Common use of Completion and Performance Security Clause in Contracts

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. 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 DaysProvider. 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.interest.‌