Common use of Failure to Maintain Credit Support Clause in Contracts

Failure to Maintain Credit Support. The failure of Seller to provide, maintain and/or replenish the Development Period Security, the Operating Period Security or the Default Credit Support as required pursuant to this Agreement, and such failure continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller. For the avoidance of doubt, it shall be deemed an Event of Default if Seller provides Credit Support in the form of a letter of credit and, with respect to an outstanding letter of credit, one of the following events occurs with respect to the issuer of such letter of credit: (i) such issuer shall fail to be a Qualified Bank; (ii) such issuer shall fail to comply with or perform its obligations under such letter of credit; or (iii) such issuer shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of, such letter of credit, and such failure, disaffirmation, disclamation, repudiation or rejection continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller; or

Failure to Maintain Credit Support. The failure of Seller to provide, maintain and/or replenish the Development Period Security, Security or the Operating Period Security or the Default Credit Support as required pursuant to Article 6 of this Agreement, Agreement and such failure continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller. For the avoidance of doubt, it shall be deemed an Event of Default if Seller provides Credit Support in the form of a letter Letter of credit Credit and, with respect to an outstanding letter Letter of creditCredit, one of the following events occurs with respect to the issuer of such letter Letter of creditCredit: (i) such issuer shall fail to be a Qualified Bank; (ii) such issuer shall fail to comply with or perform its obligations under such letter Letter of creditCredit; or (iii) such issuer shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of, such letter Letter of creditCredit, and such failure, disaffirmation, disclamation, repudiation or rejection continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller (a “Letter of Credit Default”). Notwithstanding the foregoing, no Event of Default shall arise under this Section 9.2(b) if a Letter of Credit Default has occurred, the applicable Letter of Credit remains in effect, and Buyer has not attempted to draw on such effective Letter of Credit to satisfy Seller’s Credit Support obligations with Cash, it being understood that Buyer otherwise has no obligation to draw on such Letter of Credit prior to its expiration or termination; or

Failure to Maintain Credit Support. The failure of Seller to provide, maintain and/or replenish the Development Period Security, the Operating Period Security or the Default Credit Support as required pursuant to Article 6 of this Agreement, and such failure continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller[. For the avoidance of doubt, it shall be deemed an Event of Default if Seller provides Credit Support in the form of a letter of credit and, with respect to an outstanding letter of credit, one of the following events occurs with respect to the issuer of such letter of credit: (i) such issuer shall fail to be a Qualified Bank; (ii) such issuer shall fail to comply with or perform its obligations under such letter of credit; or (iii) such issuer shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of, such letter of credit, and such failure, disaffirmation, disclamation, repudiation or rejection continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller]; or

Failure to Maintain Credit Support. The failure of Seller to provide, maintain and/or replenish the Development Period Security, the Operating Period Security or the Default Credit Support as required pursuant to Article 6 of this Agreement, and such failure continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller[. For the avoidance of doubt, it shall be deemed an Event of Default if Seller provides Credit Support in the form of a letter of credit and, with respect to an outstanding letter of credit, one of the following events occurs with respect to the issuer of such letter of credit: (i) such issuer shall fail to be a Qualified Bank; (ii) such issuer shall fail to comply with or perform its obligations under such letter of credit; or (iii) such issuer shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of, such letter of credit, and such failure, disaffirmation, disclamation, repudiation or rejection continues for more than five (5) Business Days after Buyer Xxxxx has provided written notice thereof to Seller]; or

Failure to Maintain Credit Support. The failure of Seller to provide, maintain and/or replenish the Development Period Security, the Operating Period Security or the Default Credit Support as required pursuant to Article 6 of this Agreement, and such failure continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller. [For the avoidance of doubt, it shall be deemed an Event of Default if Seller provides Credit Support in the form of a letter of credit and, with respect to an outstanding letter of credit, one of the following events occurs with respect to the issuer of such letter of credit: (i) such issuer shall fail to be a Qualified Bank; (ii) such issuer shall fail to comply with or perform its obligations under such letter of credit; or (iii) such issuer shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of, such letter of credit, and such failure, disaffirmation, disclamation, repudiation or rejection continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller; or

Failure to Maintain Credit Support. The failure of Seller to provide, maintain and/or replenish the Development Period Security, CCIS Network Upgrade Security, as applicable, or the Operating Period Security or the Default Credit Support as required pursuant to Section 3.7 and Article 6 of this Agreement, and such failure continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller. For the avoidance of doubt, it shall be deemed an Event of Default if Seller provides Credit Support in the form of a letter of credit and, with respect to an outstanding letter of credit, one of the following events occurs with respect to the issuer of such letter of credit: (i) such issuer shall fail to be a Qualified Bank; (ii) such issuer shall fail to comply with or perform its obligations under such letter of credit; or (iii) such issuer shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of, such letter of credit, and such failure, disaffirmation, disclamation, repudiation or rejection continues for more than five (5) Business Days after Buyer has provided written notice thereof to SellerSeller (a “Letter of Credit Default”), provided that, solely in the event that the Letter of Credit Default is pursuant to clauses (i) or (iii) of such defined term, Seller may replace a Letter of Credit with Cash, which Cash shall not be subject to payment of interest by Buyer and shall be replaced with a substitute Letter of Credit within ) Business Days of the date upon which such cash was deposited with Buyer; or

Failure to Maintain Credit Support. The failure of Seller to provide, maintain and/or replenish the Development Period Security, the Operating Period Security or the Default Credit Support Performance Assurance as required pursuant to Article 6 of this Agreement, and such failure continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller. For the avoidance of doubt, it shall be deemed an Event of Default if Seller provides Credit Support in the form of a letter of credit and, with respect to an outstanding letter of credit, one of the following events occurs with respect to the issuer of such letter of credit: (i) such issuer shall fail to be a Qualified Bank; (ii) such issuer shall fail to comply with or perform its obligations under such letter of credit; or (iii) such issuer shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of, such letter of credit, and such failure, failure disaffirmation, disclamation, repudiation or rejection continues for more than five (5) Business Days after Buyer Xxxxx has provided written notice thereof to Seller; or

Failure to Maintain Credit Support. The failure of Seller to provide, maintain and/or replenish the Development Period Security, the Operating Period Security or the Default Credit Support as required pursuant to this Agreement, and such failure continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller. For the avoidance of doubt, it shall be deemed an Event of Default if Seller provides Credit Support in the form of a letter of credit and, with respect to an outstanding letter of credit, one of the following events occurs with respect to the issuer of such letter of credit: (i) such issuer shall fail to be a Qualified Bank; (ii) such issuer shall fail to comply with or perform its obligations under such letter of credit; or (iii) such issuer shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of, such letter of credit, and such failure, disaffirmation, disclamation, repudiation or rejection continues for more than five (5) Business Days after Buyer Xxxxx has provided written notice thereof to Seller; or