Seller’s Support. (a) Within five (5) Business Days following the receipt of the Regulatory Approval, Seller shall cause Seller Guarantor to deliver to Buyer a guaranty by Seller Guarantor of Seller’s payment obligations under this Agreement substantially in the form of Exhibit G (the “Seller Guaranty”). Seller shall be required to cause Seller Guarantor to maintain the Seller Guaranty thereafter continuing through and including the date that all of Seller’s obligations under this Agreement have been satisfied. Such Seller Guaranty shall be capped at the amount of Unsecured Credit Limit under Section 6.5. (b) Seller shall be required to post Credit Support in the amount of $20,000.00 per MWh/hour of the Contract Maximum Amount (e.g., $21,800,000 in the event that the Contract Maximum Amount is 1,090 MWh/hour) (“Fixed Credit Support”) to secure Seller’s obligations under this Agreement in the period beginning on the Effective Date and continuing through and including the date that all of Seller’s obligations under this Agreement are satisfied. Fifty percent (50%) of the Fixed Credit Support shall be provided to Buyer on the Effective Date; and the remaining fifty percent (50%) of the Fixed Credit Support shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval. (c) At any time following the receipt of the Regulatory Approval, if Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit pursuant to Section 6.5, Seller shall provide additional Credit Support in an amount equal to the amount by which the Unsecured Credit Limit is exceeded, rounded up to the nearest $250,000. (d) If at any time following the receipt of the Regulatory Approval there shall occur a Downgrade Event, Seller Guarantor’s Unsecured Credit Limit shall automatically be zero. Seller shall then provide Credit Support in an amount equal to Buyer’s Exposure. (e) If at any time during the Term, the amount of Credit Support is reduced as a result of Buyer’s draw upon such Credit Support, Seller shall replenish such Credit Support to the total amount required under this Section 6.1 within five (5) Business Days after that draw. (f) At any time following the receipt of the Regulatory Approval, when the amount of Credit Support held by Buyer, pursuant to Section 6.1(c), is greater than the amount by which Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit, then upon request of Seller, with such request being made not more often than on a quarterly basis, Buyer shall return excess Credit Support, rounded down to the nearest $250,000 to Seller within five
Appears in 5 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
Seller’s Support. (a) Within five (5) Business Days following the receipt of the Regulatory Approval, Seller shall cause Seller Guarantor to deliver to Buyer a guaranty by Seller Guarantor of Seller’s payment obligations under this Agreement substantially in the form of Exhibit G (the “Seller Guaranty”). Seller shall be required to cause Seller Guarantor to maintain the Seller Guaranty thereafter continuing through and including the date that all of Seller’s obligations under this Agreement have been satisfied. Such Seller Guaranty shall be capped at the amount of Unsecured Credit Limit under Section 6.5.
(b) Seller shall be required to post Credit Support in the amount of $20,000.00 per MWh/hour of the Contract Maximum Amount (e.g., $21,800,000 in the event that the Contract Maximum Amount is 1,090 MWh/hour) (“Fixed Credit Support”) to secure Seller’s obligations under this Agreement in the period beginning on between the Effective Date and continuing through and including the date that all of Seller’s obligations under this Agreement are satisfiedCommercial Operation Date (“Development Period Security”). Fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer on no later than the earlier of (x) fifteen (15) days after the Effective DateDate and (y) the Business Day immediately preceding the date on which Buyer files an application for the Regulatory Approval with the MDPU; and the remaining fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval.
(c) At any time following the receipt of the Regulatory Approval, if Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit pursuant to Section 6.5, Seller shall provide additional Credit Support in an amount equal to the amount by which the Unsecured Credit Limit is exceeded, rounded up to the nearest $250,000.
(d) . If at any time following prior to the receipt of the Regulatory Approval there shall occur a Downgrade Event, Seller Guarantor’s Unsecured Credit Limit shall automatically be zero. Seller shall then provide Credit Support in an amount equal to Buyer’s Exposure.
(e) If at any time during the TermCommercial Operation Date, the amount of Credit Support Development Period Security is reduced as a result of Buyer’s draw upon such Credit SupportDevelopment Period Security because of Seller’s failure to pay to Buyer when due, Seller shall replenish such Credit Support after the expiration of applicable cure periods, amounts owed to the total amount required Buyer under this Section 6.1 within five Agreement, to less than the amount of Development Period Security required to be provided by Seller through the period ending fifteen (515) Business Days days after that draw.
