Common use of Alternate Security Clause in Contracts

Alternate Security. In lieu of the right given to the Executive under Subparagraph (a), he shall have the right under such circumstances to require that the Company or its Affiliates provide (i) an irrevocable standby letter of credit issued by a financial institution other than the Company or any Subsidiary of the Company with a senior debt credit rating of “A” or better by Xxxxx’x Investors Service or Standard & Poor’s Corporation, or (ii) other security reasonably acceptable to him, to secure the payment of such compensation and benefits.

Alternate Security. In lieu of the right given to the Executive under Subparagraph (a), he shall have the right under such circumstances to require that the Company or its Affiliates provide (i) an irrevocable standby letter of credit issued by a financial institution other than the Company or any Subsidiary of the Company with a senior debt credit rating of “A” or better by Xxxxx’x Mxxxx’x Investors Service or Standard & Poor’s Corporation, or (ii) other security reasonably acceptable to him, to secure the payment of such compensation and benefits.

Alternate Security. In lieu of the right given to the Executive under Subparagraph (a), he shall have the right under such circumstances to require that the Company or its Affiliates provide (i) an irrevocable standby letter of credit issued by a financial institution other than the Company or any Subsidiary of the Company with a senior debt credit rating of “"A” " or better by Xxxxx’x Moody's Investors Service or Standard & Poor’s 's Corporation, or (iiix) other xxxxr security reasonably acceptable to him, to secure the payment of such compensation and benefits.