Examples of Contract Security in a sentence
Seller shall provide additional Contract Security in an amount equal to the product of the Uncompleted Offer Capacity (in MW) (less any Offer Capacity Reduction as defined in Section 15.07(b)) and twenty-thousand dollars ($20,000) on or before January 1, 2026.
If prior to the time additional Contract Security is due NYSERDA, in its sole discretion, confirms in writing that in the time period following Seller’s prior provision of Contract Security Seller has provided information to NYSERDA in a timely and responsive manner and has otherwise performed at a high standard, the amount of additional Contract Security required at that time shall be reduce by ten percent (10%).
If information falling within the scope of Section 6.07(a) related to contracts resulting from a procurement tender issued prior to the Contingent Award Notification Date is not in the possession, custody, or control of Seller (or its Affiliates) and Seller is unable to obtain or provide such information despite making commercially reasonable efforts to do so, NYSERDA shall not draw on Seller’s Contract Security or demand payment from Seller under this section.
Every twelve (12) months thereafter, Seller shall provide incremental additional Contract Security in an amount equal to the product of the Uncompleted Offer Capacity (in MW) (less any Offer Capacity Reduction as defined in Section 15.07(b)) and ten-thousand dollars ($10,000), until such time as the Operational Installed Capacity equals or exceeds the product of 0.95 and the Offer Capacity (less any Offer Capacity Reduction as defined in Section 15.07(b)).
Notwithstanding Section 8.01, NYSERDA’s consent shall not be required for Seller to either (a) pledge or assign the Selected Project, this Agreement, or the accounts, revenues, or proceeds from this Agreement in connection with financing arrangements, or (b) assign the Selected Project and this Agreement to an Affiliate if the then-current Contract Security remains in place.