|
ORDER NO. PSC -2021 -0252 -PAA -EQ
<br />DOCKET NO. 20210067 -EQ
<br />PAGE 15
<br />Attachment A
<br />Ninth Revised Sliect No. 9.037
<br />FTX)RIDA PONNTR & LIGHT COMWANY cancels Eighth Revised Sheet No. 9.037
<br />(Continued from Street No. 9.036)
<br />"Nlo&* "`.means Moody's Investors Service, Inc. or its successor.
<br />"S&P" means Standard& Poors Ratings Group i,a division ol"I'lle McGraw - fill Companies, Inc.) or its succcssor.
<br />9.2 The specific security instrument provided for purposes of this Contract is:
<br />Letter of Credit.
<br />Bond:
<br />O CashCollateraL
<br />03 FPI: shall have the riot to morutor (a) the financial condition of the issuer of Letter ofCredil in the event any Letter of
<br />Credit is provided by the QS, and (Y) the insurer, in the case of any Bond.. In the: event the issuer of Utter of Credit no longer qualifies as
<br />Qualified Issuer or the issuer of Bond is no longer.financiallysound. FPL may require the QS 16 replace the Letter orCredili,or the Bond, as
<br />utter orcredit or bond.mitsi be issued.bya Qualified Issuer Or a financial ly Sound as applicable, Within-
<br />ten
<br />ithinten (10) business days following written liolifcation to the QS of the requirement to replace. Failure In, the QS to comply with the
<br />requirements ofildi Section 9.3 shall be groundq for FPL to draw in full onflitexisting Letter ofCredit or bond mid it, exercise any other
<br />rcmcdics:it may have hereunder.
<br />9.4 Notwithstanding the foregoing provisions of this Section 9,. pursuant to FPSC Role 254 7.D91(4), FA,C., a QS
<br />qualifying as a "Solid to Section 377.709(3) or (5), F;S., respectively, imy use an unsecured written comraitinent or
<br />promise to pay in afarm reasonably acceptable to FPL, by the local gmemmatt vAlich owns the Facility or on whose behalf the QS operates
<br />the Facility„ to ware its obligation to achieve on a firnely basis the Capacity Delivery Date and the satisfactory performarft of its
<br />obligations hereunder.
<br />93 FPL shall be entitled to draw die Security to satisfy any obligation or liability of QS arising
<br />pursuant to this Contract.
<br />0.5A If die QS filits. to Uchieve the Capacity Delivery Date on or before the iwservice.dawof the Avoided Unitor such later
<br />date as permitted by FPL pursuant toSection 51.6, 1111, sbull be entitled immediately -to receive, draw upon, orretain, as the case maybe, one -
<br />hundred (10%) of the Couipletion! Performance Security as liquidated dainagos free from any daiml or right of any nature whatsoever of the
<br />y
<br />QS' including any equitor right ofrodemption bytite QS: The Parties, acknowledge that the injury that - t FPL. will suffer as a result 0fdalayed
<br />availability of Committed Capacity and energy is difficult to ascertain and that FPL u-myaccept succi sums as liquidated dmiagts and resort
<br />,to any other remedies which may be available to it under law or inequity -
<br />M1 In the event that FPL requires the QS to perform one or more Committed Capacity Test(s) at any time on or before the
<br />first anniversary of the Capacity Delivery bate pursuant to Section 3.3 and, in connection with any such Committed. Callacity'rest(s), the QS
<br />fails to demonstrate a Capacity of at least orae -hundred percent (100%) of (lie Couiruitted Capacity set forth in Section 5. 1, FPL shall be
<br />entitled initnediately to receive, draw upon, or retain,, as the caw may be, one -hundred percent (100*16) of the CoullgetiontPerforounice
<br />Security as liquidated damages free frown 4any claull Or right of any IrAture whatsoever of the QS' includilig ;lily equity or right ofrederry)6011
<br />by the QS_
<br />9.53 QS shall. promptly, but in no event more than five -(S) business days following any draws on the Crunpletion1perfonnamw
<br />security, replenish tile Completion/Perforniance Security to the anioltnts required herein,
<br />9.6 The QS, as the Pledgeir of the Completion/Performance Security; hereby pledges to PPL,,%5 the secured Party, as security
<br />for the Achievement of the Capacity Delivery Date and satisfactory performance of i is obligations hereurider, mid gnints, to.FP.L lifirstpri ority
<br />continuing security interest. in,:lien. on and right of set-off against Ml CompIclionfPc&wmancc Security transferred to or received by FVL
<br />hereunder. Upon the trunsfer or return by FPL to tile QS of Cornpletion/pertbrintury security: tile security interest and lien granted,
<br />*rcundcron that C*mpletion/Performance Security will ly.- released immediately and, to the extent possible, withoun any further action. by
<br />eitherparty-
<br />(Commued on Sheet No. 9.08)
<br />Issuedby! Tiffany Cohen, Director, Rates and Tarifts
<br />Effective: June S,2018
<br />�Ai
<br />
|