(f) At any time following the receipt of the Regulatory Approval, when Seller shall replenish such Development Period Security to the amount of Credit Support held Development Period Security required to be provided by Buyer, pursuant to Section 6.1(c), is greater than Seller through the amount by which Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit, then upon request period ending fifteen (15) days after receipt of Seller, with such request being made not more often than on a quarterly basis, the Regulatory Approval within five (5) days of that draw. Buyer shall return excess Credit Support, rounded down to any undrawn amount of the nearest $250,000 Development Period Security to Seller within fivethirty (30) days after the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or
Appears in 4 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
Seller’s Support. (a) Within five (5) Business Days following the receipt of the Regulatory Approval, Seller shall cause Seller Guarantor to deliver to Buyer a guaranty by Seller Guarantor of Seller’s payment obligations under this Agreement substantially in the form of Exhibit G (the “Seller Guaranty”). Seller shall be required to cause Seller Guarantor to maintain the Seller Guaranty thereafter continuing through and including the date that all of Seller’s obligations under this Agreement have been satisfied. Such Seller Guaranty shall be capped at the amount of Unsecured Credit Limit under Section 6.5.
(b) Seller shall be required to post Credit Support in the amount of [$ ] [$20,000.00 10 per MWh/hour kwh of the Contract Maximum Amount (e.g., $21,800,000 in the event that the Contract Maximum Amount is 1,090 MWh/hour) (“Fixed Credit Support”) Amount] to secure Seller’s obligations under this Agreement in the period beginning on between the Effective Date and continuing through and including the date that all of Seller’s obligations under this Agreement are satisfiedCommercial Operation Date (“Development Period Security”). Fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer on the Effective Date; and the remaining fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval.
(c) At any time following the receipt of the Regulatory Approval, if Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit pursuant to Section 6.5, Seller shall provide additional Credit Support in an amount equal to the amount by which the Unsecured Credit Limit is exceeded, rounded up to the nearest $250,000.
(d) . If at any time following prior to the receipt of the Regulatory Approval there shall occur a Downgrade Event, Seller Guarantor’s Unsecured Credit Limit shall automatically be zero. Seller shall then provide Credit Support in an amount equal to Buyer’s Exposure.
(e) If at any time during the TermCommercial Operation Date, the amount of Credit Support Development Period Security is reduced as a result of Buyer’s draw upon such Credit SupportDevelopment Period Security to less than the amount of Development Period Security required to be provided by Seller through the period ending fifteen (15) days after receipt of the Regulatory Approval, Seller shall replenish such Development Period Security to the amount of Development Period Security required to be provided by Seller through the period ending fifteen (15) days after receipt of the Regulatory Approval within five (5) days of that draw. Buyer shall return any undrawn amount of the Development Period Security to Seller within thirty (30) days after the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security.
(b) Beginning not later than ten (10) days following the Commercial Operation Date, Seller shall provide Buyer with Credit Support to secure Seller’s obligations under this Agreement after the Commercial Operation Date through and including the date that all of Seller’s obligations under this Agreement are satisfied (“Operating Period Security”). The Operating Period Security shall be in an amount equal to [$ ] [$10 per kwh of Contract Maximum Amount]. If at any time on or after the Commercial Operation Date, the amount of Operating Period Security is reduced as a result of Buyer’s draw upon such Operating Period Security, Seller shall replenish such Operating Period Security to the total amount required under this Section 6.1 6.1(b) within five (5) Business Days after of that draw.
(f) At any time following the receipt of the Regulatory Approval, when the amount of Credit Support held by Buyer, pursuant to Section 6.1(c), is greater than the amount by which Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit, then upon request of Seller, with such request being made not more often than on a quarterly basis, Buyer shall return excess Credit Support, rounded down to the nearest $250,000 to Seller within five
Appears in 2 contracts
Seller’s Support. (a) Within five (5) Business Days following the receipt of the Regulatory Approval, Seller shall cause Seller Guarantor to deliver to Buyer a guaranty by Seller Guarantor of Seller’s payment obligations under this Agreement substantially in the form of Exhibit G (the “Seller Guaranty”). Seller shall be required to cause Seller Guarantor to maintain the Seller Guaranty thereafter continuing through and including the date that all of Seller’s obligations under this Agreement have been satisfied. Such Seller Guaranty shall be capped at the amount of Unsecured Credit Limit under Section 6.5.
(a) (b) Seller shall be required to post Credit Support in the amount of $[ ] [$$20,000.00 per MWh/hour MWh per /hour of the Contract Maximum Amount (e.g., $21,800,000 in the event that the Contract Maximum Amount is 1,090 MWh/hour) (“Fixed Credit Support”) to secure Seller’s obligations under this Agreement in the period beginning on the Effective Date and continuing through and including the date that all of Seller’s obligations under this Agreement are satisfied. Fifty percent (50%) of the Fixed Credit Support shall be provided to Buyer on the Effective Date; and the remaining fifty percent (50%) of the Fixed Credit Support shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval.
(b) (c) At any time following the receipt of the Regulatory Approval, if Buyer’s Exposure exceeds Seller Seller’sSeller Guarantor’s Unsecured Credit Limit pursuant to Section 6.56.5,6.5, Seller shall provide additional Credit Support in an amount equal to the amount by which the Unsecured Credit Limit is exceeded, rounded up to the nearest two hundred fifty thousand dollars ($250,000$250,000.00).
