Common use of Refund of Security Clause in Contracts

Refund of Security. Amounts provided by Seller as Contract Security will be refunded to Seller by NYSERDA as follows: (a) In their entirety, upon the achievement by the Bid Facility of an SoQ and Operational Certification, if the Installed Capacity is equal to or greater than the Bid Capacity. (b) At a prorated amount, upon the achievement by the Bid Facility of an SoQ and Operational Certification, if the Installed Capacity is less than the Bid Capacity. Such amount that will be refunded, expressed as a percentage of the total Contract Security, will be equal to the Installed Capacity divided by the Bid Capacity.

Refund of Security. Amounts provided by Seller as Contract Security will be refunded to Seller by NYSERDA as follows: (a) In their entirety, upon the achievement by the Bid Facility of an SoQ and (Operational Certification, ) if the Installed Bid Capacity is equal to or greater than the Bid Capacity. (b) At a prorated amount, upon the achievement by the Bid Facility of an SoQ and (Operational Certification), if the Installed Bid Capacity is less than the Bid Capacity. Such amount that will be refunded, expressed as a percentage of the total Contract Security, will be equal to the Installed Bid Capacity divided by the Bid Capacity.

Refund of Security. Amounts provided by Seller as Contract Security will be refunded to Seller by NYSERDA as follows: (a) In their entirety, upon the achievement by the Bid Facility of an SoQ and (Operational Certification, ) if the Installed Capacity is equal to or greater than the Bid Capacity. (b) At a prorated amount, upon the achievement by the Bid Facility of an SoQ and (Operational Certification), if the Installed Capacity is less than the Bid Capacity. Such amount that will be refunded, expressed as a percentage of the total Contract Security, will be equal to the Installed Capacity divided by the Bid Capacity.