Seller’s Support. (a) Seller shall be required to post Credit Support with a Value of $629,370 to secure Seller’s Obligations until the Commercial Operation Date (“Development Period Security”). $377,622 of the Development Period Security shall be provided to Buyer on the Effective Date, and the remaining $251,748 of the Development Period Security shall be provided to Buyer within fifteen (15) days after the receipt of the Regulatory Approval. Buyer shall return any undrawn amount of the Development Period Security to Seller within thirty (30) days after the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security. (b) Beginning not later than three (3) days following the Commercial Operation Date, Seller shall provide Buyer with Credit Support to secure Seller’s Obligations after the Commercial Operation Date through and including the date that all of Seller’s Obligations are satisfied (“Operating Period Security”). The Operating Period Security shall have a Value of $503,496; provided that, if the Contract Maximum Amount is adjusted pursuant to Section 3.3(b), then the Operating Period Security shall be $20,000.00 multiplied by the Contract Maximum Amount, as adjusted in accordance with Section 3.3(b). (c) The Credit Support Delivery Amount, as defined below, will be rounded up, and the Return Amount, as defined below, will be rounded down, in each case to the nearest integral multiple of $10,000 (“Rounding Amount”). (d) The following items will qualify as "Credit Support" hereunder in the amount noted under “Valuation Percentage”:
Appears in 2 contracts
Seller’s Support. (a) Seller shall be required to post Credit Support with a Value of $629,370 7,410,800 (which is equal to $40,000.00 per MWh per hour of Contract Maximum Amount), as adjusted in accordance with Section 3.1(c), to secure Seller’s Obligations until the Commercial Operation Date (“Development Period Security”). $377,622 Fifty percent (50%) of the Development Period Security shall be provided to Buyer on the Effective Date, and the remaining $251,748 fifty percent (50%) of the Development Period Security shall be provided to Buyer within fifteen (15) days after the receipt of the Regulatory Approval. Buyer shall return any undrawn amount of the Development Period Security to Seller within thirty (30) days after the earlier of (i) the termination of this Agreement pursuant to Section 8.1 and (ii) the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security.
(b) Beginning not later than three (3) days following the Commercial Operation Date, Seller shall provide Buyer with Credit Support to secure Seller’s Obligations after the Commercial Operation Date through and including the date that all of Seller’s Obligations are satisfied (“Operating Period Security”). The Operating Period Security shall have a Value of $503,496; provided that, if the Contract Maximum Amount 7,410,800 (which is adjusted pursuant equal to Section 3.3(b), then the Operating Period Security shall be $20,000.00 multiplied by the 40,000.00 per MWh per hour of Contract Maximum Amount), as adjusted in accordance with Section 3.3(b) and Section 3.3(c). Neither the Development Period Security nor the Operating Period Security includes any Default Credit Support, and the unused portion (if any) of such Default Credit Support will be returned to Seller within thirty (30) days after the earlier of (i) the cure of the related Default, (ii) the expiration of the Term or (iii) termination of this Agreement under Section 9.3(b) or Section 10.1(c). The Operating Period Security also does not include the Credit Support provided under Section 3.4(b)(xv), which Credit Support will be returned to Seller upon the achievement of the “Commercial Operation Date” under the Phase II Mayflower Wind Power Purchase Agreement.
(c) The Credit Support Delivery Amount, as defined below, will be rounded up, and the Credit Support Return Amount, as defined below, will be rounded down, in each case to the nearest integral multiple of $10,000 (“Rounding Amount”).
(d) The following items will qualify as "“Credit Support" ” hereunder in the amount noted under “Valuation Percentage”:
Appears in 2 contracts
Seller’s Support. (a) Seller shall be required to post Credit Support with a Value in the amount of $629,370 4,680,000 to secure Seller’s Obligations until the Commercial Operation Date (“Development Period Security”). $377,622 of the The Development Period Security shall be provided to Buyer on the Effective Financial Closing Date, and the remaining $251,748 of the Development Period Security shall be provided to Buyer within fifteen (15) days after the receipt of the Regulatory Approval. Buyer shall return any undrawn amount of the Development Period Security to Seller within thirty (30) days after the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security.
(b) Beginning not later than three (3) days following the Commercial Operation Date, Seller shall provide Buyer with Credit Support to secure Seller’s Obligations after the Commercial Operation Date through and including the date that all of Seller’s Obligations are satisfied (“Operating Period Security”). The Operating Period Security shall have a Value be in the amount of $503,496; provided that, if the Contract Maximum Amount is adjusted pursuant to Section 3.3(b), then the Operating Period Security shall be $20,000.00 multiplied by the Contract Maximum Amount, as adjusted in accordance with Section 3.3(b)4,680,000.