(d) If at any time following the receipt of the Regulatory Approval there shall occur a Downgrade EventEvent in respect of , Seller Seller, Seller’s Guarantor’s Unsecured Credit Limit shall automatically be zero. Seller shall then provide Credit Support in an amount equal to Buyer’s Exposure.
(e) If at any time during the Term, the amount of Credit Support is reduced as a result of Buyer’s draw upon such Credit Support, Seller shall replenish such Credit Support to the total amount required under this Section 6.1 within five (5) Business Days after that draw.
(f) At any time following the receipt of the Regulatory Approval, when the amount of Credit Support held by Buyer, pursuant to Section 6.1(c), is greater than the amount by which Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit, then upon request of Seller, with such request being made not more often than on a quarterly basis, Buyer shall return excess Credit Support, rounded down to the nearest $250,000 to Seller within five
Appears in 2 contracts
Seller’s Support. (a) Within five (5) Business Days following the receipt of the Regulatory Approval, Seller shall cause Seller Guarantor to deliver to Buyer a guaranty by Seller Guarantor of Seller’s payment obligations under this Agreement substantially in the form of Exhibit G (the “Seller Guaranty”). Seller shall be required to cause Seller Guarantor to maintain the Seller Guaranty thereafter continuing through and including the date that all of Seller’s obligations under this Agreement have been satisfied. Such Seller Guaranty shall be capped at the amount of Unsecured Credit Limit under Section 6.5.
(b) Seller shall be required to post Credit Support in the amount of $20,000.00 [________] [$25 per MWh/hour kwh of the Contract Maximum Amount (e.g., $21,800,000 in the event that the Contract Maximum Amount is 1,090 MWh/hour) (“Fixed Credit Support”) Amount] to secure Seller’s obligations under this Agreement in Obligations until the period beginning on the Effective Commercial Operation Date and continuing through and including the date that all of Seller’s obligations under this Agreement are satisfied(“Development Period Security”). Fifty percent (50%) of the Fixed Credit Support shall be Development Period Security having been provided to Buyer on the Effective Date; and , the remaining fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval.
. Buyer shall return any undrawn amount of the Development Period Security to Seller within thirty (c30) At any time following days after the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the Regulatory Approval, if Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit pursuant to Section 6.5full amount of the Operating Period Security. Beginning not later than ten (10) days following the Commercial Operation Date, Seller shall provide additional Buyer with Credit Support to secure Seller’s Obligations after the Commercial Operation Date through and including the date that all of Seller’s Obligations are satisfied (“Operating Period Security”). The Operating Period Security shall be in an amount equal of $25 per kwh of Contract Maximum Amount. At Seller’s request made on or prior to the amount by which Commercial Operation Date, Buyer will retain Seller’s undrawn Development Period Security and shall apply such undrawn Development Period Security (or such portion thereof as is needed hereunder) to satisfy Seller’s Operating Period Security obligation. The Credit Support Delivery Amount, as defined below, will be rounded up, and the Unsecured Credit Limit is exceededReturn Amount, as defined below, will be rounded up down, in each case to the nearest integral multiple of $250,00010,000 (“Rounding Amount”).
(d) If at any time following the receipt of the Regulatory Approval there shall occur a Downgrade Event, Seller Guarantor’s Unsecured Credit Limit shall automatically be zero. Seller shall then provide Credit Support in an amount equal to Buyer’s Exposure.
(e) If at any time during the Term, the amount of Credit Support is reduced as a result of Buyer’s draw upon such Credit Support, Seller shall replenish such Credit Support to the total amount required under this Section 6.1 within five (5) Business Days after that draw.
(f) At any time following the receipt of the Regulatory Approval, when the amount of Credit Support held by Buyer, pursuant to Section 6.1(c), is greater than the amount by which Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit, then upon request of Seller, with such request being made not more often than on a quarterly basis, Buyer shall return excess Credit Support, rounded down to the nearest $250,000 to Seller within five
Appears in 2 contracts
Seller’s Support. (a) Within five Seller shall be required to post Credit Support with a Value of $8,000,000 (5which equals $20,000.00 per MWh per hour of the Contract Maximum Amount, and which amount will be increased if necessary to reflect the Proposed Facility Size as set forth in the Final Proposed Facility Size Notice), as adjusted in accordance with Section 3.1(c), to secure Seller’s Obligations until the Commercial Operation Date (“Development Period Security”). Fifty percent (50%) Business Days following of the Development Period Security (as determined at such time) shall be provided to Buyer on the Effective Date, and all remaining Development Period Security shall be provided to Buyer within fifteen (15) days after the receipt of the Regulatory Approval. Buyer shall return any undrawn amount of the Development Period Security to Seller within thirty (30) days after the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security.
