Seller’s Support. (a) Seller shall be required to post Credit Support in the amount of to secure Seller’s obligations in the period between the Effective Date and the Commercial Operation Date (“Development Period Security”). of the Development Period Security shall be provided to Buyer no later than the earlier of (x) fifteen (15) days after the Effective Date 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 of the Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval. If at any time prior to the Commercial Operation Date, the amount of Development Period Security is reduced as a result of Buyer’s draw upon such Development Period Security because of Seller’s failure to pay to Buyer when due, after the expiration of applicable cure periods, amounts owed to Buyer under this Agreement, 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
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Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
Seller’s Support. (a) Seller shall be required to post Credit Support in the amount of $[________] [$25 per kwh of Contract Maximum Amount] to secure Seller’s obligations in the period between the Effective Date and Obligations until the Commercial Operation Date (“Development Period Security”). Fifty percent (50%) of the Development Period Security shall be having been provided to Buyer no later than the earlier of (x) fifteen (15) days after on the Effective Date and (y) the Business Day immediately preceding the date on which Buyer files an application for the Regulatory Approval with the MDPU; and Date, the remaining fifty percent (50%) of the Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval. If at any time prior to the Commercial Operation Date, the amount of Development Period Security is reduced as a result of Buyer’s draw upon such Development Period Security because of Seller’s failure to pay to Buyer when due, after the expiration of applicable cure periods, amounts owed to Buyer under this Agreement, 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 oror (y) Buyer’s receipt of the full amount of the Operating Period Security. Beginning not later than ten (10) days following the Commercial Operation Date, Seller shall provide 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 of $25 per kwh of Contract Maximum Amount. At Seller’s request made on or prior to the 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 Return Amount, as defined below, will be rounded down, in each case to the nearest integral multiple of $10,000 (“Rounding Amount”).
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Seller’s Support. (a) Seller shall be required to post Credit Support in the amount of [$ ] [$10 per kwh of Contract Maximum Amount] to secure Seller’s obligations in the period between the Effective Date and the Commercial Operation Date (“Development Period Security”). Fifty percent (50%) of the Development Period Security shall be provided to Buyer no later than the earlier of (x) fifteen (15) days after on the Effective Date and (y) the Business Day immediately preceding the date on which Buyer files an application for the Regulatory Approval with the MDPUDate; and the remaining fifty percent (50%) of the Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval. If at any time prior to the Commercial Operation Date, the amount of Development Period Security is reduced as a result of Buyer’s draw upon such Development Period Security because of Seller’s failure to pay to Buyer when due, after the expiration of applicable cure periods, amounts owed to Buyer under this Agreement, 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 oror (y) Buyer’s receipt of the full amount of the Operating Period Security.
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Seller’s Support. (a) Seller shall be required to post Credit Support in the amount of $158,400 (which is equal to $40,000.00 per MWh per hour of Contract Maximum Amount), as adjusted in accordance with Section 3.1(c), to secure Seller’s obligations in during the period between the Effective Date and the Commercial Operation Date (“Development Period Security”). Fifty percent (50%) of the Development Period Security shall be provided to Buyer no later than the earlier of (x) fifteen (15) days after on the Effective Date and (y) the Business Day immediately preceding the date on which Buyer files an application for the Regulatory Approval with the MDPU; Date, and the remaining fifty percent (50%) of the Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval. If at any time prior to the Commercial Operation Datetime, the amount of Development Period Security is reduced as a result of Buyer’s draw upon such Development Period Security because of Seller’s failure to pay to Buyer when due, after the expiration of applicable cure periods, amounts owed to Buyer under this Agreement, to less than the amount of Development Period Security required to be provided by Seller through the period ending fifteen Seller, within five (155) days Business Days after receipt of the Regulatory Approval, that 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 (15) days Business Days after receipt of the Regulatory Approval within five (5) days of that drawApproval. Buyer shall return any undrawn 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 oror (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)).
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Seller’s Support. (a) Seller shall be required to post Credit Support in the amount of $153,600 (which is equal to $40,000.00 per MWh per hour of Contract Maximum Amount), as adjusted in accordance with Section 3.1(c), to secure Seller’s obligations in during the period between the Effective Date and the Commercial Operation Date (“Development Period Security”). Fifty percent (50%) of the Development Period Security shall be provided to Buyer no later than the earlier of (x) fifteen (15) days after on the Effective Date and (y) the Business Day immediately preceding the date on which Buyer files an application for the Regulatory Approval with the MDPU; Date, and the remaining fifty percent (50%) of the Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval. If at any time prior to the Commercial Operation Datetime, the amount of Development Period Security is reduced as a result of Buyer’s draw upon such Development Period Security because of Seller’s failure to pay to Buyer when due, after the expiration of applicable cure periods, amounts owed to Buyer under this Agreement, to less than the amount of Development Period Security required to be provided by Seller through the period ending fifteen Seller, within five (155) days Business Days after receipt of the Regulatory Approval, that 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 (15) days Business Days after receipt of the Regulatory Approval within five (5) days of that drawApproval. Buyer shall return any undrawn 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 oror (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)).
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Seller’s Support. (a) Seller shall be required to post Credit Support in the amount of $8,493,600 (which is equal to $40,000.00 per MWh per hour of Contract Maximum Amount), as adjusted in accordance with Section 3.1(c), to secure Seller’s obligations in during the period between the Effective Date and the Commercial Operation Date (“Development Period Security”). Fifty percent (50%) of the Development Period Security shall be provided to Buyer no later than the earlier of (x) fifteen (15) days after on the Effective Date and (y) the Business Day immediately preceding the date on which Buyer files an application for the Regulatory Approval with the MDPU; Date, and the remaining fifty percent (50%) of the Development Period Security shall be provided to Buyer within fifteen (15) Business Days after receipt of the Regulatory Approval. If at any time prior to the Commercial Operation Datetime, the amount of Development Period Security is reduced as a result of Buyer’s draw upon such Development Period Security because of Seller’s failure to pay to Buyer when due, after the expiration of applicable cure periods, amounts owed to Buyer under this Agreement, to less than the amount of Development Period Security required to be provided by Seller through the period ending fifteen Seller, within five (155) days Business Days after receipt of the Regulatory Approval, that 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 (15) days Business Days after receipt of the Regulatory Approval within five (5) days of that drawApproval. Buyer shall return any undrawn 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 oror (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)).
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