Completion and Performance Security Sample Clauses

Completion and Performance Security. (a) From the Contract Date to the Commercial Operation Date, the Generator must post and maintain with the AESO security for the performance of the Generator's obligations under this Agreement in an amount equal to fifty thousand dollars ($50,000) per MW of Contract Capacity (the "Completion and Performance Security"). (b) After the Commercial Operation Date, the AESO shall return any Completion and Performance Security that has been provided by the Generator within twenty (20) Business Days following receipt of a written request from the Generator, net of any amounts owing by the Generator to the AESO. (c) Notwithstanding any other provision of this Agreement, no delay, including a delay resulting from an event of Force Majeure, shall extend the date by which any component of the Completion and Performance Security is required to be provided by the Generator or returned or refunded (as applicable) by the AESO. (d) The obligation of the Generator to post and maintain Completion and Performance Security as required by Section 10.1(a) must be satisfied in accordance with this Section 10.1(d) by the Generator providing such security in the form of an irrevocable and unconditional standby letter of credit in substantially the form set out in Schedule 2 and issued by a financial institution listed in either Schedule I or II of the Bank Act, or any other financial institution having a minimum credit rating of: (i) A- with S&P, (ii) A3 with ▇▇▇▇▇'▇, (iii) A low with DBRS, or (iv) A with Fitch IBCA. (e) The Generator shall ensure that, at all times, the aggregate value of all Completion and Performance Security provided to the AESO is at least equal to the required amount of Completion and Performance Security and that the Completion and Performance Security is current, valid, enforceable and in an acceptable form, including: (i) following realization by the AESO of any amount of Completion and Performance Security, by increasing the amount of Completion and Performance Security, in an amount equal to that realized by the AESO; and (ii) by forthwith providing replacement security for any letter of credit: (A) where the provider thereof has given notice that it does not wish to extend the letter of credit for an additional term, (B) which expires, terminates or fails, or ceases to be in full force and effect for the purposes hereof, (C) which is disaffirmed, disclaimed, dishonoured, repudiated or rejected in whole or in part by the provider thereof, or (D) the vali...

Completion and Performance Security. ‌ (a) The Parties acknowledge that the Supplier has, as of the Contract Date, provided to the Buyer security in the form described in Section 6.2(a) for the performance of the Supplier’s obligations under this Agreement (the “Completion and Performance Security”) in an amount equal to $[⚫/MW of Maximum Contract Capacity]. [Note to Finalization: $60,000/ MW of Maximum Contract Capacity for Large-Scale LT1 Projects and $45,000/MW of Maximum Contract

Completion and Performance Security. ‌ (a) The Parties acknowledge that the Supplier has, as of the Contract Date, provided to the Buyer security in the form described in Section 6.2(a) for the performance of the Supplier’s obligations under this Agreement (the “Completion and Performance Security”) in an amount equal to $[⚫/MW of Maximum Contract Capacity]. [NTD: This is based on the Proposal Security amount set out in the LT1 RFP.] [Note to Finalization: To be updated prior to execution.]‌ (b) From and after the Contract Date and until the end of the Term, the Supplier shall maintain the Completion and Performance Security in the amount and for the period specified below: (i) from the Contract Date until COD, in an amount equal to $[⚫/MW of Maximum Contract Capacity] (which, for clarity, has been provided to the Buyer as set out in 6.1(a)); and [NTD: This is based on the Proposal Security amount set out in the LT1 RFP.] [Note to Finalization: To be updated prior to execution.] (ii) from COD until the end of the Term, in an amount equal to $[25,000]/MW of Maximum Contract Capacity. Draft (c) Notwithstanding any other provision of this Agreement, no delay, including a delay resulting from an event of Force Majeure, shall extend the date by which any component of the Completion and Performance Security is required to be provided by the Supplier. (d) In the event that the Buyer, in accordance with this Agreement, has recovered monies that were due to it using all or part of the Completion and Performance Security, the Supplier shall forthwith provide replacement security to cover an amount equal to that recovered or paid out of the Completion and Performance Security.

Completion and Performance Security. The Service Provider shall post and maintain security for the performance of the Service Provider’s obligations under this Agreement (the “Completion and Performance Security”) in the amount of $10,000 per MW of Contract Capacity from the Effective Date until the end of the Contract Service Term. The obligation of the Service Provider to post and maintain Completion and Performance Security must be satisfied by the Service Provider providing to the IESO a certified cheque, bank draft or money order issued by a bank listed in Schedule I, II, or III of the Bank Act (Canada) for the full amount of the Completion and Performance Security. At the end of the Contract Service Term, provided there is no Event of Default that has not been remedied, the IESO shall refund the Completion and Performance Security to the Service Provider within 20 Business Days. Any interest earned by the IESO on any Completion and Performance Security provided to the IESO shall be for the account of the IESO and the Service Provider shall not have any right to such interest.

Completion and Performance Security. Where the Assignee is required to provide Completion and Performance Security to the OPA under Article 5 of Schedule 1 of the Contract, either: (a) in the case of Completion and Performance Security in the form of a letter of credit, the Assignee, in the place and stead of the Supplier and as a condition to the Assignment, shall have provided the OPA with replacement Completion and Performance Security, or (b) in the case of Completion and Performance Security in the form of a bank draft or certified cheque, as of the date hereof, (i) each of the Supplier and the Assignee directs and authorizes the OPA to use the Completion and Performance Security previously provided to the OPA by the Supplier, in accordance with Section 5.1 of Schedule 1 of the Contract, as the Completion and Performance Security for the Contract following the Assignment and in respect of the Assignee, and this direction shall be the OPA’s good and sufficient authority for doing so; and (ii) the Supplier releases all its rights in and to the Completion and Performance Security previously delivered to the OPA in respect of the Contract, including its right to return of the Completion and Performance Security under Sections 5.1(c), 5.2(c) and 5.4(c) of Schedule 1 of the Contract and, for clarity, the Supplier acknowledges and agrees that if such Completion and Performance Security is returned by the OPA it will be returned to the Assignee.