(b) Beginning not later than three (3) days following the Commercial Operation Date, Seller shall cause Seller Guarantor provide Buyer with Credit Support to deliver to Buyer a guaranty by Seller Guarantor of secure Seller’s payment obligations under this Agreement substantially in Obligations after the form of Exhibit G (the “Seller Guaranty”). Seller shall be required to cause Seller Guarantor to maintain the Seller Guaranty thereafter continuing Commercial Operation Date through and including the date that all of Seller’s obligations under this Agreement Obligations are satisfied (“Operating Period Security”). The Operating Period Security shall have been satisfied. Such Seller Guaranty shall be capped at the amount a Value of Unsecured Credit Limit under Section 6.5.
$8,000,000 (b) Seller shall be required to post Credit Support in the amount of which equals $20,000.00 per MWh/MWh per hour of the Contract Maximum Amount (e.g., $21,800,000 and which amount will be increased if necessary to reflect the Proposed Facility Size as set forth in the event that Final Proposed Facility Size Notice), which may be adjusted based on the final Contract Maximum Amount is 1,090 MWh/hour) (“Fixed Credit Support”) to secure Seller’s obligations under this Agreement in the period beginning on the Effective Date and continuing through and including the date that all of Seller’s obligations under this Agreement are satisfied. Fifty percent (50%) of the Fixed Credit Support shall be provided to Buyer on the Effective Date; and the remaining fifty percent (50%) of the Fixed Credit Support shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approvalaccordance with Section 3.3(b).
(c) At any time following the receipt of the Regulatory Approval, if Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit pursuant to Section 6.5, Seller shall provide additional The Credit Support Delivery Amount, as defined below, will be rounded up, and the Return Amount, as defined below, will be rounded down, in an amount equal to the amount by which the Unsecured Credit Limit is exceeded, rounded up each case to the nearest integral multiple of $250,00010,000 (“Rounding Amount”).
(d) If at any time The following the receipt of the Regulatory Approval there shall occur a Downgrade Event, Seller Guarantor’s Unsecured items will qualify as “Credit Limit shall automatically be zero. Seller shall then provide Credit Support Support” hereunder in an amount equal to Buyer’s Exposure.
(e) If at any time during the Term, the amount of Credit Support is reduced as a result of Buyer’s draw upon such Credit Support, Seller shall replenish such Credit Support to the total amount required noted under this Section 6.1 within five (5) Business Days after that draw.
(f) At any time following the receipt of the Regulatory Approval, when the amount of Credit Support held by Buyer, pursuant to Section 6.1(c), is greater than the amount by which Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit, then upon request of Seller, with such request being made not more often than on a quarterly basis, Buyer shall return excess Credit Support, rounded down to the nearest $250,000 to Seller within five“Valuation Percentage”:
Appears in 2 contracts
Seller’s Support. (a) Within five (5) Business Days following the receipt of the Regulatory Approval, Seller shall cause Seller Guarantor to deliver to Buyer a guaranty by Seller Guarantor of Seller’s payment obligations under this Agreement substantially in the form of Exhibit G (the “Seller Guaranty”). Seller shall be required to cause Seller Guarantor to maintain the Seller Guaranty thereafter continuing through and including the date that all of Seller’s obligations under this Agreement have been satisfied. Such Seller Guaranty shall be capped at the amount of the Unsecured Credit Limit under Section 6.56.7.
(b) Seller shall be required to post Credit Support in the amount of $20,000.00 per MWh/hour of the Contract Maximum Amount (e.g., $21,800,000 in the event that the Contract Maximum Amount is 1,090 MWh/hour) to secure Seller’s Obligations (“Fixed Credit Support”) to secure Seller’s obligations under this Agreement in the period beginning on the Effective Date and continuing through and including the date that all of Seller’s obligations under this Agreement are satisfied). Fifty percent (50%) of the Fixed Credit Support shall be provided to Buyer on the Effective Date; , and the remaining fifty percent (50%) of the Fixed Credit Support shall be provided to Buyer within fifteen (15) Business Days days after the receipt of the Regulatory Approval.
(c) At any time following the receipt of the Regulatory Approval, if Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit pursuant to Section 6.56.7, Buyer may demand that Seller shall provide additional Credit Support in an amount equal to the amount by which the Unsecured Credit Limit is exceeded, rounded up to the nearest $250,000.
(d) If at any time following the receipt of the Regulatory Approval there shall occur a Downgrade Event, Seller Guarantor’s Unsecured Credit Limit shall automatically be zero. Seller shall then provide Credit Support in an amount equal to Buyer’s Exposure.
(e) If at any time during The Credit Support Delivery Amount, as defined below, will be rounded up, and the TermCredit Support Return Amount, as defined below, will be rounded down, in each case, to the nearest integral multiple of $10,000 (“Rounding Amount”), except as otherwise provided herein. The following items will qualify as “Credit Support” hereunder in the amount noted under “Valuation Percentage”: “Valuation Percentage”
(A) Cash 100%
(B) Letters of Credit Support is reduced as 100% unless either (i) a result Letter of Buyer’s draw upon Credit Default shall have occurred and be continuing with respect to such Credit SupportLetter of Credit, Seller shall replenish such Credit Support or (ii) twenty (20) or fewer Business Days remain prior to the total amount required under this Section 6.1 within five (5) Business Days after that drawexpiration of such Letter of Credit, in which cases the Valuation Percentage shall be 0%.