(c) The Credit Support Delivery Amount, as defined below, will be rounded up, and the Return Amount, as defined below, will be rounded down, in each case to the nearest integral multiple of $10,000 (“Rounding Amount”).
(d) The following items will qualify as "Credit Support" hereunder in the amount noted under “Valuation Percentage”:
Appears in 2 contracts
Seller’s Support. (a) Seller shall be required to post Credit Support with a Value of $629,370 7,192,800 (which is equal to $40,000.00 per MWh per hour of Contract Maximum Amount), as adjusted in accordance with Section 3.1(c), to secure Seller’s Obligations until the Commercial Operation Date (“Development Period Security”). $377,622 Fifty percent (50%) of the Development Period Security shall be provided to Buyer on the Effective Date, and the remaining $251,748 fifty percent (50%) of the Development Period Security shall be provided to Buyer within fifteen (15) days after the receipt of the Regulatory Approval. Buyer shall return any undrawn amount of the Development Period Security to Seller within thirty (30) days after the earlier of (i) the termination of this Agreement pursuant to Section 8.1 and (ii) the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security.
(b) Beginning not later than three (3) days following the Commercial Operation Date, Seller shall provide Buyer with Credit Support to secure Seller’s Obligations after the Commercial Operation Date through and including the date that all of Seller’s Obligations are satisfied (“Operating Period Security”). The Operating Period Security shall have a Value of $503,496; provided that, if the Contract Maximum Amount 7,192,800 (which is adjusted pursuant equal to Section 3.3(b), then the Operating Period Security shall be $20,000.00 multiplied by the 40,000.00 per MWh per hour of Contract Maximum Amount), as adjusted in accordance with Section 3.3(b) and Section 3.3(c). Neither the Development Period Security nor the Operating Period Security includes any Default Credit Support, and the unused portion (if any) of such Default Credit Support will be returned to Seller within thirty (30) days after the earlier of (i) the cure of the related Default, (ii) the expiration of the Term or (iii) termination of this Agreement under Section 9.3(b) or Section 10.1(c).
(c) The Credit Support Delivery Amount, as defined below, will be rounded up, and the Credit Support Return Amount, as defined below, will be rounded down, in each case to the nearest integral multiple of $10,000 (“Rounding Amount”).
(d) The following items will qualify as "“Credit Support" ” hereunder in the amount noted under “Valuation Percentage”:
Appears in 1 contract
Sources: Power Purchase Agreement
Seller’s Support. (a) Seller shall be required to post Credit Support with a total Value of $629,370 3,692,800 (which is equal to $20,000.00 per MWh per hour of the Contract Maximum Amount), as adjusted in accordance with Section 3.1(c), to secure Seller’s Obligations until the Commercial Operation Date (“Development Period Security”). $377,622 1,846,400 of the Development Period Security (which is equal to $10,000.00 per MWh per hour of the Contract Maximum Amount) shall be provided to Buyer on the Effective Date, ; and the remaining $251,748 1,846,400 of the Development Period Security (which is equal to $10,000.00 per MWh per hour of the Contract Maximum Amount) shall be provided to Buyer within fifteen (15) days after the receipt of the Regulatory Approval. Buyer shall return any undrawn amount of the Development Period Security to Seller within thirty (30) days after the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security.
(b) Beginning not later than three (3) days following the Commercial Operation Date, Seller shall provide Buyer with Credit Support to secure Seller’s Obligations after the Commercial Operation Date through and including the date that all of Seller’s Obligations are satisfied (“Operating Period Security”). The Operating Period Security shall have a Value of $503,496; provided that, if the Contract Maximum Amount 3,692,800 (which is adjusted pursuant equal to Section 3.3(b), then the Operating Period Security shall be $20,000.00 multiplied by per MWh per hour of the Contract Maximum Amount), as adjusted in accordance with Section 3.3(b).
(c) The Credit Support Delivery Amount, as defined below, will be rounded up, and the Return Amount, as defined below, will be rounded down, in each case to the nearest integral multiple of $10,000 (“Rounding Amount”).
(d) The following items will qualify as "“Credit Support" ” hereunder in the amount noted under “Valuation Percentage”:
Appears in 1 contract
Sources: Power Purchase Agreement
Seller’s Support. (a) Seller shall be required to post Credit Support with a Value in the amount of $629,370 90,000 to secure Seller’s Obligations until the Commercial Operation Date (“Development Period Security”). $377,622 of the Development Period Security shall be provided to Buyer on the Effective Date, and the remaining $251,748 One-half of the Development Period Security shall be provided to Buyer within fifteen (15) days after the receipt Agreement Date, and the remaining one-half of the Regulatory ApprovalDevelopment Period Security shall be provided to Buyer within fifteen (15) days after the Effective Date. Buyer shall return any undrawn amount of the Development Period Security to Seller within thirty (30) days after the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security.
