Seller Performance Assurance definition

Seller Performance Assurance means the irrevocable letter of credit initially in the amount of $[***] issued to the benefit of Shell Energy as of the commencement of the Delivery Period.
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Seller Performance Assurance. Seller shall deliver to Buyer and maintain Performance Assurance in the form of cash or Letter of Credit acceptable to Buyer to secure its obligations under the Agreement, which shall include both Development Security and Delivery Term Security in the amounts below: Development Security: $[90]/kW of Storage Contract Capacity, due within thirty (30) days of contract Effective Date. Delivery Term Security: $[105]/kW of Storage Contract Capacity, due on or before Commerical Operation Date. Seller shall replenish the Development Security and Delivery Term Security within five (5) business days of any draw thereupon.
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Examples of Seller Performance Assurance in a sentence

  • Such Seller Performance Assurance shall be delivered to Buyer within three (3) Business Days of the date of such request.

  • On any Business Day (but no more frequently than weekly with respect to Letters of Credit and daily with respect to cash), Seller, at its sole cost, may request that such Seller Performance Assurance be reduced correspondingly to the amount of such excess Termination Payment plus Seller’s Independent Amount, if any, (rounding upwards for any fractional amount to the next Seller Rounding Amount).

  • In the event that Seller fails to provide Seller Performance Assurance pursuant to the terms of this Article Eight within three (3) Business Days, then an Event of Default under Article Five shall be deemed to have occurred and Buyer will be entitled to the remedies set forth in Article Five of this Agreement.

  • In addition, Buyer agrees to provide to Seller, Performance Assurance pursuant to the methodology, calculations and data set forth in Exhibit B.

Related to Seller Performance Assurance

  • Performance Assurance means collateral in the form of cash, letters of credit, or other security acceptable to the requesting Party.

  • energy performance contracting means a contractual arrangement between the beneficiary and the provider of an energy efficiency improvement measure, verified and monitored during the whole term of the contract, where investments (work, supply or service) in that measure are paid for in relation to a contractually agreed level of energy efficiency improvement or other agreed energy performance criterion, such as financial savings;

  • Energy Performance Score means the numeric rating generated by Portfolio Manager that compares the Energy usage of the building to that of similar buildings.

  • Energy savings performance contract means a contract under which the rate of payments is based upon energy and operational cost savings and a stipulated maximum energy consumption level over the life of the contract.

  • Financial Performance Covenants means the covenants of the Borrower set forth in Section 10.11.