Project Development Security; Performance Assurance Sample Clauses
The 'Project Development Security; Performance Assurance' clause establishes requirements for the provision of financial or other forms of security to guarantee the developer’s performance of its obligations during the project development phase. This may involve posting bonds, letters of credit, or other assurances that the developer will meet key milestones, fulfill contractual duties, or remedy any defaults. By requiring such security, the clause protects the interests of the project owner or counterparty, ensuring that there are enforceable remedies or compensation available if the developer fails to perform as agreed.
Project Development Security; Performance Assurance. To secure its obligations under this Agreement Seller agrees to deliver to Buyer collateral, which Seller shall maintain in full force and effect for the period posted with Buyer, as follows:
(i) Project Development Security in the amount and in the form set forth in the Cover Sheet with respect to this subpart (i) from the Execution Date of this Agreement until Seller posts Project Development Security pursuant to subpart (ii) below, with Buyer;
(ii) Project Development Security in the amount and in the form set forth in the Cover Sheet with respect to this subpart (ii) from a date not later than thirty (30) days following the date on which all of the conditions precedent set forth in Article Eleven are either satisfied or waived until Seller posts Delivery Term Security pursuant to subpart (iii) below, with Buyer; and
(iii) from the Commercial Operation Date until the end of the Term, the Delivery Term Security in the amount and in the form set forth in the Cover Sheet with respect to this subpart (iii). Any such Performance Assurance shall not be deemed a limitation of damages, unless otherwise specifically provided by the terms set forth in this Agreement.
Project Development Security; Performance Assurance. To secure its obligations under this Agreement, satisfying any credit terms pursuant to the terms of Section 8.2, to the extent marked applicable, Seller agrees to deliver to Buyer (the “Secured Party”) within thirty (30) days of the date on which all of the conditions precedent set forth in Article Eleven are either satisfied or waived, and Seller shall maintain in full force and effect (i) until the Construction Start Date, Project Development Security in the amount and in the form set forth on the Cover Sheet, (ii) from the Construction Start Date until the Commercial Operation Date, Project Development Security in the amount and in the form set forth on the Cover Sheet and (iii) from the Commercial Operation Date until the end of the Term, the Delivery Term Security in the amount and in the form set forth on the Cover Sheet. Any such Performance Assurance shall not be deemed a limitation of damages.
Project Development Security; Performance Assurance. To secure its obligations under this Agreement, in addition to satisfying any credit terms pursuant to the terms of Section 8.2 to the extent marked "Applicable," Seller agrees to deliver to Buyer (the "Secured Party") within thirty (30) days of the date on which all of the conditions precedent set forth in Article Eleven are either satisfied or waived, and Seller shall maintain in full force and effect (i) until the Commercial Operation Date, Project Development Security in the amount set forth on the Cover Sheet, the form of which shall be determined [in the sole discretion of][or][by] Buyer and (ii) from the Commercial Operation Date until the end of the Term, Performance Assurance in the amount set forth on the Cover Sheet, the form of which shall be determined [in the sole discretion of][or][by] Buyer. Any such security shall not be deemed a limitation of damages.
Project Development Security; Performance Assurance. To secure its obligations under this Agreement Seller agrees to deliver to Buyer Performance Assurance, which Seller shall maintain in full force and effect for the period posted with Buyer, as follows:
(i) Project Development Security in the amount and in the form set forth in the Cover Sheet with respect to this subpart (i) ($90,000.00), from the Execution Date of this Agreement until Seller posts Project Development Security pursuant to subpart (ii) below, with Buyer;
(ii) Project Development Security in the amount and in the form set forth in the Cover Sheet with respect to this subpart (ii) ($360,000.00), from a date not later than ten (10) Business Days following the date on which all of the conditions precedent set forth in Article Eleven are either satisfied or waived until Seller posts Performance Assurance pursuant to subpart (iii) below, with Buyer; and
(iii) Performance Assurance in the amount and in the form set forth in the Cover Sheet with respect to this subpart 8.4(a)(iii) ($2,821,000.00) to be delivered and posted as follows:
(A) Commencing with the Commercial Operation Date, Buyer will withhold amounts from Seller's first eight monthly invoices for Product delivered during the Delivery Term and accumulate these amounts towards Seller's Performance Assurance as follows (collectively, the "Initial Performance Assurance"):
(1) First monthly invoice - ten (10) percent of the total invoice amount,
(2) Second monthly invoice - ten (10) percent of the total invoice amount,
(3) Third montWy invoice - ten (10) percent of the total invoice amount,
(4) Fourth montWy invoice -ten (10) percent of the total invoice amount,
(5) Fifth monthly invoice - twenty five (25) percent of the total invoice amount,
(6) Sixth monthly invoice - twenty five (25) percent of the total invoice amount,
(7) Seventh monthly invoice - twenty five (25) percent of the total invoice amount, and
(8) Eighth monthly invoice - twenty five (25) percent of the total invoice amount. The Initial Performance Assurance shall accumulate in an account managed by Buyer and remain posted from the date such Initial Performance Assurance is witWleld until (x) Seller posts the Full Chowchilla Facility 5 Performance Assurance pursuant to subpart 8.4(a)(iii)(B)(l), or (y) the end of the Term in the event Seller elects to post the Remaining Performance Assurance pursuant to subpart 8.4(a)(iii)(B)(2).
(B) From no later than July 31, 2009 until the end of the Term, Seller shall post Performance As...
Project Development Security; Performance Assurance. To secure its obligations under this Agreement, satisfying any credit terms pursuant to the terms of Section 8.2, to the extent marked applicable, Seller agrees to deliver to Buyer, and Seller shall maintain in full force and effect (i) from the Execution Date to the date Seller posts Project Development Security specified on the Cover Sheet for Section 8.2(d)(i)(ii), the sum of its cash Bid Deposits,