-A.

Performance Assurances. Each Series A B Member shall deliver, or cause to be delivered on such Series A B Member’s behalf, to the Series (except to the extent delivered prior to the date hereof):Series: (a) within Within [***] Business Days of the date hereof Effective Date (or, with respect to a New Member admitted after the date hereof Effective Date and prior to the In-Service Date with respect to the Mainline FacilitiesMVP Southgate, within [***] Business Days of such admission), for the period up to the issuance of the FERC’s initial release to the Company Series to commence construction pursuant to the ATF FERC Certificate for the Mainline Facilities with respect to MVP Southgate (the “Southgate Initial Release”), Performance Assurances equal to such Member’s share of $[***] (calculated based on such Member’s Sharing Ratio in respect of Series A B Membership Interests); and (b) within Within 10 Business Days of the date of the Southgate Initial Release (or, with respect to a New Member admitted after the date of the Southgate Initial Release, within 10 Business Days of such admission), for the period following the Southgate Initial Release and up to the In-Service Date with respect to the Mainline Facilitiesfor MVP Southgate, Performance Assurances equal to [***]% of an amount equal to such Member’s Sharing Ratio in respect of Series A B Membership Interests multiplied by the remaining obligations under the applicable Construction Budget and less any security posted by such Member, or Member’s Affiliate, under any Approved Precedent Agreement). Notwithstanding anything to the contrary in this Section 1.031.04, at no time prior to the In-Service Date for the Mainline Facilities MVP Southgate will a Series A B Member’s Performance Assurance obligation be less than such Series A B Member’s share of $[***] (calculated based on such Series A Member’s Sharing Ratio in respect of Series A B Membership Interests). The Performance Assurances posted by a Member pursuant to this Schedule I-A B shall be reduced (A) at the end of each Quarter, to reflect [***]% of such Member’s actual Capital Contributions made to the Company during such Quarter in respect of the Series A B Membership Interests, (B) to reflect any Performance Assurances posted by any New Members holding Series A B Membership Interests, and (C) in connection with a Disposition of all or a portion of such Member’s Series A B Membership Interest, to reflect the replacement Performance Assurances to be posted by the Assignee of such Series A B Membership Interest pursuant to this Schedule I-A.B.