Common use of Return of Development Security Clause in Contracts

Return of Development Security. If no Event of Default with respect to Owner has occurred and is continuing, and no Early Termination Date has occurred or been designated as the result of an Event of Default with respect to Owner, then: (i) As soon as reasonably practicable after the Commercial Operation Date, CECONY shall return to Owner the unused portion of the Development Security including any interest accrued thereon pursuant to Section 7.03(a). (ii) As soon as reasonably practicable after the termination of this Agreement by either Party, CECONY shall return to Owner the unused portion of the Development Security, if any. Owner may, with CECONY’s consent, authorize CECONY to retain cash or Letter(s) of Credit initially posted as Development Security as Performance Assurance posted under Section 7.02.

Return of Development Security. If no Event of Default with respect to Owner has occurred and is continuing, and no Early Default Termination Date has occurred or been designated as the result of an Event of Default with respect to Owner, then: (i) As soon as reasonably practicable after the Commercial Operation Date, CECONY shall return to Owner the unused portion of the Development Security including any interest accrued thereon pursuant to Section 7.03(a). (ii) As soon as reasonably practicable after the termination of this Agreement by either Party, CECONY shall return to Owner the unused portion of the Development Security, if any. Owner may, with CECONY’s consent, authorize CECONY to retain cash or Letter(s) of Credit initially posted as Development Security as Performance Assurance posted under Section 7.02.