Security in the Form of Cash. If the security is in the form of cash as permitted in Section 14.5 (Form of Security), above, the cash shall be United States currency, in which Company holds a first and exclusive perfected security interest, deposited with a reputable, federally- insured bank, either: (i) in an account under which Company is designated as beneficiary with sole authority to draw from the account or otherwise access the security; or (ii) held by Issuer as escrow agent with instructions to pay claims made by Company pursuant to this Agreement, such instructions to be in a form satisfactory to Company. Seller, Issuer (or escrow) and Company shall execute a control agreement and other agreements required by Company in form and content satisfactory to Company to perfect Company's security interest in the Operating Period Security. Security provided in the form of cash shall include a requirement for immediate notice to Company from Issuer and Seller in the event that the sums held as security in the account or trust do not at any time meet the required level for the Operating Period Security as set forth in this Article 14 (Credit Assurance and Security). Funds held in the account may be deposited in a money-market fund, short-term treasury obligations, investment-grade commercial paper and other liquid investment-grade investments with maturities of three months or less, with all investment income thereon to be taxable to, and to accrue for the benefit of, Seller. After the In-Service Date is achieved, annual account sweeps for recovery of interest earned by the Operating Period Security shall be allowed by Seller. At such times as the balance in the escrow account exceeds the amount of Seller's obligation to provide security hereunder, Company shall remit to Seller on demand any excess in the escrow account above Seller's obligations, including, but not limited to, any and all damages owed by Seller to Company under the terms of this Agreement.β
Appears in 3 contracts
Sources: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement