Decommissioning Security definition

Decommissioning Security means one or more, or any combination of the following securing Developer’s obligations to decommission the Project Facilities: corporate security bond, collateral bond, letter of credit, parent company guarantee, cash escrow or any other form of security reasonably acceptable to Developer and the County Commission.

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Decommissioning Security. Means surety bonds, comprised of Seller Bonds or a combination of Sellers Bonds and BOEM Bonds, together with any Backstop Letter of Credit, at all times equal in the aggregate to the Decommissioning Security Amount.

Decommissioning Security has the meaning set forth in Article 21.1.1(b);

Examples of Decommissioning Security in a sentence

The failure of Company to secure, update and maintain the Decommissioning Security shall constitute a default of Company under this Lease.
The Decommissioning Security may be posted with an appropriate commercial entity, or if required, a local government agency.
Landowner shall have the right to review and approve the form of and plan for using the Decommissioning Security; provided, however, such approval shall not be unreasonably withheld, conditioned or delayed.
The Decommissioning Security shall remain in effect until Company has completed the decommissioning of the Solar Facility and the removal of the Solar Facility Equipment from the Leased Property and met all of Company’s obligations required under Section 7.1 of this Lease.
The County may draw on or make a claim against the Decommissioning Security for the actual cost incurred by the County to perform Developer’s decommissioning obligations if Developer fails to comply with such obligations set forth in Section 6.1 of this Agreement.
The form of the Decommissioning Security shall be in the form of a guaranty, bond, letter of credit, or other form of surety from an entity with an unsecured debt rating of at least BBB- by S&P or Baa3 by ▇▇▇▇▇’▇.
The amount of Decommissioning Security is determined by the Preliminary Cost Estimate for the Reclamation of SR ▇▇▇▇▇ ▇▇▇▇▇▇ Almond which is attached hereto and incorporated herein by reference as Exhibit C.
The BOEM Bonds must be fully executed by BOEM to be valid and to be counted as Decommissioning Security.
If the Decommissioning Amount decreases, the Company may provide replacement Decommissioning Security in such lower amount, and if the Decommissioning Amount increases, then the Company shall provide Decommissioning Security in such higher amount.
The first adjustment will occur five (5) years after the original posting of the Decommissioning Security.

More Definitions of Decommissioning Security

Decommissioning Security means either (a) a bond, surety or letter of credit from a Qualified Financial Institution (as defined below) securing the payment or performance of the Decommissioning Obligations, or (b) a corporate guarantee from a Qualified Guarantor (as defined below) pursuant to which such Qualified Guarantor guarantees to the County, in the event of a default by Applicant in the performance of the Decommissioning Obligations, the reimbursement to the County of its actual out of pocket costs incurred in performing such obligations, up to the amount of the Net Decommissioning Cost (as defined below); (ii) “Qualified Financial Institution” means an FDIC-insured bank or other financial institution with assets exceeding $1 billion; (iii) a “Qualified Guarantor” means an entity that either (a) is a public service corporation as defined under the laws of the Commonwealth of Virginia, (b) has a tangible net worth of not less than Fifty Million Dollars ($50,000,000), as verified by financial statements certified to County by such company’s chief financial officer or equivalent, (c) has equity interests listed on the NYSE, NASDAQ, or another national public equities exchange, or (d) whose senior unsecured debt carries a credit rating of at least Baa3 or better by Moody’s, BBB- or better by S&P, and/or BBB- or better by Fitch (or the equivalent(s) under any successor rating category of Moody’s, S&P or Fitch, as applicable); and (iv) “Net Decommissioning Cost” means the Gross Decommissioning Costs less the Salvage Value (as defined below). Notwithstanding any provision herein to the contrary, and in accordance with the SEP, the County agrees to the following:

Decommissioning Security means an irrevocable commercial bank guarantee from a bank that has a long term debt rating of at least A+ by Standard & Poor’s, or A1 by ▇▇▇▇▇’▇ Investors Service, or an equivalent rating by a successor entity to either agency, and has a net worth of at least five (5) times the secured amount. “Delivery Point” for: (a) Crude Oil has the meaning given to such term in Article 10.5; and (b) Natural Gas is as mutually agreed by the Parties;