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the utility providing service to the OWNER as in effect on the date of the COMPANY' S delivery of the respective annual Guarantee Report to the OWNER , plus all surcharges and taxes applicable thereto . The COMPANY' S calculation of the On Peak Rate Categories shall include and be based upon a calculated and imputed escalation rate set forth in the Exhibits to this Savings Guarantee , which the COMPANY and the OWNER agree to be a reasonable rate of historic increase for purposes of calculating this Savings Guarantee (and for no other purpose) . "Operating Plan " shall mean the OWNER operation of the Equipment in accordance with the operating plan in Attachment 1 which is incorporated by reference , including but not limited to the committed level and hours of use by the OWNER of the Load Reduction Equipment and the Load Shift Equipment as listed in the Operating Plan . " Owner" has the meaning in the agreement, Indian River County, Florida . "Savings Guarantee " means this Savings Guarantee and all of its terms and conditions . "Savings Guarantee Term " means the time period during which the OWNER is making regularly scheduled payments under the Agreement for the Equipment specified in this Savings Guarantee (and not any other equipment which may be covered by the Agreement) , provided however, that notwithstanding such longer payment period under the terms of the Agreement, the Savings Guarantee Term shall not exceed eight ( 8 ) years from the date of final acceptance by the County . "Stipulated or Calculated Savings" means those additional savings associated with the Equipment which the OWNER and COMPANY have mutually agreed upon as being realized by the OWNER as set forth in the Operating Plan or other exhibits/attachments to this Savings Guarantee , including but not limited to Attachment 3 . Stipulated (or calculated ) Savings do not need to be measured or monitored , and are not subject to verification in the Post Installation Measurement. By example , Calculated Savings may consist of maintenance cost savings or other savings , which are difficult to measure or monitor on an ongoing basis . "Substantial Completion " means the date that the COMPANY designates the Equipment as substantially installed and available for operation and use by the OWNER , excluding minor punch list items which do not affect the use or operation of the Equipment as a whole . SECTION 3 . SAVINGS GUARANTEE Subject to all terms of this Savings Guarantee , during the Savings Guarantee Term the COMPANY guarantees that, for each annual Guarantee Report period , the Equipment shall , if operated in accordance with the Operating Plan , produce Annual Energy Cost Savings in an amount equal to or greater than Annual Guaranteed Savings for such annual period . This Savings Guarantee is a written guaranty provided by COMPANY to OWNER in accordance with Section 489 . 145 ( 5 ) ( a ) , Florida Statutes . All of the COMPANY' S obligations under this Savings Guarantee , as to each time period covered by each annual Guarantee Report, shall be deemed fully satisfied and performed (A) upon presentation to the OWNER of the annual Guarantee Report which indicates that the Annual Energy Cost Savings meets or exceeds the Annual Guaranteed Savings for such respective annual period , or ( B ) when payment is made , if required , pursuant to the sole and exclusive remedy described in Section 5( B) of this Savings Guarantee . Thereafter, during any annual measurement period , the COMPANY shall not be further obligated to monitor, measure , extrapolate , or prove any Annual Energy Cost Savings for that or any prior time period . SECTION 4 , THE ANNUAL GUARANTEE REPORT PROCEDURE (A) The Annual Energy Cost Savings shall be determined by the COMPANY in an annual Guarantee Report and based upon the COMPANY' S baseline calculations as described in Attachment 6 and subject to adjustments by the COMPANY for any Changes . Within ninety ( 90 ) days following the first anniversary of the final acceptance and each anniversary thereafter during the Savings Guarantee Term , the Indian River County, Florida 4 Indian River County Phase 1 Phase I Rev . 1 /05/09