Default Security. On or before the Execution Date, at any time during the Term when Seller does not satisfy the Credit Requirements, Seller shall post and maintain in favor of PacifiCorp (a) a guaranty from an entity that satisfies the Credit Requirements, in a form acceptable to PacifiCorp, (b) a Letter of Credit (the “Default Security”), or (c) cash escrow, under terms acceptable to PacifiCorp. (a) Amount of Default Security. The amount of Default Security required by Section 4.1 shall be in the amount of _________. The Default Security shall remain in place for the Term of the Agreement to secure Seller’s obligation under this Agreement.
Appears in 2 contracts
Sources: Renewable Energy Credit Purchase and Sale Agreement, Renewable Energy Credit Purchase and Sale Agreement