Common use of CONTRACT SECURITY Clause in Contracts

CONTRACT SECURITY. Section 15.01. On or before March 27, 2007, Seller shall provide to NYSERDA Contract Security, in the form of cash, certified funds, or a Letter of Credit conforming to the requirements below, in an amount equal to the product of (1) Bid Quantity and (2) six dollars ($6.00). In the event that Seller elects to extend the Commercial Operation Milestone Date pursuant to Section 2.08, Seller shall provide additional Contract Security, on or before December 1, 2007, in an amount equal to the product of (1) Bid Quantity and (2) three dollars ($ 3.00).

CONTRACT SECURITY. Section 15.01. On or before March 27, 2007, Seller shall provide to NYSERDA Contract Security, in the form of cash, certified funds, or a Letter of Credit conforming to the requirements below, in an amount equal to the product of (1) Bid Quantity and (2) six dollars ($6.00). In the event that Seller elects to extend the Commercial Operation Milestone Date pursuant to Section 2.08, Seller shall provide additional Contract Security, on or before December 1, 2007, in an amount equal to the product of (1) Bid Quantity and (2) three dollars ($ $3.00).