Initial Amounts. NCPA shall notify each Participant three (3) months prior to the expected initial delivery of power of the initial security amounts which Participant shall be obligated to pay for under this Agreement. Each Participant shall ensure that sufficient funds are on deposit in the Security Account equal to the highest (3) months of the immediately following (12) months of estimated Project Costs ; provided, however, that such deposit may be satisfied, in whole or in part, either in cash, by posting an irrevocable standby letter of credit or furnishing any other negotiable instrument satisfactory to NCPA’s General Manager, exercising his or her reasonable discretion.
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Initial Amounts. NCPA shall notify each Participant three (3) months prior to the expected initial delivery of power of the initial security amounts which Participant shall be obligated to pay for under this Agreement. Each Participant shall ensure that sufficient funds are on deposit in the Security Account equal to the highest (3) months of the immediately following (12) months of estimated Project Costs ; provided, however, that such deposit may be satisfied, in whole or in part, either in cash, by posting an irrevocable standby cash or through a letter of credit or furnishing any other negotiable instrument satisfactory to NCPA’s General Manager, exercising his or her reasonable discretion.
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