(f) At any time following All calculations with respect to Credit Support shall be made by the receipt Valuation Agent as of the Regulatory Approval, when Valuation Time on the amount of Credit Support held by Buyer, pursuant to Section 6.1(c), is greater than the amount by which Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit, then upon request of Seller, with such request being made not more often than on a quarterly basis, Buyer shall return excess Credit Support, rounded down to the nearest $250,000 to Seller within fiveValuation Date.
Appears in 2 contracts
Seller’s Support. (a) Within five (5) Business Days following the receipt of the Regulatory Approval, Seller shall cause Seller Guarantor to deliver to Buyer a guaranty by Seller Guarantor of Seller’s payment obligations under this Agreement substantially in the form of Exhibit G (the “Seller Guaranty”). Seller shall be required to cause Seller Guarantor to maintain the Seller Guaranty thereafter continuing through and including the date that all of Seller’s obligations under this Agreement have been satisfied. Such Seller Guaranty shall be capped at the amount of Unsecured Credit Limit under Section 6.5.
(b) Seller shall be required to post Credit Support in the amount of $20,000.00 8,493,600 (which is equal to $40,000.00 per MWh/MWh per hour of the Contract Maximum Amount (e.g.Amount), $21,800,000 as adjusted in the event that the Contract Maximum Amount is 1,090 MWh/hour) (“Fixed Credit Support”) accordance with Section 3.1(c), to secure Seller’s obligations under this Agreement in during the period beginning on between the Effective Date and continuing through and including the date that all of Seller’s obligations under this Agreement are satisfiedCommercial Operation Date (“Development Period Security”). Fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer on the Effective Date; , and the remaining fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval.
(c) At any time following the receipt of the Regulatory Approval, if Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit pursuant to Section 6.5, Seller shall provide additional Credit Support in an amount equal to the amount by which the Unsecured Credit Limit is exceeded, rounded up to the nearest $250,000.
(d) . If at any time following the receipt of the Regulatory Approval there shall occur a Downgrade Event, Seller Guarantor’s Unsecured Credit Limit shall automatically be zero. Seller shall then provide Credit Support in an amount equal to Buyer’s Exposure.
(e) If at any time during the Termtime, the amount of Credit Support Development Period Security is reduced as a result of Buyer’s draw upon such Credit SupportDevelopment Period Security to less than the amount of Development Period Security required to be provided by Seller, Seller shall replenish such Credit Support to the total amount required under this Section 6.1 within five (5) Business Days after that draw.
draw Seller shall replenish such Development Period Security to the amount of Development Period Security required to be provided by Seller through the period ending fifteen (f15) At any time following the Business Days after receipt of the Regulatory Approval. Buyer shall return any unused amount of the Development Period Security (or any Cash proceeds from any drawing that are not applied to Seller’s obligations hereunder) to Seller within thirty (30) days after the earlier of (i) the termination of this Agreement pursuant to Section 8.1 and (ii) the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security (except to the extent that Development Period Security is converted into Operating Period Security as provided in Section 6.1(b)).
(b) Beginning not later than ten (10) days following the Commercial Operation Date, when Seller shall provide Buyer with Credit Support to secure Seller’s obligations under this Agreement after the Commercial Operation Date through and including the date that all of Seller’s obligations under this Agreement are satisfied (including pending claims related to indemnification obligations but not any other indemnification obligations surviving the expiration of the Term) (“Operating Period Security”). The Operating Period Security shall be in the amount of Credit Support held by Buyer, pursuant $8,493,600 (which is equal to Section 6.1(c$40,000.00 per MWh per hour of Contract Maximum Amount), as adjusted in accordance with Section 3.3(b) and Section 3.3(c). If at any time on or after the Commercial Operation Date, the amount of Operating Period Security is greater reduced as a result of Buyer’s draw upon such Operating Period Security to less than the amount of Operating Period Security required to be provided by which Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit, then upon request of Seller, with within five (5) Business Days after that draw Seller shall replenish such request being made not more often than on a quarterly basis, Buyer shall return excess Operating Period Security to the amount required to be provided by Seller. Neither the Development Period Security nor the Operating Period Security includes any Default Credit Support, rounded down to and the nearest $250,000 unused portion (if any) of such Default Credit Support will be returned to Seller within fivethirty (30) days after the earlier of (a) the cure of the related Default, or (b) the time Credit Support is required to be returned to Seller under Section 6.2.
