Seller’s Performance Assurance. (a) Seller agrees to deliver to Buyer collateral to secure its obligations under this Agreement, which Seller shall maintain in full force and effect for the period posted with Buyer, as follows:
(i) Performance Assurance in the amount of (“Project Development Security”) without replenishment and in the form of cash, Letter of Credit or Guaranty within five (5) Business Days following the Effective Date of this Agreement until Seller posts Seller’s Delivery Term Security. Seller’s maximum aggregate obligation to Buyer and Other Buyers with respect to the Project Development Security shall not exceed ;
(ii) Performance Assurance in the amount of (“Seller’s Delivery Term Security”) and in the form of cash, Letter of Credit or Guaranty from the Commercial Operation Date until the end of the Term; provided that Seller may elect to apply the Project Development Security toward Seller’s Delivery Term Security. Seller’s Delivery Term Security shall be subject to replenishment; provided, however, that Seller’s maximum aggregate obligation to the Buyer and Other Buyers with respect to the Performance Assurance shall not exceed
(b) If, after the Commercial Operation Date, no amounts are due and owing to Buyer under this Agreement, then Seller shall no longer be required to maintain the Project Development Security, and Buyer shall return to Seller the Project Development Security, less the amounts drawn from a cash deposit or Letter of Credit, if applicable, in accordance with Section 10.4(c). The Project Development Security (or portion thereof) due to Seller shall be returned to Seller within five (5) Business Days after Seller’s provision of Seller’s Delivery Term Security unless, with respect to cash held as Project Development Security, Seller elects by Notice to Buyer to apply the Project Development Security toward Seller’s Delivery Term Security.
(c) Any amounts owed by Seller to Buyer under this Agreement (other than disputed amounts) and not satisfied within thirty (30) Days of becoming due and owing may be satisfied by Buyer on a draw on Seller's Performance Assurance. In addition, upon termination, Buyer shall have the right to draw upon Seller’s Performance Assurance for any undisputed amounts owed to Buyer under this Agreement if not paid when due pursuant to Section 8.1. Seller’s Performance Assurance shall be subject to replenishment within five (5) days after any draw thereon by Xxxxx.
(d) Buyer shall deposit Seller's Performance Assurance in a Qual...
Seller’s Performance Assurance. Not later than thirty (30) days after the Effective Date, Seller shall furnish to Buyer the Performance Assurance. The Performance Assurance shall remain in effect for the entire Agreement Term.
Seller’s Performance Assurance. Performance Assurance requirement is applicable with respect to Seller, but not with respect to Buyer. Seller shall be required, within thirty (30) Business Days of the Trade Date of a Product Order, to post Seller’s Performance Assurance through either the: (i) posting of a Letter of Credit; or (ii) posting of cash collateral in the amount indicated as the initial Performance Assurance Requirement on such Product Order with Buyer. For avoidance of doubt, Seller’s Performance Assurance with respect to a Designated System is required regardless of whether such Designated System is Energized as of the Trade Date or Energized within the thirty (30) Business Day period after the Trade Date.
Seller’s Performance Assurance. The Seller shall deliver to the Buyer prior to the end of the third (3rd) Contract Year a Performance Assurance in the amount no less than seven hundred and fifty thousand dollars ($750,000) in a form that is reasonably acceptable to the Buyer. This seven hundred and fifty thousand dollars ($750,000) Performance Assurance shall then be maintained for the remaining Term of this Agreement. If at any time during the Term of this Agreement the Buyer draws funds from this Performance Assurance the Seller shall reestablish the seven hundred and fifty thousand dollars ($750,000) Performance Assurance to the Buyer at the rate of three hundred seventy five thousand dollars ($375,000) per Contract Year or the actual amount required to reestablish the seven hundred fifty thousand dollars ($750,000), whichever is less, with the deposits beginning no later than the end of the next Contract Year. To secure the obligations of the Seller to the Buyer under this Agreement, Seller shall provide one or a combination of the following as its “Performance Assurance”.
