Creditworthiness Determination. The Companies will determine the creditworthiness of the XXXX Supplier or its Guarantor, if applicable, whether organized under the laws of the United States or organized under the laws of a foreign jurisdiction, based on its most recent senior unsecured debt rating (or, if unavailable, its corporate issuer rating). The Companies will have full discretion, without liability or recourse to such XXXX Supplier or its Guarantor, if applicable, to evaluate the evidence of creditworthiness submitted by such XXXX Supplier or Guarantor. The Companies may re-evaluate the creditworthiness of the XXXX Supplier or Guarantor from time to time, including whenever they become aware of an adverse change in such XXXX Supplier’s or Guarantor’s credit standing. In addition, the XXXX Supplier may petition the Companies to re-evaluate its creditworthiness whenever an event occurs that the XXXX Supplier reasonably believes would improve the determination made by the Companies of its or its Guarantor’s creditworthiness. The Companies’ credit re- evaluation must be completed as soon as practicable, but in no event longer than thirty (30) days after receiving a fully documented request. The Companies shall provide the rationale for their determination of the credit limit and any resulting security requirement and such determination shall be deemed final and conclusive. The Companies shall perform their credit re-evaluation and associated security calculation in a non-discriminatory manner. The XXXX Supplier or its Guarantor shall provide unrestricted access to its audited financial statements; however, if audited financial statements are not available, the Companies may specify other types of financial statements that will be accepted. If the Companies determine in their sole discretion that they are unable to adequately assess the XXXX Supplier’s or Guarantor’s creditworthiness or the credit rating of the XXXX Supplier or its Guarantor is insufficient, such XXXX Supplier shall be required to post ICR Collateral in accordance with Section 6.4 and Margin Collateral in accordance with Section 6.7.
Creditworthiness Determination. Duke Energy Ohio will determine the creditworthiness of an SSO Supplier or its Guarantor, if applicable, whether organized under the laws of the United States or organized under the laws of a foreign jurisdiction, based on its most recent senior unsecured debt rating (or, if unavailable, its corporate or issuer rating). Duke Energy Ohio will have full discretion, without liability or recourse to such SSO Supplier or its Guarantor, if applicable, to evaluate the evidence of creditworthiness submitted by such SSO Supplier or Guarantor. Duke Energy Ohio may re-evaluate the creditworthiness of an SSO Supplier or Guarantor from time to time, including whenever it becomes aware of an adverse change in such SSO Supplier’s or Guarantor’s credit standing. In addition, the SSO Supplier may petition Duke Energy Ohio to re-evaluate its creditworthiness whenever an event occurs that the SSO Supplier reasonably believes would improve the determination made by Duke Energy Ohio of its or its Guarantor’s creditworthiness. Duke Energy Ohio’s credit re-evaluation must be completed as soon as practicable, but in no event longer than thirty (30) days after receiving a fully documented request. Duke Energy Ohio shall provide the rationale for its determination of the Credit Limit and any resulting security requirement and such determination shall be deemed final and conclusive. Duke Energy Ohio shall perform its credit re-evaluation and associated security calculation in a non-discriminatory manner. Each SSO Supplier or its Guarantor shall provide unrestricted access to its audited financial statements; however, if audited financial statements are not available, Duke Energy Ohio may specify other types of financial statements that will be accepted. If Duke Energy Ohio determines in its sole discretion that it is unable to adequately assess an SSO Supplier’s or Guarantor’s creditworthiness or the credit rating of an SSO Supplier or its Guarantor is insufficient, such SSO Supplier shall be required to post ICR Collateral in accordance with Section 5.4(d) and Margin Collateral in accordance with Section 5.7.
Creditworthiness Determination. The DS Supplier may submit and maintain a security deposit in accordance with Section 6.4 of this Agreement in lieu of submitting to or being qualified under a creditworthiness evaluation. The DS Supplier shall have the opportunity to request that the Company re-evaluate its creditworthiness whenever an event occurs that the DS Supplier believes would improve the determination made by the Company of its creditworthiness. The Company’s credit re-evaluation must be completed as soon as possible but no longer than thirty (30) days after receiving a fully documented request. The Company must provide the rationale for its determination of the credit limit and any resulting security requirement. The Company must perform its credit re-evaluation and associated security calculation in a non-discriminatory manner. DS Supplier shall provide the Company and its agents unrestricted access to audited financial statements; provided that if audited financial statements are not available, the Company, in its sole discretion, may specify other types of financial statements that will be accepted.
Creditworthiness Determination. The BGS-RSCP Supplier may submit and maintain a security deposit in accordance with Section 6.3 and 6.6 of this Agreement in lieu of submitting to or being qualified under a creditworthiness evaluation. The BGS-RSCP Supplier shall have the opportunity to petition the Company to re-evaluate its creditworthiness whenever an event occurs that the BGS-RSCP Supplier believes would improve the determination made by the Company of its creditworthiness. The Company’s credit re-evaluation must be completed as soon as possible but no longer than thirty (30) days after receiving a fully documented request. The Company must provide the rationale for its determination of the credit limit and any resulting security requirement. The Company must perform its credit re-evaluation and associated security calculation in a non-discriminatory manner. BGS-RSCP Suppliers shall provide unrestricted access to audited financial statements; provided that if audited financial statements are not available, the Company may specify other types of financial statements that will be accepted.
