Use of Project Development Security. Buyer shall be entitled to draw upon the Project Development Security posted by Seller until the Project Development Security is exhausted (1) as liquidated damages pursuant to Section 2.10(c)(iii) arising upon Buyer’s declaration of an Early Termination Date due to a failure by Seller to meet the Guaranteed Commercial Operation Date or (2) for any other damages arising upon Buyer’s declaration of an Early Termination Date. [Existing Facilities: Seller to revise this Section 4.3(c)as follows: Buyer shall be entitled to draw upon the Pre-Delivery Term Security posted by Seller in the event an Early Termination Date has occurred, as applicable and may retain the Pre-Delivery Term Security until all payment obligations of Seller arising under this Agreement, including compensation for the Termination Payment, indemnification payments or other damages are paid in full (whether directly or indirectly such as through set-ff or netting) until such time as the Pre-Delivery Term Security is exhausted. ]
Appears in 3 contracts
Samples: Renewable Energy Credit Purchase and Sale Agreement, Renewable Energy Credit Purchase and Sale Agreement, Renewable Energy Credit Purchase and Sale Agreement
Use of Project Development Security. Buyer shall be entitled to draw upon the Project Development Security posted by Seller until the Project Development Security is exhausted (1i) as liquidated damages pursuant to Section 2.10(c)(iii) arising upon Buyer’s declaration of an Early Termination Date due to a failure by Seller to meet the Guaranteed Commercial Operation Date or (2ii) for any other damages arising upon Buyer’s declaration of an Early Termination Date. [Existing Facilities: Seller to revise this Section 4.3(c)as follows: Buyer shall be entitled to draw upon the Pre-Delivery Term Security posted by Seller in the event an Early Termination Date has occurred, as applicable and may retain the Pre-Delivery Term Security until all payment obligations of Seller arising under this Agreement, including compensation for the Termination Payment, indemnification payments or other damages are paid in full (whether directly or indirectly such as through set-ff or netting) until such time as the Pre-Delivery Term Security is exhausted. ]
Appears in 2 contracts
Samples: Renewable Energy Credit Purchase and Sale Agreement, Renewable Energy Credit Purchase and Sale Agreement
