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 STWA provide (i) an irrevocable standby letter of credit issued by a financial institution other than STWA or any Subsidiary of STWA with a senior debt credit rating of “A” or better by 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 STWA provide (i) an irrevocable standby letter of credit issued by a financial institution other than STWA or any Subsidiary of STWA with a senior debt credit rating of “"A” " or better by Mxxxx’x Xxxxx'x Investors Service or Standard & Poor’s 's Corporation, or (ii) other security reasonably acceptable to him, to secure the payment of such compensation and benefits.