Administration of Cash Sample Clauses

Administration of Cash. (A) The Secured Party shall be entitled to hold Performance Assurance in the form of Cash provided that the following conditions are satisfied: (1) it is not a Defaulting Party, and (2), the Secured Party or its Guarantor has a Credit Rating from S&P or Moody’s and the lowest Credit Rating for the Secured Party or its Guarantor is BBB or Baa2 or higher from S&P or Moody’s. Notwithstanding the provisions of applicable law, the Secured Party shall have the right to sell, pledge, assign, invest, commingle or otherwise dispose of or use in its business any cash that it holds as Performance Assurance hereunder, free from any claim or right of any nature whatsoever of the Pledging Party, including any equity or right of redemption by the Pledging Party. If the Secured Party has elected to sell, pledge, assign, invest, use, commingle or otherwise dispose of such cash, Secured Party shall be deemed to be holding such Performance Assurance for the purpose of exercising (i) any right to request or obligation to return Performance Assurance under the Agreement or (ii) its rights or remedies as a secured party hereunder. To the extent the Secured Party is entitled to hold Cash, the Performance Assurance Interest Rate payable to the Pledging Party on Cash shall be Performance Assurance Interest Rate in accordance with the provisions of 8.5 (C) below.
Sample 1
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