Administration of Performance Assurance. (i) Subparagraph 6(a)(i) is amended by inserting the words “(other than Paragraph 6(a)(ii)(B))” after the words “then the provisions of Paragraph 6(a)(ii)”.
Administration of Performance Assurance. (a) Cash. Performance Assurance provided in the form of Cash to Buyer shall be subject to the following provisions:
Administration of Performance Assurance. Cash. Performance Assurance provided in the form of Cash to Buyer shall be subject to the following provisions: Notwithstanding the provisions of applicable law, if no Event of Default has occurred and is continuing with respect to Buyer and no Early Termination Date has occurred or been designated as a result of an Event of Default with respect to Buyer for which there exist any unsatisfied payment obligations, then Buyer shall have the right to sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise use in its business any Cash that it holds as Performance Assurance hereunder, free from any claim or right of any nature whatsoever of Seller, including any equity or right of redemption by Seller. So long as no Event of Default or Potential Event of Default with respect to Seller has occurred and is continuing, and no Early Termination Date has occurred or been designated as the result of an Event of Default with respect to Seller, and no amounts are owing and unpaid from Seller to Buyer hereunder, and to the extent that an obligation to Transfer Performance Assurance would not be created or increased by the Transfer, in the event that Buyer is holding Cash, Buyer will Transfer (or caused to be Transferred) to Seller, in lieu of any interest or other amounts paid or deemed to have been paid with respect to such Cash (all of which may be retained by Buyer), the Interest Amount when Xxxxx returns the Cash to Seller following the termination or expiration of this Agreement, as applicable and in conformity with Section 9.6. On or after the occurrence of a Potential Event of Default or an Event of Default with respect to Seller or an Early Termination Date as a result of an Event of Default with respect to Seller, Buyer shall retain any such Interest Amount as additional Performance Assurance hereunder until the obligations of Seller under the Agreement have been satisfied in the case of an Early Termination Date or for so long as such Event of Default is continuing in the case of an Event of Default.
Administration of Performance Assurance. Any Letter of Credit shall be subject to the following provisions:
Administration of Performance Assurance. The term “Local Business Day” shall be amended to read “Business Day” throughout. Subparagraph 6(a)(ii)(B) is amended by:
Administration of Performance Assurance. (i) Subparagraph 6(a)(i) is amended by inserting the words “(other than Paragraph 6(a)(ii)(B))” after the words “then the provisions of Paragraph 6(a)(ii)”.
(ii) Subparagraph 6(a)(ii)(B) is amended by (a) deleting “to perfect the security interest of the Non-Downgraded Party” and replacing it with “to perfect the security interest of the Downgraded Party” and .
Administration of Performance Assurance. The term “Local Business Day” shall be amended to read “Business Day” throughout. Subparagraph 6(a)(ii)(B) is amended by:
(a) Deleting “to perfect the security interest of the Non- Downgraded Party” and replacing it with “to perfect the security interest of the Downgraded Party”.
(b) Deleting the last two (2) sentences of that paragraph. Paragraph 6(a)(iii) is amended to read in its entirety as follows: “[Intentionally deleted.]. Cash held by Party B as Performance Assurance shall not have any interest calculated for or paid, and no Interest Amount shall be calculated as being due from, or transferrable or payable by, Party B.
Administration of Performance Assurance. Any Letter of Credit shall be subject to the following provisions:
i. Unless otherwise agreed to in writing by the parties, each Letter of Credit shall be maintained for the benefit of the Secured Party. The Pledging Party shall:
(A) renew or cause the renewal of each outstanding Letter of Credit on a timely basis as provided in the relevant Letter of Credit; (B) if the bank that issued an outstanding Letter of Credit has indicated its intent not to renew such Letter of Credit, provide either a substitute Letter of Credit at least twenty (20) business days prior to the expiration of the outstanding Letter of Credit; and (C) if a bank issuing a Letter of Credit shall fail to honor the Secured Party's properly documented request to draw on an outstanding Letter of Credit, provide for the benefit of the Secured Party either a substitute Letter of Cred it that is issued by a bank acceptable to the Secured Party with in one (1) business day after such refusal;
ii. The Pledging Party may increase the amount of an outstanding Letter of Credit or establish one or more additional Letters of Credit; and Xxxxx X. Xxxxxxxx Executive Director
iii. With respect to each such Letter of Credit, the Pledging Party hereby irrevocably constitutes and appoints the Secured Party and any officer or agent thereof, with full power of substitution, as the Pledging Party's true and lawful attorney-in-fact with full irrevocable power and authority to act in the name, place and stead of the Pledging Party or in the Secured Party's own name, from time to time in the Secured Party's discretion, but only in strict adhere to the terms set forth in the Letter of Credit, for the purpose of taking any and all action and executing and delivering any and all documents or instruments which may be necessary or desirable to accomplish the purposes of this Paragraph 19.
Administration of Performance Assurance. (a) Cash. Performance Assurance provided in the form of Cash to Secured Party shall be held in a jurisdiction of the United States at all times and shall be subject to the following provisions:
Administration of Performance Assurance. (a) Cash. Performance Assurance provided in the form of Cash to a Party that is the Secured Party shall be subject to the following provisions:
