Additional Contract Security. Seller shall provide additional Contract Security in an amount equal to the product of the Uncompleted Offer Capacity (in MW) and twenty-thousand dollars ($20,000) on or before January 1, 2023. 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) and ten-thousand dollars ($10,000.00), until such times as the Operational Installed Capacity equals to or exceeds the product of 0.95 multiplied by the Offer Capacity.
Appears in 3 contracts
Sources: Offshore Wind Renewable Energy Certificate Standard Form Purchase and Sale Agreement, Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement, Offshore Wind Renewable Energy Certificate Purchase and Sale Agreement