Common use of Performance Security Deposit (PSD Clause in Contracts

Performance Security Deposit (PSD. (i) the Company shall deliver to BPDB the Performance Security Deposit before signing of PPA. (ii) If at any time prior to COD the PSD will expire within thirty (30) Days and the Company does not extend the period of effectiveness of the PSD for a period of not less than three (3) Months, BPDB shall be entitled immediately to encash the PSD in full. The PSD, among other things secures the Company’s obligation to achieve Financial Closing in accordance with the terms of this Agreement (iii) The Performance Security Deposit shall terminate upon the delivery to BPDB of the Operations Security Deposit pursuant to Section 8.6(c) and any undrawn portion of the Performance Security Deposit shall be released and returned to the Company by no later than five (5) Business Days following the delivery to BPDB of the Operations Security Deposit pursuant to Section 8.6(c). The Company shall maintain the Performance Security Deposit at the designated level at all times; provided that the Company may have fifteen (15) Days to replenish the Performance Security Deposit so as to return it to the required level, in the event that BPDB retains or collects funds from the Performance Security Deposit. (iv) The Performance Security Deposit will be encashed by BPDB to satisfy any obligation of the Company hereunder while the Performance Security Deposit is then in effect. The Performance Security shall be forfeited without any notice, demand, or other legal process if the Project Sponsor or the Company fails to achieve the Financial Closing on or before the Required Financial Closing Date or termination of the PPA and IA due to Company Event of Default.

Performance Security Deposit (PSD. (i) the Company shall deliver to BPDB the Performance Security Deposit on or before signing of PPA. (ii) If at any time prior to COD the PSD will expire within thirty (30) Days and the Company does not extend the period of effectiveness of the PSD for a period of not less than three (3) Months, BPDB shall be entitled immediately to encash the PSD in full. The PSD, among other things secures the Company’s obligation to achieve Financial Closing in accordance with the terms of this Agreement (iii) The Performance Security Deposit shall terminate upon the delivery to BPDB of the Operations Security Deposit pursuant to Section 8.6(c) and any undrawn portion of the Performance Security Deposit shall be released and returned to the Company by no later than five (5) Business Days following the delivery to BPDB of the Operations Security Deposit pursuant to Section 8.6(c). The Company shall maintain the Performance Security Deposit at the designated level at all times; provided that the Company may have fifteen (15) Days to replenish the Performance Security Deposit so as to return it to the required level, in the event that BPDB retains or collects funds from the Performance Security Deposit. (iv) The Performance Security Deposit will be encashed by BPDB to satisfy any obligation of the Company hereunder while the Performance Security Deposit is then in effect. The Performance Security shall be forfeited without any notice, demand, or other legal process if the Project Sponsor or the Company fails to achieve the Financial Closing on or before the Required Financial Closing Date or termination of the PPA and IA due to Company Event of Default.

Performance Security Deposit (PSD. (i) the Company shall deliver to BPDB the Performance Security Deposit before prior to signing of PPA. (ii) If at any time prior to COD the PSD will expire within thirty (30) Days and the Company does not extend the period of effectiveness of the PSD for a period of not less than three (3) Months, BPDB shall be entitled immediately to encash the PSD in full. The PSD, among other things secures the Company’s obligation to achieve Financial Closing in accordance with the terms of this Agreement (iii) The Performance Security Deposit shall terminate upon the delivery to BPDB of the Operations Security Deposit pursuant to Section 8.6(c) and any undrawn portion of the Performance Security Deposit shall be released and returned to the Company by no later than five (5) Business Days following the delivery to BPDB of the Operations Security Deposit pursuant to Section 8.6(c). The Company shall maintain the Performance Security Deposit at the designated level at all times; provided that the Company may have fifteen (15) Days to replenish the Performance Security Deposit so as to return it to the required level, in the event that BPDB retains or collects funds from the Performance Security Deposit. (iv) The Performance Security Deposit will be encashed by BPDB to satisfy any obligation of the Company hereunder while the Performance Security Deposit is then in effect. The Performance Security shall be forfeited without any notice, demand, or other legal process if the Project Sponsor or the Company fails to achieve the Financial Closing on or before the Required Financial Closing Date or termination of the PPA and IA due to Company Event of Default.