Project Development Security Clause Samples

Project Development Security. The Project Development Security will be in the form of cash or Letter of Credit; Seller shall post the Project Development Security as follows: (A) Seller shall post Project Development Security in the amount of _________________ dollars ($_______) [insert dollar amount equal to $15/kW multiplied by the Payment Quantity] within five (5) Business Days following the Execution Date; and (B) Seller shall post additional Project Development Security in the amount of __________________dollars ($_________) [insert dollar amount equal to $45/kW multiplied by the Payment Quantity], for a total posted amount of _______________ dollars ($_________), representing sixty dollars ($60.00) per kW multiplied by the Payment Quantity, within five (5) Business Days following Buyer’s Notice to Seller that the CPUC Approval Condition Precedent has been satisfied.

Project Development Security. If on the Effective Date or at any time thereafter prior to the Commercial Operation Date Seller fails to satisfy the Credit Requirements, then within ten (10) Business Days after the earlier of Seller’s receipt of notice from (a) any source that Seller no longer satisfies the Credit Requirements or (b) PacifiCorp requesting the posting of Project Development Security, Seller must provide to PacifiCorp and maintain in accordance with this Section 8, Project Development Security. Within five (5) Business Days from receipt of a written request from PacifiCorp at any time prior to the Commercial Operation Date, Seller shall provide to PacifiCorp all such financial information and records as PacifiCorp may reasonably request in order to verify that Seller continues to satisfy the requirements of this Section 8, including that any Project Development Security and the Security Provider continues to satisfy the requirements of this Section 8. If at any time prior to the Commercial Operation Date a Security Provider fails to satisfy the Credit Requirements, then within ten (10) Business Days after the earlier of Seller’s receipt of notice from (i) any source that the Security Provider no longer satisfies the Credit Requirements or (ii) PacifiCorp requesting the posting of alternate Project Development Security, Seller must provide to PacifiCorp and maintain in accordance with this Section 8, alternate Project Development Security. PacifiCorp shall be entitled to draw upon the Project Development Security for: (A) any Delay Damages due but unpaid to PacifiCorp under this Agreement; (B) damages if this Agreement is terminated under Section 11 because of a Seller Event of Default; and (C) any other amounts owing by Seller to PacifiCorp under this Agreement. Seller shall not be required to maintain the Project Development Security after the Commercial Operation Date if no damages are owed to PacifiCorp under this Agreement and, if applicable, the Default Security has been provided as required under this Agreement.

Project Development Security. Within five (5) Business Days following the Execution Date, Seller shall post Project Development Security in the form of cash or Letter of Credit, equal to [Seller to insert dollar amount equal to $40/kW of Contract Capacity.].

Project Development Security. Project Development Security is not required if Seller meets the Credit Requirements. Seller shall provide within five Business Days from receipt of a written request from PacifiCorp all reasonable financial records necessary for PacifiCorp to confirm Seller satisfies the Credit Requirements.

Project Development Security. Seller shall deliver and maintain the Performance Assurance in the form of Project Development Security (which shall be cash or Letter of Credit), as follows: (A) Seller shall post the Project Development Security in the amount of _________________ dollars ($_______) [insert dollar amount equal to $80/kW multiplied by the maximum Payment Quantity] within five (5) Business Days following the Execution Date; and

Project Development Security. Seller shall provide within five (5) Business Days from receipt of a written request from PacifiCorp all reasonable financial records necessary for PacifiCorp to confirm Seller satisfies the Credit Requirements.

Project Development Security. Seller shall post Project Development Security in the form of cash or letter of credit, equal to $15.00/kW multiplied by the Payment Quantity, as of the Execution Date of the Agreement. Seller shall post an additional Project Development Security in the form of cash or letter of credit, equal to $45.00/kW multiplied by the Payment Quantity (for a total Project Development Security of $60.00/kW multiplied by the Payment Quantity), to be posted eleven months after CPUC Approval.

Project Development Security. (A) CS-GT Projects with Contract Capacity less than or equal to three (3) MW: Project Development Security pursuant to this Section 8.4(a)(i)(A) in the amount of $20/kW multiplied by the Contract Capacity of the Project as reflected in the Cover Sheet, within thirty (30) days following the Execution Date of this Agreement until Seller posts Delivery Term Security pursuant to Section 8.4(a)(ii) below with Buyer. (B) CS-GT Projects with Contract Capacity greater than three (3) MW: Project Development Security pursuant to this Section 8.4(a)(i)(B) in the amount of $60/kW multiplied by the Contract Capacity of the Project as reflected in the Cover Sheet, within thirty (30) days following the Execution Date of this Agreement until Seller posts Delivery Term Security pursuant to Section 8.4(a)(ii) below with Buyer.

Project Development Security. The Project Development Security will be in the form of cash via wire transfer of immediately available funds or Letter of Credit; Seller shall post the Project Development Security in the amount of _________________ dollars ($_______) [insert dollar amount equal to $80/kW multiplied by the Payment Quantity] within five (5) Business Days following the Execution Date.