Completion and Performance Security. Draft (a) The Parties acknowledge that the Supplier has, as of the Contract Date, provided to the Buyer security in the form described in Section 6.2(a) for the performance of the Supplier’s obligations under this Agreement (the “Completion and Performance Security”) in an amount equal to $[⚫]. [Note to Finalization: This is based on the Proposal Security amount set out in the LT2(c-1) RFP. To be updated prior to execution.] (b) From and after the Contract Date and until the end of the Term, the Supplier shall maintain the Completion and Performance Security in the amount and for the period specified below: (i) from the Contract Date until COD, in an amount equal to $[⚫] (which, for clarity, has been provided to the Buyer as set out in 6.1(a)); and [Note to Finalization: This is based on the Proposal Security amount set out in the LT2(c-1) RFP. To be updated prior to execution.] (ii) from COD until the end of the Term, in an amount equal to $20,000/MW of Maximum Contract Capacity. (c) Notwithstanding any other provision of this Agreement, no delay, including a delay resulting from an event of Force Majeure, shall extend the date by which any component of the Completion and Performance Security is required to be provided by the Supplier. (d) In the event that the Buyer, in accordance with this Agreement, has recovered monies that were due to it using all or part of the Completion and Performance Security, the Supplier shall forthwith provide replacement security to cover an amount equal to that recovered or paid out of the Completion and Performance Security.

Completion and Performance Security. (a) The Supplier shall provide security to the Buyer upon execution of this Agreement for the performance of the Supplier’s obligations under this Agreement, in an amount equal to $50,000 per MW of DSM Project Equivalent Capacity and in the form described in Section 5.2 (the “Completion and Performance Security”). Upon the Term Commencement Date, and provided that the Buyer has determined that any liquidated damages payable by the Supplier under Section 2.3 have been paid by the Supplier, then the amount of the Completion and Performance Security shall be reduced to an amount equal to $25,000 per MW of DSM Project Equivalent Capacity. In the event that the Buyer, in accordance with this Agreement, has recovered monies that were due to it using all or part of the Completion and Performance Security, the Supplier shall forthwith provide replacement security to cover an amount equal to that recovered or paid out of the Completion and Performance Security. (b) On each anniversary date of the Equivalent Capacity Benchmark Date, the Buyer will calculate an estimate of the End of Term Payment, and if the estimate is greater than the current amount of the Completion and Performance Security; the Buyer may require the Supplier to increase the amount of the Completion and Performance Security to an amount equal to such estimate of the End of Term Payment.

Completion and Performance Security. ‌ (a) The Supplier must, from the Effective Date, post and maintain security for the performance of the Supplier’s obligations under this Agreement (the “Completion and Performance Security”) in the amount of $20,000 per MW of Annual Average Contract Capacity (as may be amended from time to time).‌ (b) In the event that Buyer, in accordance with this Agreement, has recovered monies that were due to it using all or part of the Completion and Performance Security, the Supplier shall forthwith provide replacement security to cover an amount equal to that recovered or paid out of the Completion and Performance Security. In exchange for the Completion and Performance Security in the amended amount, the Buyer will return to the Supplier the original Completion and Performance Security.

Completion and Performance Security. (a) The Parties acknowledge that the Supplier has, prior to the execution of this Agreement, provided to the Buyer security for the performance of the Supplier’s obligations under this Agreement in an amount equal to $1,000,000 and in the form described in Section 6.2 (the “Initial Completion and Performance Security”). (b) The Supplier must post and maintain security for the performance of the Supplier’s obligations under this Agreement (the “Completion and Performance Security”) in the amount and for the period specified below: (i) from the date of this Agreement to the date that is thirty (30) days after the date of this Agreement, an amount (the “First Period Amount”) equal to the lesser of (A) $20,000 per MW of Annual Average Contract Capacity, and (B) $2,000,000; (ii) from the date that is thirty (30) days after the date of this Agreement to the date specified in Section 6.1(b)(iii), an amount (the “Second Period Amount”) equal to the lesser of (A) $25,000 per MW of Annual Average Contract Capacity, and (B) $5,000,000; (iii) from the date that is sixty (60) days after the date of this Agreement to the date specified in Section 6.1(b)(iv), an amount (the “Third Period Amount”) equal to the lesser of (A) $30,000 per MW of Annual Average Contract Capacity, and (B) $5,000,000; (iv) from the date that is ninety (90) days after the date of this Agreement to the date specified in Section 6.1(b)(v), an amount (the “Fourth Period Amount”) equal to the lesser of (A) $35,000 per MW of Annual Average Contract Capacity, and (B) $5,000,000; (v) from the earlier of the Financial Closing Milestone Date and the date that is three hundred and sixty-five (365) days after the date of this Agreement until such time as the amount of the Completion and Performance Security is reduced to the amounts specified in Section 6.1(b)(vi), an amount (the “Fifth Period Amount”) equal to the lesser of (A) $50,000 per MW of Annual Average Contract Capacity, and (B) $25,000,000; (vi) effective upon the Contract Facility COD (provided that any liquidated damages payable by the Supplier to the Buyer under Section 2.4 have been paid by the Supplier to the Buyer) to the date specified in Section 6.1(b)(vii), the lesser of (A) $25,000 per MW of Annual Average Contract Capacity and (B) $25,000,000; (vii) from the date that is the fifth anniversary of the Contract Facility COD to the date specified in Section 6.1(b)(viii), the lesser of (A) $20,000 per MW of Annual Average Contract Capacity a...