Appears in 2 contracts
Seller’s Support. (a) Within five (5) Business Days following the receipt of the Regulatory Approval, Seller shall cause Seller Guarantor to deliver to Buyer a guaranty by Seller Guarantor of Seller’s payment obligations under this Agreement substantially in the form of Exhibit G (the “Seller Guaranty”). Seller shall be required to cause Seller Guarantor to maintain the Seller Guaranty thereafter continuing through and including the date that all of Seller’s obligations under this Agreement have been satisfied. Such Seller Guaranty shall be capped at the amount of Unsecured Credit Limit under Section 6.5.
(b) Seller shall be required to post Credit Support in the amount of $20,000.00 153,600 (which is equal to $40,000.00 per MWh/MWh per hour of the Contract Maximum Amount (e.g.Amount), $21,800,000 as adjusted in the event that the Contract Maximum Amount is 1,090 MWh/hour) (“Fixed Credit Support”) accordance with Section 3.1(c), to secure Seller’s obligations under this Agreement in during the period beginning on between the Effective Date and continuing through and including the date that all of Seller’s obligations under this Agreement are satisfiedCommercial Operation Date (“Development Period Security”). Fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer on the Effective Date; , and the remaining fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval.
(c) At any time following the receipt of the Regulatory Approval, if Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit pursuant to Section 6.5, Seller shall provide additional Credit Support in an amount equal to the amount by which the Unsecured Credit Limit is exceeded, rounded up to the nearest $250,000.
(d) . If at any time following the receipt of the Regulatory Approval there shall occur a Downgrade Event, Seller Guarantor’s Unsecured Credit Limit shall automatically be zero. Seller shall then provide Credit Support in an amount equal to Buyer’s Exposure.
(e) If at any time during the Termtime, the amount of Credit Support Development Period Security is reduced as a result of Buyer’s draw upon such Credit SupportDevelopment Period Security to less than the amount of Development Period Security required to be provided by Seller, Seller shall replenish such Credit Support to the total amount required under this Section 6.1 within five (5) Business Days after that draw.
draw Seller shall replenish such Development Period Security to the amount of Development Period Security required to be provided by Seller through the period ending fifteen (f15) At any time following the Business Days after receipt of the Regulatory Approval. Buyer shall return any unused amount of the Development Period Security (or any Cash proceeds from any drawing that are not applied to Seller’s obligations hereunder) to Seller within thirty (30) days after the earlier of (i) the termination of this Agreement pursuant to Section 8.1 and (ii) the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security (except to the extent that Development Period Security is converted into Operating Period Security as provided in Section 6.1(b)).
(b) Beginning not later than ten (10) days following the Commercial Operation Date, when Seller shall provide Buyer with Credit Support to secure Seller’s obligations under this Agreement after the Commercial Operation Date through and including the date that all of Seller’s obligations under this Agreement are satisfied (including pending claims related to indemnification obligations but not any other indemnification obligations surviving the expiration of the Term) (“Operating Period Security”). The Operating Period Security shall be in the amount of Credit Support held by Buyer, pursuant $153,600 (which is equal to Section 6.1(c$40,000.00 per MWh per hour of Contract Maximum Amount), as adjusted in accordance with Section 3.3(b) and Section 3.3(c). If at any time on or after the Commercial Operation Date, the amount of Operating Period Security is greater reduced as a result of Buyer’s draw upon such Operating Period Security to less than the amount of Operating Period Security required to be provided by which Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit, then upon request of Seller, with within five (5) Business Days after that draw Seller shall replenish such request being made not more often than on a quarterly basis, Buyer shall return excess Operating Period Security to the amount required to be provided by Seller. Neither the Development Period Security nor the Operating Period Security includes any Default Credit Support, rounded down to and the nearest $250,000 unused portion (if any) of such Default Credit Support will be returned to Seller within fivethirty (30) days after the earlier of (a) the cure of the related Default, or (b) the time Credit Support is required to be returned to Seller under Section 6.2.
Appears in 2 contracts
Seller’s Support. (a) Within five (5) Business Days following the receipt of the Regulatory Approval, Seller shall cause Seller Guarantor to deliver to Buyer a guaranty by Seller Guarantor of Seller’s payment obligations under this Agreement substantially in the form of Exhibit G (the “Seller Guaranty”). Seller shall be required to cause Seller Guarantor to maintain the Seller Guaranty thereafter continuing through and including the date that all of Seller’s obligations under this Agreement have been satisfied. Such Seller Guaranty shall be capped at the amount of Unsecured Credit Limit under Section 6.5.
(b) Seller shall be required to post Credit Support in the amount of $20,000.00 158,400 (which is equal to $40,000.00 per MWh/MWh per hour of the Contract Maximum Amount (e.g.Amount), $21,800,000 as adjusted in the event that the Contract Maximum Amount is 1,090 MWh/hour) (“Fixed Credit Support”) accordance with Section 3.1(c), to secure Seller’s obligations under this Agreement in during the period beginning on between the Effective Date and continuing through and including the date that all of Seller’s obligations under this Agreement are satisfiedCommercial Operation Date (“Development Period Security”). Fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer on the Effective Date; , and the remaining fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval.
