Negative Watch Credit Support in Favor of Southern Sample Clauses

Negative Watch Credit Support in Favor of Southern. If at any time during the period beginning on the date hereof through December 31, 2005, the long term senior unsecured indebtedness of Dynegy Holdings Inc. (or the provider of an Eligible Guaranty) has or drops to a rating of either (i) Baa3 by Moody's (or future equivalent) and Dynegy Holdings Inc. (or the provider of an Eligible Guaranty), its credit rating or indebtedness is on watch for possible downgrade by Moody's (or future equivalent) or (ii) BBB- by S&P (or future equivalent) and Dynegy Holdings Inc. (or the provider of an Eligible Guaranty), its credit rating or indebtedness is on negative CreditWatch by S&P (or future equivalent), then DYPM or Dynegy Holdings Inc. (or the provider of an Eligible Guaranty) shall within three (3) Business Days after such event provide to and maintain in favor of Southern a letter of credit issued by an issuer reasonably acceptable to Southern in the amount of [redacted] in substantially the form of Appendix E hereto unless a [redacted] letter of credit has been properly issued and remains in effect in accordance with the first sentence of Section 14.3 or 14.4 below. Without limiting the foregoing, if at any time during the period June 1, 2005 through December 31, 2005, the long term senior unsecured indebtedness of Dynegy Holdings Inc. (or the provider of an Eligible Guaranty) has or drops to a rating of either (i) Baa3 by Moody's (or future equivalent) and Dynegy Holdings Inc. (or the provider of an Eligible Guaranty), its credit rating or indebtedness is on watch for possible downgrade by Moody's (or future equivalent) or (ii) BBB- by S&P (or future equivalent) and Dynegy Holdings Inc. (or the provider of an Eligible Guaranty), its credit rating or indebtedness is on negative CreditWatch by S&P (or future equivalent), then DYPM or Dynegy Holdings Inc. (or the provider of an Eligible Guaranty) shall within three (3) Business Days after such event provide or cause to be provided to Southern a [redacted] payment in lieu of the last twenty-four (24) months of monthly Reservation Payments unless the monthly Reservation Payments to Southern under this Agreement are immediately and thereafter remain increased by $150,000 per month.
Sample 1
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Negative Watch Credit Support in Favor of Southern. If at any time during the period beginning on the date hereof through December 31, 2005, the long term senior unsecured indebtedness of Dynegy Holdings Inc. (or the provider of an Eligible Guaranty) has or drops to a rating of either (i) Baa3 by Moody's (or future equivalent) and Dynegy Holdings Inc. (or the provider of an Eligible Guaranty), its credit rating or indebtedness is on watch for possible downgrade by Moody's (or future equivalent) or (ii) BBB- by S&P (or future equivalent) and Dynegy Holdings Inc. (or the provider of an Eligible Guaranty), its credit rating or indebtedness is on negative CreditWatch by S&P (or future equivalent), then DYPM, DMT or Dynegy Holdings Inc. (or the provider of an Eligible Guaranty) shall within three (3) Business Days after such event provide to and maintain in favor of Southern a letter of credit issued by an issuer reasonably acceptable to Southern in the amount of [redacted] in substantially the form of Appendix F hereto unless a [redacted] letter of credit has been properly issued and remains in effect in accordance with the first sentence of Section 15.3 or 15.4 below.
Sample 1

Related to Negative Watch Credit Support in Favor of Southern

  • Certain Credit Support Events If (i) the L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to Section 2.05 or 8.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (iii) above) or within one (1) Business Day (in all other cases) following any request by the Administrative Agent or the L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (iv) above, after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by the Defaulting Lender).

  • Credit Support A Credit Support Document between the Parties may apply to obligations governed by the Agreement. If the Parties have executed a Credit Support Document, such Credit Support Document shall be subject to the terms of the Agreement and is hereby incorporated by reference in the Agreement. In the event of any conflict between a Credit Support Document and the Agreement, the Agreement shall prevail, except for any provision in such Credit Support Document in respect of governing law.

  • Credit Support Obligations (i) Delivery Amount, Return Amount and Credit Support Amount.

  • Alternative Credit Support Election (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of "Class Percentage," and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows:

  • Credit Support Provider Credit Support Provider means in relation to Party A, not applicable. Credit Support Provider means in relation to Party B, not applicable.

  • REFERENCE TO THE CREDIT AGREEMENT (a) Upon the effectiveness of this First Amendment, each reference in the Credit Agreement to "this Agreement", "hereunder", or words of like import shall mean and be a reference to the Credit Agreement, as affected and amended hereby.

  • Required Ratings The Offered Certificates shall have received Required Ratings of at least [ ] from [ ].

  • Ratings Letters The Depositor will have received ratings letters that assign the ratings to the Publicly Registered Notes specified in the Terms Annex.

  • Credit Support Default (1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed;

  • Excluded Swap Obligations (a) Notwithstanding any provision of this Agreement or any other Loan Document, no Guarantee by any Loan Party under any Loan Document shall include a Guarantee of any Excluded Swap Obligation and no Collateral provided by any Loan Party shall secure any Excluded Swap Obligation. In the event that any payment is made by, or any collection is realized from, any Loan Party for which there are Excluded Swap Obligations, or from any Collateral provided by such Loan Party, the proceeds thereof shall be applied to pay the Obligations of such Loan Party on a ratable basis determined without giving effect to such Excluded Swap Obligations and each reference in this Agreement or any other Loan Document to the ratable application of such amounts as among the Obligations or any specified portion of the Obligations that would otherwise include such Excluded Swap Obligations shall be deemed so to provide.

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