Common use of Issuer Quality Event Clause in Contracts

Issuer Quality Event. If an Issuer Quality Event occurs, Tenant, upon 30 days advance written notice from Landlord, must, at its own cost and expense, provide Landlord with a replacement Letter of Credit meeting all of the requirements of Section 18.36(a) above. The term “Issuer Quality Event” means the financial strength and/or quality of reputation materially decreases from that at the time of original issuance of the Letter of Credit by Issuer, as reasonably determined by Landlord. An Issuer Quality Event will, at Landlord’s election, be an Event of Default under this Lease.

Issuer Quality Event. If an Issuer Quality Event occurs, Tenant, upon 30 thirty (30) days advance written notice from Landlord, must, at its own cost and expense, provide Landlord with a replacement Letter of Credit meeting all of the requirements of Section 18.36(a) 1.A. above. The term “Issuer Quality Event” means the financial strength and/or quality of reputation materially decreases from that at the time of original issuance of the Failure to timely provide a replacement Letter of Credit by Issuer, as reasonably determined by Landlord. An Issuer Quality Event willshall, at Landlord’s election, be an Event of Default under this the Lease. The term “Issuer Quality Event” means the Issuer fails to meet criteria set forth in Section 1.A.(a) above.