(c) At any time following the receipt of the Regulatory Approval, if Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit pursuant to Section 6.5, Seller shall provide additional Credit Support in an amount equal to the amount by which the Unsecured Credit Limit is exceeded, rounded up to the nearest $250,000.
(d) . If at any time following the receipt of the Regulatory Approval there shall occur a Downgrade Event, Seller Guarantor’s Unsecured Credit Limit shall automatically be zero. Seller shall then provide Credit Support in an amount equal to Buyer’s Exposure.
(e) If at any time during the Termtime, the amount of Credit Support Development Period Security is reduced as a result of Buyer’s draw upon such Credit SupportDevelopment Period Security to less than the amount of Development Period Security required to be provided by Seller, Seller shall replenish such Credit Support to the total amount required under this Section 6.1 within five (5) Business Days after that draw.
draw Seller shall replenish such Development Period Security to the amount of Development Period Security required to be provided by Seller through the period ending fifteen (f15) At any time following the Business Days after receipt of the Regulatory Approval. Buyer shall return any unused amount of the Development Period Security (or any Cash proceeds from any drawing that are not applied to Seller’s obligations hereunder) to Seller within thirty (30) days after the earlier of (i) the termination of this Agreement pursuant to Section 8.1 and (ii) the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security (except to the extent that Development Period Security is converted into Operating Period Security as provided in Section 6.1(b)).
(b) Beginning not later than ten (10) days following the Commercial Operation Date, when Seller shall provide Buyer with Credit Support to secure Seller’s obligations under this Agreement after the Commercial Operation Date through and including the date that all of Seller’s obligations under this Agreement are satisfied (including pending claims related to indemnification obligations but not any other indemnification obligations surviving the expiration of the Term) (“Operating Period Security”). The Operating Period Security shall be in the amount of Credit Support held by Buyer, pursuant $158,400 (which is equal to Section 6.1(c$40,000.00 per MWh per hour of Contract Maximum Amount), as adjusted in accordance with Section 3.3(b) and Section 3.3(c). If at any time on or after the Commercial Operation Date, the amount of Operating Period Security is greater reduced as a result of Buyer’s draw upon such Operating Period Security to less than the amount of Operating Period Security required to be provided by which Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit, then upon request of Seller, with within five (5) Business Days after that draw Seller shall replenish such request being made not more often than on a quarterly basis, Buyer shall return excess Operating Period Security to the amount required to be provided by Seller. Neither the Development Period Security nor the Operating Period Security includes any Default Credit Support, rounded down to and the nearest $250,000 unused portion (if any) of such Default Credit Support will be returned to Seller within fivethirty (30) days after the earlier of (a) the cure of the related Default, or (b) the time Credit Support is required to be returned to Seller under Section
Appears in 2 contracts
Seller’s Support. (a) Within five (5) Business Days following the receipt of the Regulatory Approval, Seller shall cause Seller Guarantor to deliver to Buyer a guaranty by Seller Guarantor of Seller’s payment obligations under this Agreement substantially in the form of Exhibit G (the “Seller Guaranty”). Seller shall be required to cause Seller Guarantor to maintain the Seller Guaranty thereafter continuing through and including the date that all of Seller’s obligations under this Agreement have been satisfied. Such Seller Guaranty shall be capped at the amount of Unsecured Credit Limit under Section 6.5.
(b) Seller shall be required to post Credit Support in the amount of $[ ] [$20,000.00 per MWh/MWh per hour of the Contract Maximum Amount (e.g., $21,800,000 in the event that the Contract Maximum Amount is 1,090 MWh/hour) (“Fixed Credit Support”) to secure Seller’s obligations under this Agreement in the period beginning on the Effective Date and continuing through and including the date that all of Seller’s obligations under this Agreement are satisfied. Fifty percent (50%) of the Fixed Credit Support shall be provided to Buyer on the Effective Date; and the remaining fifty percent (50%) of the Fixed Credit Support shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval.
(cb) At any time following the receipt of the Regulatory Approval, if Buyer’s Exposure exceeds Seller GuarantorSeller’s Unsecured Credit Limit pursuant to Section 6.5, Seller shall provide additional Credit Support in an amount equal to the amount by which the Unsecured Credit Limit is exceeded, rounded up to the nearest two hundred fifty thousand dollars ($250,000250,000.00).
(dc) If at any time following the receipt of the Regulatory Approval there shall occur a Downgrade EventEvent in respect of Seller, Seller GuarantorSeller’s Unsecured Credit Limit shall automatically be zero. Seller shall then provide Credit Support in an amount equal to Buyer’s Exposure.
(ed) If at any time during the TermTerm of this Agreement, the amount of Credit Support is reduced as a result of Buyer’s draw upon such Credit Support, Seller shall replenish such Credit Support Performance Assurance to the total amount required under this Section 6.1 within five (5) Business Days after of that draw.
