Common use of Performance Assurance Requirement Clause in Contracts

Performance Assurance Requirement. The amount of Performance Assurance to be posted with respect to any Product Order in effect shall be equal to the sum of the Collateral Requirement across all Designated Systems included in such Product Order. Following the posting of required The total amount of Performance Assurance for any Product Order in effect, the total amount of such Seller’s Performance Assuranceto be posted under this Agreement shall be equal to the sum of the Collateral Requirement across all Designated Systems included in this Agreement (“Performance Assurance Amount”). Requirement”). The actual amount posted by Seller and held by Buyer is the Performance Assurance Amount, which shall be required to be at least equal to the Performance Assurance Requirement. If a Designated System is otherwise Energized as of the Trade Date pending the full establishment of the Standing Order and where such Standing Order request has been initiated by Seller as of the Trade Date, Seller may request for Buyer to withhold, and if so requested, Buyer shall withhold, a portion of the first REC payment in the amount of the Collateral Requirement of such Designated System as Seller’s Performance Assurance in respect of such Designated System in lieu of the timing required by the first paragraph of this Section.

Performance Assurance Requirement. The amount of Performance Assurance to be posted with respect to any Product Order in effect shall be equal to the sum of the Collateral Requirement across all Designated Systems included in such Product Order. Following the posting of required The total amount of Performance Assurance for any Product Order in effect, the total amount of such Seller’s Performance Assuranceto be posted under this Agreement shall be equal to the sum of the Collateral Requirement across all Designated Systems included in this Agreement (“Performance Assurance Amount”). Requirement”). The actual amount posted by Seller and held by Buyer is the Performance Assurance Amount, which shall be required to be at least equal to the Performance Assurance Requirement. If a Designated System is otherwise Energized as of the Trade Date pending the full establishment of the Standing Order and where such Standing Order request has been initiated by Seller as of the Trade Date, Seller may request for Buyer to withhold, and if so requested, Buyer shall withhold, a portion of the first REC payment in the amount of the Collateral Requirement of such Designated System as Seller’s Performance Assurance in respect of such Designated System in lieu of the timing required by the first paragraph of this Section. Collateral Requirement for a Designated System will increase, with a commensurate required increase in Performance Assurance, at the time of a payment adjustment pursuant to Sections 5(f)(i)-(iii) or Section 5(f)(vi) of the Cover Sheet.