Common use of Issuer Quality Event Clause in Contracts

Issuer Quality Event. If an Issuer Quality Event occurs, Tenant, upon 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 1.A. above. Failure to timely provide a replacement Letter of Credit shall, at Landlord’s election, be an Event of Default under the Lease. The term “Issuer Quality Event” means the Issuer fails to meet criteria set forth in Section 1.A.(a) above.

Issuer Quality Event. If an Issuer Quality Event occurs, Tenant, upon thirty (30) 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 1.A. 18.36(a) above. Failure to timely provide a replacement 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 shallby Issuer, as reasonably determined by Landlord. An Issuer Quality Event will, at Landlord’s election, be an Event of Default under the this Lease. The term “Issuer Quality Event” means the Issuer fails to meet criteria set forth in Section 1.A.(a) above.