Common use of Timing and Amount Clause in Contracts

Timing and Amount. (i) If at any time, and from time to time, and for any reason (including the exercise by PG&E of any right or remedy with respect to Performance Assurance, including the drawing of a Letter of Credit), the Agreement Exposure for Party B exceeds Party B’s Threshold, then PG&E may request of Party B, and Party B shall provide, Performance Assurance in the form of Cash or Letter of Credit in an amount equal to the amount by which the Agreement Exposure exceeds Party B’s Threshold. (ii) On any Business Day (but no more frequently than weekly with respect to Letters of Credit and daily with respect to cash), Party B, at its sole cost, may request that the amount of Performance Assurance be reduced based upon a decrease in the Agreement Exposure as calculated on such Business Day. Any Performance Assurance being provided or returned shall be delivered within two (2) Business Days of the date of receipt of such request if such request is received before the Notification Time, and within three (3) Business Days of the date of receipt of such request if such request was received after the Notification Time; provided, however, that if any Performance Assurance is being required on account of an exercise by PG&E of any right or remedy with respect to Performance Assurance, including the drawing of a Letter of Credit, Party B must provide replacement Performance Assurance within one (1) Business Day of Party B learning of PG&E’s exercise of such right or remedy. The amount of Performance Assurance being provided by Party B shall be rounded upwards to the next multiple of fifty thousand dollars ($50,000.00), and the amount of Performance Assurance being returned by PG&E shall be rounded down to the next multiple of fifty thousand dollars ($50,000.00). (iii) For purposes of this Agreement, “Agreement Exposure” means the amount resulting from (A) the Settlement Amount that would be payable from Party B to PG&E, if an Early Termination Date were declared pursuant to Article 9 of the Master Agreement, whether or not an Event of Default has occurred, had all Transactions been terminated; plus (B) the net amount of all other payments owed but not yet paid between the Parties, whether or not such amounts are then due, for performance already provided under the Agreement; plus (C) Invalidation Security Amount required under Paragraph 4(b)(ii), if applicable, less (D) the amount of any Performance Assurance in the form of Cash or Letter of Credit then held by PG&E excluding Performance Assurance in the form of Cash or Letter of Credit held as Independent Amount.

Timing and Amount. (i) If at any time, and from time to time, and for any reason (including the exercise by PG&E SDG&E of any right or remedy with respect to Performance Assurance, including the drawing of a Letter of Credit), the Agreement Exposure for Party B exceeds Party B’s Threshold, then PG&E SDG&E may request of Party B, and Party B shall provide, Performance Assurance in the form of Cash or Letter of Credit in an amount equal to the amount by which the Agreement Exposure exceeds Party B’s Threshold. (ii) On any Business Day (but no more frequently than weekly with respect to Letters of Credit and daily with respect to cash), Party B, at its sole cost, may request that the amount of Performance Assurance be reduced based upon a decrease in the Agreement Exposure as calculated on such Business Day. Any Performance Assurance being provided or returned shall be delivered within two five (25) Business Days of the date of receipt of such request if such request is received before the Notification Time, and within three six (36) Business Days of the date of receipt of such request if such request was received after the Notification Time; provided, however, that if any Performance Assurance is being required on account of an exercise by PG&E SDG&E of any right or remedy with respect to Performance Assurance, including the drawing of a Letter of Credit, Party B must provide replacement Performance Assurance within one (1) Business Day of Party B learning of PG&ESDG&E’s exercise of such right or remedy. The amount of Performance Assurance being provided by Party B shall be rounded upwards to the next multiple of fifty thousand dollars ($50,000.00), and the amount of Performance Assurance being returned by PG&E SDG&E shall be rounded down to the next multiple of fifty thousand dollars ($50,000.00). (iii) For purposes of this Agreement, “Agreement Exposure” means the amount resulting from (AI) the Settlement Amount that would be payable from Party B to PG&ESDG&E, if an Early Termination Date were declared pursuant to Article 9 of the Master Agreement, whether or not an Event of Default has occurred, had all Transactions been terminated; plus (BII) the net amount of all other payments owed but not yet paid between the Parties, whether or not such amounts are then due, for performance already provided under the Agreement; plus (CIII) Invalidation Security Amount required under Paragraph Section 4(b)(ii), if applicable, less (DIV) the amount of any Performance Assurance in the form of Cash or Letter of Credit then held by PG&E SDG&E excluding Performance Assurance in the form of Cash or Letter of Credit held as Independent Amount.