(fe) At any time following the receipt of the Regulatory Approval, when When the amount of Credit Support held by Buyer, pursuant to Section 6.1(c6.1(b), is greater than the amount by which Buyer’s Exposure exceeds Seller GuarantorExceeds Seller’s Unsecured Credit Limit, then upon request of Seller, with such request being made not more often than on a quarterly basis, Buyer shall return excess Credit Support, rounded down to the nearest $250,000 to Seller within fivefive (5) Business Days of receipt of such request. In no event will Seller’s Credit Support be less than the Fixed Credit Support.
(f) If Seller fails to provide Credit Support in accordance with this Article 6 to Buyer within five (5) Business Days of receipt of notice, then an Event of Default under Section 9.2 shall be deemed to have occurred and Buyer will be entitled to the remedies set forth in Section 9.3 of this Agreement.
Appears in 1 contract
Samples: Power Purchase Agreement
Seller’s Support. (a) Within five (5) Business Days following the receipt of the Regulatory Approval, Seller shall cause Seller Guarantor to deliver to Buyer a guaranty by Seller Guarantor of Seller’s payment obligations under this Agreement substantially in the form of Exhibit G (the “Seller Guaranty”). Seller shall be required to cause Seller Guarantor to maintain the Seller Guaranty thereafter continuing through and including the date that all of Seller’s obligations under this Agreement have been satisfied. Such Seller Guaranty shall be capped at the amount of Unsecured Credit Limit under Section 6.5.
(b) Seller shall be required to post Credit Support in the amount of $20,000.00 8,750,800 (which is equal to $40,000.00 per MWh/MWh per hour of the Contract Maximum Amount (e.g.Amount), $21,800,000 as adjusted in the event that the Contract Maximum Amount is 1,090 MWh/hour) (“Fixed Credit Support”) accordance with Section 3.1(c), to secure Seller’s obligations under this Agreement in during the period beginning on between the Effective Date and continuing through and including the date that all of Seller’s obligations under this Agreement are satisfiedCommercial Operation Date (“Development Period Security”). Fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer on the Effective Date; , and the remaining fifty percent (50%) of the Fixed Credit Support Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval.
(c) At any time following the receipt of the Regulatory Approval, if Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit pursuant to Section 6.5, Seller shall provide additional Credit Support in an amount equal to the amount by which the Unsecured Credit Limit is exceeded, rounded up to the nearest $250,000.
(d) . If at any time following the receipt of the Regulatory Approval there shall occur a Downgrade Event, Seller Guarantor’s Unsecured Credit Limit shall automatically be zero. Seller shall then provide Credit Support in an amount equal to Buyer’s Exposure.
(e) If at any time during the Termtime, the amount of Credit Support Development Period Security is reduced as a result of Buyer’s draw upon such Credit SupportDevelopment Period Security to less than the amount of Development Period Security required to be provided by Seller, Seller shall replenish such Credit Support to the total amount required under this Section 6.1 within five (5) Business Days after that draw.
draw Seller shall replenish such Development Period Security to the amount of Development Period Security required to be provided by Seller through the period ending fifteen (f15) At any time following the Business Days after receipt of the Regulatory Approval. Buyer shall return any unused amount of the Development Period Security (or any Cash proceeds from any drawing that are not applied to Seller’s obligations hereunder) to Seller within thirty (30) days after the earlier of (i) the termination of this Agreement pursuant to Section 8.1 and (ii) the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security (except to the extent that Development Period Security is converted into Operating Period Security as provided in Section 6.1(b)).
(b) Beginning not later than ten (10) days following the Commercial Operation Date, when Seller shall provide Buyer with Credit Support to secure Seller’s obligations under this Agreement after the Commercial Operation Date through and including the date that all of Seller’s obligations under this Agreement are satisfied (including pending claims related to indemnification obligations but not any other indemnification obligations surviving the expiration of the Term) (“Operating Period Security”). The Operating Period Security shall be in the amount of Credit Support held by Buyer, pursuant $8,750,800 (which is equal to Section 6.1(c$40,000.00 per MWh per hour of Contract Maximum Amount), as adjusted in accordance with Section 3.3(b) and Section 3.3(c). If at any time on or after the Commercial Operation Date, the amount of Operating Period Security is greater reduced as a result of Buyer’s draw upon such Operating Period Security to less than the amount of Operating Period Security required to be provided by which Buyer’s Exposure exceeds Seller Guarantor’s Unsecured Credit Limit, then upon request of Seller, with within five (5) Business Days after that draw Seller shall replenish such request being made not more often than on a quarterly basis, Buyer shall return excess Operating Period Security to the amount required to be provided by Seller. Neither the Development Period Security nor the Operating Period Security includes any Default Credit Support, rounded down to and the nearest $250,000 unused portion (if any) of such Default Credit Support will be returned to Seller within fivethirty (30) days after the earlier of (a) the cure of the related Default, or (b) the time Credit Support is required to be returned to Seller under Section
Appears in 1 contract
Samples: Power Purchase Agreement
