Credit and Collateral. We have reviewed and approved your credit prior to entering this Agreement, and any credit terms are reflected on the Service Application. Should we at any time during the term become reasonably concerned about your credit quality (as result of, for instance, late payments or a credit rating agency downgrade or changes in consumption), the we may require, and you will provide to our reasonable satisfaction, additional credit assurance in the form of prepayment, a cash deposit or a letter of credit or a payment guaranty from a credit qualified party (“Performance Assurance”).
Credit and Collateral. Seller’s Credit and Collateral Requirements If, at any time during the Term Seller does not have a Credit Rating, or if its Credit Rating is below BBB- from S&P or Baa3 from Xxxxx’x, if rated by both S&P and Xxxxx’x or below BBB- from S&P or Baa3 from Xxxxx’x, if rated by either S&P or Xxxxx’x, but not both, Seller shall provide and maintain collateral with Buyer in an amount equal to the sum of the following: (i) twenty percent (20%) of the sum of the estimated Delivered Capacity Payments for all of the remaining months of the Delivery Period including the current month, with such estimated Delivered Capacity Payments being based on the applicable Monthly Quantity values times the applicable Contract Price, plus (ii) twenty percent (20%) of the estimated Undelivered Energy Penalty based on the associated Monthly Contracted Quantity (collectively, “Performance Assurance”). If Seller’s Credit Rating is at or above BBB- from S&P and Baa3 from Xxxxx’x, if rated by both S&P and Xxxxx’x, or at or above BBB- from S&P or Baa3 from Xxxxx’x, if rated by either S&P or Xxxxx’x, but not both, Seller shall have no obligation to provide Performance Assurance to Buyer, and Sections 5.2 through 5.5 will not be applicable. If required pursuant to Section 5.1(a) as of the Execution Date, Seller shall post the Performance Assurance with Buyer within ten (10) Business Days of the Execution Date. If required pursuant to Section 5.1(a) at any other time during the Term, Seller shall post the Performance Assurance with Buyer within five (5) Business Days of the date of the event that triggered Seller’s posting requirement under Section 5.1(a).
Credit and Collateral. 9 5.1. Seller’s Credit and Collateral Requirements 9 5.2. Grant of Security Interest/Remedies 10 5.3. Reduction and Substitution of Performance Assurance 10 5.4. Administration of Performance Assurance 12 5.5. Exercise of Rights against Performance Assurance 14 5.6. Financial Information 14 5.7. Access to Financial Information 15 5.8. Uniform Commercial Code Waiver 15
Credit and Collateral. 16 ARTICLE 6. SPECIAL TERMS AND CONDITIONS 25 ARTICLE 7. REPRESENTATIONS, WARRANTIES AND cOVENANTS 27
Credit and Collateral for the PFI's Obligations. The PFI shall pledge collateral pursuant to the terms and conditions of the Advances Agreement to secure its Credit Enhancement. As security for its Credit Enhancement together with all other obligations of the PFI arising under this Contract, the PFI, pursuant to the Advances Agreement, assigns, transfers, and pledges to the Bank, and grants to the Bank, a security interest in collateral identified, by category, by specific item or otherwise, by the PFI. The Credit Enhancement and all other obligations of the PFI under this Contract shall be an obligation arising under and secured pursuant to the Advances Agreement, and deemed to be Indebtedness or Liabilities (if either term is used in the Advances Agreement) of the PFI and an extension of credit by the Bank pursuant to the Advances Agreement. The PFI shall at all times maintain an adequate amount of pledged collateral for its Credit Enhancement, which amount shall be determined by the Bank, taking into account other credit obligations of the PFI secured pursuant to the terms and conditions of the Advances Agreement. It is understood and agreed, notwithstanding any other provision of this Contract or any pledge of collateral for a particular purpose, that all collateral, and proceeds thereof, in which the Bank has a security interest secures any and all indebtedness or liability of the PFI to the Bank arising under any agreement with the Bank as more fully provided in the Advances Agreement and in Section 4.8 of this Contract. Notwithstanding the foregoing provision of this Section 4.7, the collateral and security interest granted hereunder shall not be deemed in any manner to evidence that the delivery of the Mortgages hereunder is a secured borrowing as opposed to a true sale. The PFI agrees that until all Mortgages serviced or credit enhanced under this Contract are repaid or otherwise disposed of, the PFI will continue to provide the Bank with financial information as required by the Guides, the MPF Program Requirements and the Bank from time to time, and to notify the Bank promptly in writing of any material changes that occur in the PFI's financial condition. The PFI further agrees that the Bank may provide such financial information to the MPF Provider and other Participants or potential Participants in the Mortgages. Further, the PFI represents and warrants to the Bank that the PFI has the full power and authority to provide the Credit Enhancement required under this Ar...
Credit and Collateral. 16 ARTICLE 6. SPECIAL TERMS AND CONDITIONS 25 ARTICLE 7. REPRESENTATIONS, WARRANTIES AND cOVENANTS 28 ARTICLE 8. NOTICES 33 ARTICLE 9. EVENTS OF DEFAULT; TERMINATION 35 ARTICLE 10. DISPUTE RESOLUTION 38 ARTICLE 11. INDEMNIFICATION 43 ARTICLE 12. LIMITATION OF REMEDIES, LIABILITY, AND DAMAGES 44 ARTICLE 13. CONFIDENTIALITY 45 ARTICLE 14. FORCE MAJEURE 46 ARTICLE 15. MISCELLANEOUS 47 EXHIBIT A DEFINITIONS EXHIBIT B MONTHLY CONTRACTED QUANTITY AND CORRESPONDING CONTRACT PRICE EXHIBIT C FORM OF NOTICE OF DEMONSTRATED CAPACITY EXHIBIT D COMMUNICATION PROTOCOLS FOR DATA ISSUES EXHIBIT E MINIMUM ENERGY DISPATCH REQUIREMENTS EXHIBIT F FORM OF NOTICE OF SHOWING MONTH SUPPLY PLAN EXHIBIT G IMPLEMENTATION GUIDELINES FOR QUALIFYING CAPACITY EXHIBIT H MILESTONE SCHEDULE AND FORM OF PROGRESS REPORT EXHIBIT I FORM OF LETTER OF CREDIT This Demand Response Resource Purchase Agreement, together with its exhibits (the “Agreement”) is entered into by and between SAN DIEGO GAS AND ELECTRIC COMPANY a California corporation (“Buyer”), and [Aggregator or Demand Response Provider], a [Seller’s business registration] (“Seller”), as of the latest signature date hereof (“Execution Date”). Xxxxx and Seller are referred to herein individually as a “Party” and collectively as “Parties.” Unless the context otherwise specifies or requires, capitalized terms in this Agreement have the meanings set forth in Exhibit A.
Credit and Collateral. Development Security.
Credit and Collateral. EXCEPTIONS --------------------------------
(a) The Association and its Board shall use its best efforts to correct each of the credit and collateral exceptions as noted in the March 24, 1997 OTS
Credit and Collateral. Colonial has reviewed and approved Xxxxx’s credit prior to entering this Agreement, should Colonial at any time during the term become reasonably concerned about Buyer’s ability to pay (as result of, for instance, late payments or a credit rating agency downgrade or changes in consumption), then Colonial may require, and Buyer will provide to Colonial’s reasonable satisfaction, additional credit assurance in the form of prepayment, or a letter of credit or a payment guaranty from a credit qualified party.
Credit and Collateral
