Common use of Backstop Letters of Credit Clause in Contracts

Backstop Letters of Credit. At any time following the Closing, Buyer shall have the right to draw on any Backstop Letter of Credit delivered by any Seller, if any, in such amounts as are payable to any Buyer Indemnified Party under the terms of this Article 12 with respect to any Buyer Claims. In addition, if any Seller has delivered a Backstop Letter of Credit and at any time following the Closing the issuing bank of such Backstop Letter of Credit does not hold a long-term senior unsecured credit rating of Baa3 or higher by Xxxxx’x Investors Service or BBB- or higher by Standard & Poor’s Ratings Services, then, within five Business Days, the applicable Seller shall deliver to Buyer and/or Buyer Designee a replacement Backstop Letter of Credit from a bank that satisfies the credit rating criteria.

Backstop Letters of Credit. At any time following the Closing, Buyer shall have the right to draw on any Backstop Letter of Credit delivered by any Seller, if any, in such amounts as are payable to any Buyer Indemnified Party under the terms of this Article 12 with respect to any Buyer Claims. In addition, if any Seller has delivered a Backstop Letter of Credit and at any time following the Closing the issuing bank of such Backstop Letter of Credit does not hold a long-term senior unsecured credit rating of Baa3 or higher by Xxxxx’x Mxxxx’x Investors Service or BBB- or higher by Standard & Poor’s Ratings Services, then, within five Business Days, the applicable Seller shall deliver to Buyer and/or Buyer Designee a replacement Backstop Letter of Credit from a bank that satisfies the credit rating criteria.