(b) Beginning not later than three (3) days following the Commercial Operation Date, Seller shall provide Buyer with Credit Support to secure Seller’s Obligations after the Commercial Operation Date through and including the date that all of Seller’s Obligations are satisfied (“Operating Period Security”). The Operating Period Security shall have a Value be in the amount of $503,496; provided that, if the Contract Maximum Amount is adjusted pursuant to Section 3.3(b), then the Operating Period Security shall be $20,000.00 multiplied by the Contract Maximum Amount, as adjusted in accordance with Section 3.3(b)90,000.
(c) The Credit Support Delivery Amount, as defined below, will be rounded up, and the Return Amount, as defined below, will be rounded down, in each case to the nearest integral multiple of $10,000 (“Rounding Amount”).
(d) The following items will qualify as "“Credit Support" ” hereunder in the amount noted under “Valuation Percentage”:
(A) Cash 100%
(B) Letters of Credit 100% unless either (i) a Letter of Credit Default shall have occurred and be continuing with respect to such Letter of Credit, or (ii) twenty (20) or fewer Business Days remain prior to the expiration of such Letter of Credit, in which cases the Valuation Percentage shall be 0%.
(e) All calculations with respect to Credit Support shall be made by the Valuation Agent as of the Valuation Time on the Valuation Date.
Appears in 1 contract
Seller’s Support. (a) Seller shall be required to post Credit Support with a Value in the amount of $629,370 20,000.00 per MWh per hour of Contract Maximum Amount to secure Seller’s Obligations until the Commercial Operation Date (“Development Period Security”). $377,622 Fifty percent (50%) of the Development Period Security shall be provided to Buyer on the Effective Date, and the remaining $251,748 fifty percent (50%) of the Development Period Security shall be provided to Buyer within fifteen (15) days after the receipt of the Regulatory Approval. Buyer shall return any undrawn amount of the Development Period Security to Seller within thirty (30) days after the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer’s receipt of the full amount of the Operating Period Security.
(b) . Beginning not later than three (3) days following the Commercial Operation Date, Seller shall provide Buyer with Credit Support to secure Seller’s Obligations after the Commercial Operation Date through and including the date that all of Seller’s Obligations are satisfied (“Operating Period Security”). The Operating Period Security shall have a Value be in the amount of $503,496; provided that, if the Contract Maximum Amount is adjusted pursuant to Section 3.3(b), then the Operating Period Security shall be $20,000.00 multiplied by the per MWh per hour of Contract Maximum Amount, as adjusted in accordance with Section 3.3(b).
(c) . The Credit Support Delivery Amount, as defined below, will be rounded up, and the Return Amount, as defined below, will be rounded down, in each case to the nearest integral multiple of $10,000 (“Rounding Amount”).
(d) The following items will qualify as "Credit Support" hereunder in the amount noted under “Valuation Percentage”:
Appears in 1 contract
Sources: Power Purchase Agreement
Seller’s Support. (a) Seller shall be required to post Credit Support with a Value of $629,370 [______________] [$40,000.00 per MWh per hour of Contract Maximum Amount ], as adjusted in accordance with Section 3.1(c), to secure Seller’s Obligations until the Commercial Operation Date (“Development Period Security”). $377,622 Fifty percent (50%) of the Development Period Security shall be provided to Buyer on the Effective Date, and the remaining $251,748 fifty percent (50%) of the Development Period Security shall be provided to Buyer within fifteen (15) days after the receipt of the Regulatory Approval. Buyer shall return any undrawn amount of the Development Period Security to Seller within thirty (30) days after the later of (x) Buyer’s receipt of an undisputed notice from Seller that the Commercial Operation Date has occurred or (y) Buyer▇▇▇▇▇’s receipt of the full amount of the Operating Period Security.
(b) Security.4 Beginning not later than three (3) days following the Commercial Operation Date, Seller shall provide Buyer with Credit Support to secure Seller’s Obligations after the Commercial Operation Date through and including the date that all of Seller’s Obligations are satisfied (“Operating Period Security”). The Operating Period Security shall have a Value of $503,496; provided that, if the Contract Maximum Amount is adjusted pursuant to Section 3.3(b), then the Operating Period Security shall be [_______] [$20,000.00 multiplied by the 40,000.00 per MWh per hour of Contract Maximum Amount], as adjusted in accordance with Section 3.3(b).
(c) . The Credit Support Delivery Amount, as defined below, will be rounded up, and the Return Amount, as defined below, will be rounded down, in each case to the nearest integral multiple of $10,000 (“Rounding Amount”).
(d) The following items will qualify as "Credit Support" hereunder in the amount noted under “Valuation Percentage”:
Appears in 1 contract
Sources: Power Purchase Agreement