Common use of Seller’s Development Security Clause in Contracts

Seller’s Development Security. To secure its obligations under this Agreement, Seller shall deliver Development Security to Buyer in the amount equal to sixty dollars ($60) per kilowatt of Contract Capacity within thirty (30) days of the Effective Date. The Development Security will be held by Buyer as Security for Seller achieving the Commercial Operation Date on or before the Guaranteed Commercial Operation and demonstrating the Contract Capacity in accordance with the terms of this Agreement. Seller shall maintain the Development Security in full force and effect until Seller posts the Performance Security pursuant to Section 9.8 below. Following the earlier of (i) Seller’s delivery of the Performance Security, or (ii) sixty (60) days after termination of this Agreement, Buyer shall promptly return the Development Security to Seller, less the amounts drawn in accordance with this Agreement. If the Development Security is a letter of credit and the issuer of such letter of credit (i) fails to maintain its Credit Rating, (ii) indicates its intent not to renew such letter of credit and such letter of credit expires prior to the Commercial Operation Date, or (iii) fails to honor Buyer’s properly documented request to draw on such letter of credit by such issuer, Seller shall have three (3) Business Days to either post cash or deliver a substitute letter of credit that meets the requirements set forth in the definition of Development Security.

Seller’s Development Security. To secure its obligations under this Agreement, Seller shall deliver Development Security to Buyer in the amount equal to sixty dollars (of [$60) per kilowatt of Contract Capacity /kW for as-available; $90/kW for dispatchable] within thirty (30) days of the Effective Date. The Development Security will be held by Buyer as Security for Seller achieving the Commercial Operation Date on or before the Guaranteed Commercial Operation and demonstrating the Contract Capacity in accordance with the terms of this Agreement. Seller shall maintain the Development Security in full force and effect until and if Buyer collects or is entitled to collect Daily Delay Damages from Seller posts for Seller’s failure to achieve the Performance Guaranteed Construction Start Date, Seller shall replenish the Development Security pursuant by an amount equal to Section 9.8 belowthe encumbered Development Security. Following the earlier of (i) Seller’s delivery of the Performance Security, or (ii) sixty (60) days after termination of this Agreement, Buyer shall promptly return the Development Security to Seller, less the amounts drawn in accordance with this Agreement. Exhibit B. If the Development Security is a letter of credit and the issuer of such letter of credit (i) fails to maintain its Credit Rating, (ii) indicates its intent not to renew such letter of credit and such letter of credit expires prior to the Commercial Operation Date, or (iii) fails to honor Buyer▇▇▇▇▇’s properly documented request to draw on such letter of credit by such issuer, Seller shall have three (3) Business Days to either post cash or deliver a substitute letter of credit that meets the requirements set forth in the definition of Development Security.