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2016-01-26_PWETC_AgendaPacket
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2016-01-26_PWETC_AgendaPacket
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Commission/Authority Name
Public Works Commission
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
1/26/2016
Commission/Committee - Meeting Type
Regular
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Power Provider's prior consent. Power Provider may assign any or all of its rights or obligations under this <br />Agreement without Purchaser's consent, including without limitation to any Affiliate of Power Provider, and/or <br />to any lender or lessor providing financing to Power Provider or any of Power Provider's Affiliates for the Solar <br />Power Facility at the Site(Lender/Lessor'), provided, that Power Provider shall give notice to Purchaser of any <br />such assignment as soon as practicable thereafter and provided further that Guarnator's Guaranty shall remain <br />in full force and effect after any such assignment. If Power Provider collaterally assigns this Agreement or its <br />rights hereunder to a Lender or Lessor, Purchaser shall execute any consents reasonably required by such <br />Lender/Lessor in form and substance acceptable to Purchaser and Lender/Lessor to effect an assignment of the <br />Agreement as collateral, If Power Provider assigns this Agreement to an entity other than a Lender/Lessor, such <br />assignee shall be financially sound and capable of performing Power Provider's obligations under this <br />Agreement, as reasonably determined by Purchaser, and an experienced owner/operator of solar electric systems. <br />Any purported assignment made in violation of this Section 14(a) shall be deemed void. <br />(b) With respect to an assignment by Power Provider to a Lender/Lessor in accordance with <br />Section 14(a), Purchaser and Power Provider acknowledge and agree that, upon receipt of written notice and <br />direction by any Lender/Lessor of Power Provider that Power Provider is in default under its financing <br />agreements with Lender/Lessor, and notwithstanding any instructions to the contrary by Power Provider, <br />Purchaser shall (i) make any and all payments due and owing by Purchaser under this Agreement directly to <br />Lender/Lessor, and (ii) tender performance of any and all other covenants by Purchaser under this Agreement to <br />and for the benefit of Lender/Lessor and as the Lender/Lessor may direct in the future. Furthermore, if directed <br />in writing by Lender/Lessor, Purchaser will recognize such Lender/Lessor, or any third party to whom such <br />Lender/Lessor has reassigned the rights of Power Provider under this Agreement, as the proper and lawful <br />provider of power under this Agreement and fully entitled to receive payments with respect thereto and <br />possessing all other rights of the Power Provider hereunder so long as such Lender/Lessor (or its assignee or <br />designee) performs the obligations of Power Provider hereunder. Purchaser shall be protected and shall incur <br />no liability in acting or proceeding in good faith upon any such foregoing written notice and direction by <br />Lender/Lessor which Purchaser shall in good faith believe to be genuine. Purchaser shall be under no duty to <br />make any investigation or inquiry as to any statements contained or matters referred to in any such foregoing <br />notice and direction, but may accept and rely upon them as conclusive evidence of the truth and accuracy of such <br />statements. <br />(c) Purchaser shall use reasonable efforts to notify Lender/Lessor of a default by Power Provider <br />under this Agreement, provided, however that a failure by Purchaser to notify Lender/Lessor shall not limit, <br />delay or prevent the exercise by Purchaser of its rights and remedies hereunder with respect to such default. <br />Lender/Lessor shall have the same amount of time as Power Provider, but at least ten (10) days with respect to <br />any monetary default and at least thirty (30) days with respect to any non -monetary default, to cure any default <br />by Power Provider under the Agreement, provided, that, in no event shall Lender/Lessor be obligated to cure <br />any such default. <br />Page 17 of 30 <br />SE PPA 11/11/15 <br />
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