Examples of Project Development Security in a sentence
In the event the Project Development Security is provided by a guarantor, Seller or the entity providing the guaranty must provide within fifteen (15) Business Days from receipt of a written request from Utility all reasonable financial records necessary for Utility to confirm the guarantor satisfies the Credit Requirements.
Seller may elect to apply the Project Development Security toward the Default Security required by Section 8.3. If Xxxxxx has elected cash escrow or Letter of Credit as the form of Project Development Security, Utility shall return to Seller the Project Development Security or that portion Project Development Security that Seller elects not to apply toward Default Security within twenty (20) Business Days of a receipt of a written request by Seller made on or after the Commercial Operation Date.
Seller is no longer required to maintain the Project Development Security after the Commercial Operation Date, if no damages are owed to Utility under this Agreement and, if applicable, Default Security has been provided as required under this Agreement.
In either case, the Project Development Security must be in the form of either (a) a guaranty from a party that satisfies the Credit Requirements, in a form acceptable to Utility in its reasonable discretion, (b) a Letter of Credit in favor of Utility, in a form acceptable to Utility in its reasonable discretion, or (c) cash escrow with a Qualified Institution.
To the extent Utility draws on any Project Development Security or Default Security, Seller must, within fifteen (15) days following such draw, replenish or reinstate the Project Development Security or Default Security, as applicable, to the full amount then required under this Section 8.