Common use of Completion and Performance Security Clause in Contracts

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. 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.]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.