Common use of Credit Support Failure Clause in Contracts

Credit Support Failure. A Party’s guarantor or other provider of credit support for such Party (a “Credit Support Provider”) with respect to the Party, if any, (i) fails to satisfy, perform or comply with any agreement or obligation to be complied with or performed by it in accordance with the credit support document and such failure continues after any applicable grace or notice period, (ii) makes any representation or warranty that proves to be incorrect or misleading in any material respect when made in connection with such Performance Assurance and/or credit support document, or (iii) repudiates, disclaims, disaffirms or rejects, in whole or part, any obligation under, or challenges the validity of, its Performance Assurance and/or credit support document.

Credit Support Failure. A Party’s guarantor or other provider of credit support for such Party Party, in addition to any entity specified as such on the Cover Sheet, (a “Credit Support Provider”) ” with respect to the Party), if any, (i) fails to satisfy, perform or comply with any agreement or obligation to be complied with or performed by it in accordance with the credit support document Credit Support Document and such failure continues after any applicable grace or notice period, (ii) makes any representation or warranty that proves to be incorrect or misleading in any material respect when made in connection with such Performance Assurance and/or credit support documentCredit Support Document, or (iii) repudiates, disclaims, disaffirms or rejects, in whole or part, any obligation under, or challenges the validity of, its Performance Assurance and/or credit support documentCredit Support Document.

Credit Support Failure. A Party’s guarantor or other provider of credit support for such Party Party, in addition to any entity specified as such, (a “Credit Support Provider”) ” with respect to the Party), if any, (i) fails to satisfy, perform or comply with any agreement or obligation to be complied with or performed by it in accordance with the credit support document Credit Support Document and such failure continues after any applicable grace or notice period, (ii) makes any representation or warranty that proves to be incorrect or misleading in any material respect when made in connection with such Performance Assurance and/or credit support documentCredit Support Document, or (iii) repudiates, disclaims, disaffirms or rejects, in whole or part, any obligation under, or challenges the validity of, its Performance Assurance and/or credit support documentCredit Support Document.