Performance Guarantee Deposit. On the Effective Date, Seller shall post a Cash deposit in the amount of fifteen dollars ($15.00) multiplied by the Projected Annual Energy Output (measured in MWh) for the first Contract Year (“Performance Guarantee Deposit”); provided that in no event will the Performance Guarantee Deposit be less than five hundred dollars ($500) or more than seventy-five thousand dollars ($75,000). Buyer shall return a portion of the Performance Guarantee Deposit quarterly during the first Contract Year pro rata based on the actual Energy Delivered to Buyer during such quarter compared to the total Projected Annual Energy Output for the first Contract Year. Any Performance Guarantee Deposit remaining at the conclusion of the first Contract Year shall be forfeited to Buyer.
Appears in 4 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
