Common use of Return of Development Security Clause in Contracts

Return of Development Security. If (i) upon the Commercial Operation Date, no damages or other amounts are due and owing to Buyer under this Agreement and Seller does not elect to apply the Development Security to the Performance Security, or (ii) this Agreement terminates prior to the occurrence of the Commercial Operation Date while the Development Security is outstanding, then Buyer shall return to Seller the remaining amount of the Development Security (or any portions thereof if damages or other amounts are due and owing to Buyer under this Agreement) within ten (10) Business Days after Seller’s provision of the Performance Security or the effective date of such early termination, as applicable.

Appears in 2 contracts

Sources: Power Purchase Agreement, Power Purchase Agreement