Common use of CHANGE OF RATING Clause in Contracts

CHANGE OF RATING. If, during the performance of the Contract, the Shipper, its parent company or the bank that issued a Guarantee has its rating downgraded to below the thresholds defined in this article 8, the Shipper should produce a new Guarantee in compliance with the Contract requirements in the month following this downgrading. If not, the TSO may call in the Guarantee and retain the amount as security until the end of the Contract or the transmission of the new Guarantee.

CHANGE OF RATING. If, during the performance of the Contract, the Shipper, its parent company or the bank that issued a Guarantee has its rating downgraded to below the thresholds defined in this article 8, the Shipper should produce a new Guarantee in compliance with the Contract requirements in the month following this downgrading. If not, the TSO may call in the Guarantee and retain the amount as security until the end of the Contract or the transmission of the new Guarantee.. CHAPTER III: GENERAL OPERATING PROVISONS