03/06/2018 - Laserfiche WebLink

Home Browse Search

ORDER NO. PSC -2018 -0085 -PAA -EQ DOCKET NO. 20170226 -EQ PAGE 15 Eighth Revised Sheet No. 9.037 FTAMI'DA POWER & I iGHT COMPANY- Cancels Seventh Revised Sheet No. 9.037 (Continued from Sheet No. 9.036) 9.2 The specific security instrument provided for purposes of this Contract is: O Letter of Credit. () Bond. () Cash Collateral. 9.3 FPL shall have the right to monitor (a) the financial condition of the issuer of a Letter ofCredit in the event any Letter of Credit is provided by the QS, and (b) the insurer, in the case of any Bond. In the event the issuer of a Letter of Credit no longer qualifies as Qualified Issuer or the issuer of a Bond is no longer financially sound, FPL may require the QS to replace the Letter of Credit or the Bond, as applicable. Such replacement Letter of Credit or bond must be issued by a Qualified Issuer or a financially sound issues, as applicable, within ten (10) business days following written notification to the QS of the requirement to replace. Failure by the QS to comply with the requirements of this Section 9.3 shall be grounds for PPL to draw in full on the existing Letter of Credit or bond and to exercise any other remedies it may have hereunder. 9.4 Notwithstanding the foregoing provisions of this Section 9, pursuant to FPSC Rule 25-17.091(4), F.A.C., a QS qualifying as s "Solid Waste Facility-' pursuant io Scction 377.709(3) or (5), F.S., respectively, may uc an nmsectrcd wTinen commitment or promise to pay in a form reasonably acceptable to FPL, by the local government which owns the Facility or on whose behalf the QS operates the Facility, to secure its obligation to achieve on a timely basis the Capacity Delivery Date and the satisfactory performance of its obligations hereunder. 9.5 FPL stall be entitled to draw the Completion(Perromtance Security to satisfy any obligation or liability of QS arising pursuant to this Contract. 9.5.1 If the QS fails to achieve the Capacity Delivery Date on or before the in-service date of the Avoided Unit or such later date as perttulted by FPL pursuant to Section 5.6, FPL shall be entitled immediately to receive, draw upon, or retain, as the case may be, one - hundred (1000/6) of the Completion) Performance Security as liquidated damages free from any claim or right of any natare whatsoever of the QS, including airy equity or right of redemption by the QS. The Patties aclahowledge that the injury that FPL will suffer as a result of delayed availability of C.otmnitted Capacity and energy is difficult to ascertain and that FPL may accept such sums as liquidated damages and resort to any other remedies which may be available to it wider law or in equity. 9.5 .2 In the event that FPI. requires the QS to perform one or more Committed Capacity Test(s) at any time on or before the first anniversary of the Capacity Delivery Date pursuant to Section 53 and, in connection with any such Conmhitted Capacity Test(s), the QS fails to demonstrate a Capacity of at least one -hundred percard (1000/.) of the Committed Capacity set forth in Section 5. 1, FPL shall be entitled immediately to receive, draw upon, or retain, as the case may be, one -hundred percent (10010) of the CompletionJPerfotmanoe Security as liquidated damages free from any claim or right of any nacre whatsoever of the QS, including any equity or right of redemption by the QS. 9.5.3 QS shall promptly, but in no event more than five (5) business days following any draws on the Completica✓Performance Sccarily, replcrrish the ComplelionlPerfommnce Security to the amounts required herein. 9.6 The QS, as the Pledgor of the CompletionlPehi'ormarmce Security, hereby pledges to FPL, as the secured Party, as security for the achievement of the Capacity Delivery Date and satisfactory performance of its obligations hereunder, and grants to FPL a first priority continuing security interest in, lien on and right of set-off against all Completion/Perfonnance Security transferred to or received by FPL hereunder. Upon the transfer or return by FPI, to the QS of Complcfion/Pcrformancc Security, the security interest and lien granted hereunder on (hat CompletionlPerfcamauce Security will be released immediately and, to the extent possible, without any further action by either party. (Continued on Sheet No. 9.038) Issued by: S. E. Romig, Directer,'Rates and Tariffs Effective: duly 13,2017 q- 15