Creditworthiness Determination. The BGS-FP Supplier may submit and maintain a security deposit in lieu of submitting to or being qualified under a creditworthiness evaluation. The BGS-FP Supplier shall have the opportunity to petition the Companies to re-evaluate its creditworthiness whenever an event occurs that the BGS-FP Supplier believes would improve the determination made by the Companies of its creditworthiness. The Companies’ credit re-evaluation must be completed as soon as possible but no later than thirty (30) days after receiving a fully documented request. The Companies must provide the rationale for their determination of the Credit Limit and any resulting security requirement. The Companies must perform their credit re-evaluation and associated security calculation in a non-discriminatory manner. The BGS-FP Supplier shall provide unrestricted access to audited financial statements of the BGS-FP Supplier or the Guarantor, as the case may be, if such audited financial statements are not available on XXXXX at xxxx://xxx.xxx.xxx/xxxxx.xxxxx; provided, however, that if audited financial statements are not available, the Companies may accept other types of financial statements. In the event that the BGS-FP Supplier relies upon a Guarantor, the creditworthiness determination provided for by this section shall apply to the Guarantor.
Creditworthiness Determination. The Companies will determine the creditworthiness of an SSO Supplier or its Guarantor, if applicable, whether organized under the laws of the United States or organized under the laws of a foreign jurisdiction, based on its most recent senior unsecured debt rating (or, if unavailable, its corporate issuer rating). The Companies will have full discretion, without liability or recourse to such SSO Supplier or its Guarantor, if applicable, to evaluate the evidence of creditworthiness submitted by such SSO Supplier or Guarantor. The Companies may re-evaluate the creditworthiness of an SSO Supplier or Guarantor from time to time, including whenever they become aware of an adverse change in such SSO Supplier’s or Guarantor’s credit standing. In addition, the SSO Supplier may petition the Companies to re-evaluate its creditworthiness whenever an event occurs that the SSO Supplier reasonably believes would improve the determination made by the Companies of its or its Guarantor’s creditworthiness. The Companies’ credit re-evaluation must be completed as soon as practicable, but in no event longer than thirty
Creditworthiness Determination. The BGS-FP Supplier may submit and maintain a security deposit in accordance with Sections 6.4 and 6.6 in lieu of submitting to or being qualified under a creditworthiness evaluation. The BGS-FP Supplier shall have the opportunity to petition the Companies to re- evaluate its creditworthiness whenever an event occurs that the BGS-FP Supplier believes would improve the determination made by the Companies of its creditworthiness. The Companies’ credit re-evaluation must be completed as soon as possible but no later than thirty
Creditworthiness Determination. The DS Supplier may submit and maintain a security deposit in accordance with
Creditworthiness Determination. The Company will determine whether the SPAEC Supplier is creditworthy, or whether the SPAEC Supplier must post security, throughout the Term of this Agreement as follows:
5.1.1 The SPAEC Supplier or its Guarantor will be deemed creditworthy upon meeting the following requirements:
(a) the SPAEC Supplier is rated by at least two of the following rating agencies: Standard & Poor’s Rating Services (“S&P”), Xxxxx’x Investors Service, Inc. (“Moody’s”), or Fitch, Inc. (“Fitch”), and
(b) the SPAEC Supplier has a minimum senior unsecured debt rating (or, if unavailable, corporate issuer debt rating discounted one notch) of at least “BBB-” from S&P, “Baa3” from Moody’s, or “BBB-” from Fitch (a “Minimum Rating”).
(i) In case of split ratings, the lowest rating will be used.
(ii) In all instances, the most current senior unsecured debt rating (or, if unavailable, the most current corporate issuer debt rating discounted one notch) will be used.
5.1.2 For so long as the SPAEC Supplier or its Guarantor satisfies the aforementioned criteria during the Term and subject to Section 5.2 below, the SPAEC Supplier will be granted an Unsecured Credit Limit (“UCL”). Credit Rating of the SPAEC Supplier Max. Unsecured Credit Limit S&P Xxxxx’x Fitch A- and above A3 and above A- and above 16% of Tangible Net Worth (“TNW”) BBB+ Baa1 BBB+ 10% of TNW BBB Baa2 BBB 8% of TNW BBB- Baa3 BBB- 6% of TNW Below BBB- Below Baa3 Below BBB- 0% of TNW
(a) The UCL sets the SPAEC Supplier’s, or its Guarantor’s, maximum level of credit exposure up to, but not in excess of, the Credit Exposure Amount as defined in Section 5.2 below (and above which security shall be required), for purposes of the delivery of Product hereunder. The maximum level of the UCL will be determined based on the above table.
(b) The SPAEC Supplier shall promptly notify the Company of any change in its credit rating or financial condition or that of its Guarantor. The SPAEC Supplier shall also furnish evidence of an acceptable credit rating or financial condition upon the request of the Company.
5.1.3 The Company may make alternative credit arrangements with the SPAEC Supplier if the SPAEC Supplier is unable to demonstrate creditworthiness under the criteria set forth in Section 5.1.1 above. Alternative credit arrangements may include any of the following:
(a) The SPAEC Supplier may submit three years of audited, balance sheet, income, and cash flow statements and associated financial notes to the Company for review.
(i) If aft...
Creditworthiness Determination. Formatted: Right:
