Performance Assurance definition

Performance Assurance means collateral in the form of cash or letters of credit, or other security acceptable to the requesting Party.

Performance Assurance means collateral provided by Seller to Buyer to secure Seller’s obligations hereunder and includes Project Development Security and Delivery Term Security.

Performance Assurance means collateral in the form of cash, letters of credit, or other security acceptable to the requesting Party.

Examples of Performance Assurance in a sentence

• Seller shall deliver Performance Assurance in the Applicable PA Amount on or before three (3) Business Days after the Effective Date.

• If Seller fails to extend or replace any Letter of Credit by the date that is thirty (30) days prior to the expiration thereof or fails to replace any Letter of Credit within the time period required by the fourth sentence of this Section 8.2, Buyer shall be entitled to draw the full amount of the Letter of Credit and treat the proceeds as Performance Assurance in the form of cash.

• In addition, Buyer shall have the right to pledge, re-hypothecate, assign, invest, commingle or otherwise use cash Performance Assurance, provided that Buyer returns such cash Performance Assurance when and as required by this Agreement (less any amounts applied according to the preceding sentence).

• From and after delivery of any Performance Assurance, Seller shall maintain such Performance Assurance until the later of (i) ninety (90) days after the termination or expiration of this Agreement or (ii) the resolution of all disputes pending pursuant to, in connection with, relating to or arising out of this Agreement and any Performance Assurance at the end of such ninety (90) day period (or thereafter arising during the pendency of any such disputes) (such later date, the “Release Date”).

• In addition to the replacement Performance Assurance that may be required pursuant to the preceding sentence, Seller shall, at any time and from time to time, have the right to replace the Performance Assurance in effect at such time with other Performance Assurance having an undrawn capacity equal to the Applicable PA Amount.

More Definitions of Performance Assurance

Performance Assurance means collateral (in the amount of the Performance Assurance Amount) for Seller’s performance under this Agreement in the form of cash, Letter(s) of Credit, or other security acceptable to Buyer.

Performance Assurance means collateral provided by Seller to Buyer to secure Seller’s obligations hereunder and includes Project Development Security and Delivery Term Security as applicable. Acceptable forms of collateral are cash or a Letter of Credit as designated in Section E of the Cover Sheet. The required form of Letter of Credit is attached hereto in Appendix I.

Performance Assurance means all Eligible Collateral, all other property acceptable to the Party to which it is Transferred, and all proceeds thereof, that has been Transferred to or received by a Party hereunder and not subsequently Transferred to the other Party pursuant to Paragraph 5 or otherwise received by the other Party. Any Interest Amount or portion thereof not Transferred pursuant to Paragraph 6(a)(iii) will not constitute Performance Assurance. Any guaranty agreement executed by a Guarantor of a Party shall not constitute Performance Assurance hereunder.”

Performance Assurance. The definition of “Performance Assurance” in Section 1.45 is replaced in its entirety, as follows:

Performance Assurance has the meaning set forth in Section 5.1(a). Performance Assurance must be in the form of Cash or Letter of Credit. Any Cash received and held by Buyer after drawing on any Letter of Credit will constitute Performance Assurance in the form of Cash.

Performance Assurance means either cash (US$) or a Letter of Credit.

Performance Assurance means collateral (in the amount of the Performance Assurance Amount) for Seller’s performance under this Agreement in the form of cash, Letter(s) of Credit, or the Guaranty Agreement. Performance Assurance is only required to be posted by Seller if the Generating Facility is a New Qualifying Facility.