Timing and Amount. (i) If at any time, and from time to time, and for any reason (including the exercise by PG&E of any right or remedy with respect to Performance Assurance, including the drawing of a Letter of Credit), the Agreement Exposure for Party B exceeds Party B’s Threshold, then PG&E may request of Party B, and Party B shall provide, Performance Assurance in the form of Cash cash or Letter of Credit in an amount equal to the amount by which the Agreement Exposure exceeds Party B’s Threshold. For the avoidance of doubt, PG&E has no obligation to post Performance Assurance under this Agreement. (ii) On any Business Day (but no more frequently than weekly with respect to Letters of Credit and daily with respect to cash), Party B, at its sole cost, may request that the amount of Performance Assurance be reduced based upon a decrease in the Agreement Exposure as calculated on such Business Day. Any Performance Assurance being provided or returned shall be delivered within two (2) Business Days of the date of receipt of such request if such request is received before the Notification Time, and within three (3) Business Days of the date of receipt of such request if such request was received after the Notification Time; provided, however, that if any Performance Assurance is being required on account of an exercise by PG&E of any right or remedy with respect to Performance Assurance, including the drawing of a Letter of Credit, Party B must provide replacement Performance Assurance within one (1) Business Day of Party B learning of PG&E’s exercise of such right or remedy. The amount of Performance Assurance being provided by Party B shall be rounded upwards to the next multiple of fifty thousand dollars ($50,000.00), and the amount of Performance Assurance being returned by PG&E shall be rounded down to the next multiple of fifty thousand dollars ($50,000.00). (iii) For purposes of this Agreement, “Agreement Exposure” means the amount resulting from (A) the Settlement Amount that would be payable from Party B to PG&E, if an Early Termination Date were declared pursuant to Article 9 of the Master Agreement, whether or not an Event of Default has occurred, had all Transactions been terminated; plus (B) the net amount of all other payments owed but not yet paid between the Parties, whether or not such amounts are then due, for performance already provided under the Agreement; plus (C) Invalidation Security Amount required under Paragraph 4(b)(ii), if applicable, less (D) the amount of any Performance Assurance in the form of Cash cash or Letter of Credit then held by PG&E excluding Performance Assurance in the form of Cash cash or Letter of Credit held as Independent Amount.

Timing and Amount. (i) If at any time, and from time to time, and for any reason (including the exercise by PG&E of any right or remedy with respect to Performance Assurance, including the drawing of a Letter of Credit), the Agreement Exposure for Party B exceeds Party B’s Threshold, then PG&E may request of Party B, and Party B shall provide, Performance Assurance in the form of Cash or Letter of Credit in an amount equal to the amount by which the Agreement Exposure exceeds Party B’s Threshold. (ii) On any Business Day (but no more frequently than weekly with respect to Letters of Credit and daily with respect to cash), Party B, at its sole cost, may request that the amount of Performance Assurance be reduced based upon a decrease in the Agreement Exposure as calculated on such Business Day. Any Performance Assurance being provided or returned shall be delivered within two (2) Business Days of the date of receipt of such request if such request is received before the Notification Time, and within three (3) Business Days of the date of receipt of such request if such request was received after the Notification Time; provided, however, that if any Performance Assurance is being required on account of an exercise by PG&E of any right or remedy with respect to Performance Assurance, including the drawing of a Letter of Credit, Party B must provide replacement Performance Assurance within one (1) Business Day of Party B learning of PG&E’s exercise of such right or remedy. The amount of Performance Assurance being provided by Party B shall be rounded upwards to the next multiple of fifty thousand dollars ($50,000.00), and the amount of Performance Assurance being returned by PG&E shall be rounded down to the next multiple of fifty thousand dollars ($50,000.00). (iii) For purposes of this Agreement, “Agreement Exposure” means the amount resulting from (AI) the Settlement Amount that would be payable from Party B to PG&E, if an Early Termination Date were declared pursuant to Article 9 of the Master Agreement, whether or not an Event of Default has occurred, had all Transactions been terminated; plus (BII) the net amount of all other payments owed but not yet paid between the Parties, whether or not such amounts are then due, for performance already provided under the Agreement; plus (CIII) Invalidation Security Amount required under Paragraph Section 4(b)(ii), if applicable, less (DIV) the amount of any Performance Assurance in the form of Cash or Letter of Credit then held by PG&E excluding Performance Assurance in the form of Cash or Letter of Credit held as Independent Amount.