Common use of Security is Not a Limit on Seller’s Liability Clause in Contracts

Security is Not a Limit on Seller’s Liability. The security contemplated under this Section 8 constitutes security for, but is not a limitation of, Seller’s obligations and liabilities under this Agreement and is not Utility’s exclusive remedy for Seller’s failure to perform in accordance with this Agreement. To the extent Utility draws on any Project Development Security or Default Security, Seller must, within fifteen (15) days following such draw, replenish or reinstate the Project Development Security or Default Security, as applicable, to the full amount then required under this Section 8. If any security provided by Seller pursuant to this Section 8 will terminate or expire by its terms within thirty (30) days, and Seller has not delivered to Utility replacement security in such amount and form as is required pursuant to this Section 8, then Utility shall be entitled to draw the full amount of the security and to hold such amount as security until such time as Seller delivers to Utility replacement security in such amount and form as is required pursuant to this Section 8.

Appears in 2 contracts

Samples: Power Purchase Agreement, Power Purchase Agreement

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Security is Not a Limit on Seller’s Liability. The security contemplated under this Section 8 constitutes security for, but is not a limitation of, Seller’s obligations and liabilities under this Agreement and is not Utility’s exclusive remedy for Seller’s failure to perform in accordance with this Agreement. To the extent Utility draws on any Project Development Security or Default Security, Seller must, within fifteen (15) days following such draw, replenish or reinstate the Project Development Security or Default Security, as applicable, to the full amount then required under this Section 8. If any security provided by Seller pursuant to this Section 8 will terminate or expire by its terms within thirty (30) days, and Seller has not delivered to Utility replacement security in such amount and form as is required pursuant to this Section 8, then Utility shall be entitled to draw the full amount of the security and to hold such amount as security until such time as Seller delivers to Utility replacement security in such amount and form as is required pursuant to this Section 8.. 30 SECTION 9 METERING 30

Appears in 1 contract

Samples: Power Purchase Agreement

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Security is Not a Limit on Seller’s Liability. The security contemplated under this Section 8 constitutes security for, but is not a limitation of, Seller’s obligations and liabilities under this Agreement and is not Utility’s exclusive remedy for Seller’s failure to perform in accordance with this Agreement. To the extent Utility draws on any Project Development Security or Default Security, Seller must, within fifteen (15) days following such draw, replenish or reinstate the Project Development Security or Default Security, as applicable, to the full amount then required under this Section 8. If any security provided by Seller pursuant to this Section 8 will terminate or expire by its terms within thirty (30) days, and Seller has not delivered to Utility replacement security in such amount and form as is required pursuant to this Section 8, then Utility shall be entitled to draw the full amount of the security and to hold such amount as security until such time as Seller delivers to Utility replacement security in such amount and form as is required pursuant to this Section 8.. SECTION 9 METERING

Appears in 1 contract

Samples: Power Purchase Agreement

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