Party B Credit Protection. Subsection (e) is replaced in its entirety, as follows:
Party B Credit Protection. (a) Financial Information: Option A Option B Option C Specify:
(b) Credit Assurances: Not Applicable Applicable
(c) Collateral Threshold: Not Applicable Applicable
(d) Downgrade Event: Not Applicable Applicable
(e) Guarantor for Party A: Not applicable Guarantee Amount: Not applicable
Party B Credit Protection. (a) Financial Information: [] Option A [] Option B Specify: [X] Option C Specify: audited annual financial statements of Guarantor.
(b) Credit Assurances: [X] Not Applicable [] Applicable
(c) Collateral Threshold: [X] Not Applicable [] Applicable If applicable, complete the following: Party A Collateral Threshold: $ N/A ; provided, however, that Party A’s Collateral Threshold shall be zero if an Event of Default with respect to Party A has occurred and is continuing. Party A Independent Amount: $ Party A Rounding Amount: $
(d) Downgrade Event: [X] Not Applicable [] Applicable [] It shall be a Downgrade Event for Party A if Party A’s Credit Rating falls below from S&P or from Moody’s or if Party A is not rated by either S&P or Moody’s [] Other: Specify:
(e) Guarantor for Party A: Coral Energy Holding, L.P. Guarantee Amount: $50,000,000 Confidentiality [X] Confidentiality Applicable (EEI Version 2.1 (modified 4/25/00) If not checked, inapplicable. [] Party A is a Governmental Entity or Public Power System [X] Party B is a Governmental Entity or Public Power System [] Add Section 3.6. If not checked, inapplicable [] Add Section 8.4. If not checked, inapplicable Other Changes Specify, if any: See Attached Addendum. This Addendum amends the Agreement as set forth below:
Party B Credit Protection. Unrated counterparties will be required to (a) post collateral upon the occurrence of a Material Adverse Change (definition to be provided), or
Party B Credit Protection. The applicable credit and collateral requirements shall be as specified on the Cover Sheet. If no option in Section 8.2(a) is specified on the Cover Sheet,
(a) Option C shall apply exclusively. If none of Sections 8.2(b), 8.2(c) or 8.2(d) are specified on the Cover Sheet, Section 8.2(b) shall apply exclusively.
Party B Credit Protection. Subsection (e) is replaced in its entirety, as follows:
(e) If specified on the Cover Sheet, Party A shall deliver to Party B, prior to or concurrently with the execution and delivery of this Master Agreement, a Guaranty substantially in the form set forth in Exhibit A to the Collateral Annex.”
Party B Credit Protection. (a) Financial Information: ⌧ Option A 🞎 Option B Specify: �� Option C Specify:
(b) Credit Assurances:
(c) Collateral Threshold: ⌧ Not Applicable 🞎 Applicable If applicable, complete the following: Party A Collateral Threshold: $ ; provided, however, that Party A’s Collateral Threshold shall be zero if an Event of Default or Potential Event of Default with respect to Party A has occurred and is continuing. Party A Independent Amount: $ Party A Rounding Amount: $ (d) Downgrade Event: 🞎 Not Applicable ⌧ Applicable If applicable, complete the following: ⌧ It shall be a Downgrade Event for Party A if Party A’s Credit Ratings from both S&P and Xxxxx’x fall below BBB and Baa2, respectively, or if Party A is not rated by either S&P or Xxxxx’x. 🞎 Other: Specify: (e) Guarantor for Party A: Guarantee Amount: Confidentiality ⌧ Confidentiality Applicable If not checked, inapplicable. 🞎 Party A is a Governmental Entity or Public Power System ⌧ Party B is a Governmental Entity or Public Power System ⌧ Add Section 3.6. If not checked, inapplicable ⌧ Add Section 8. If not checked, inapplicable. Collateral description as follows: Party B shall direct Pacific Gas & Electric (“PG&E”) to deposit into a lockbox account, in favor of Party A, all of the proceeds of all of the customer account receipts (net of the amounts to be paid to PG&E) received by Party B from the sale of the Product to its customers. Party A shall receive, in accordance with an account control agreement, payments for its invoice for the previous calendar month and after Party A’s invoice is paid, the amounts remaining in such lockbox shall be immediately released to Party B on the 25th of each calendar month. Party A acknowledges that revenues from customer account receipts may be subject to a lien securing secured loan facilities for Party B provided that Party A, Party B and the lender(s) of such secured loan facilities shall have agreed to an intercreditor agreement acceptable to Party A in its reasonable discretion to the extent that Party A’s lien on the amounts in the lockbox is at least pari passu with the lien of Party B’s lender(s). The Parties agree that the lockbox account shall be in the name of Party B, and any interest earned thereon shall accrue in favor of Party B.
1) In Section 1.1, add the following sentence at the end of the definition of “Affiliate”: “ The Parties hereby agree and acknowledge that the members of Party B shall not constitute or otherwise be deemed an “Affiliate” for ...
Party B Credit Protection. (a) Financial Information: ■ Option A □ Option B Specify: □ Option C Specify:
(b) Credit Assurances: ■ Not Applicable □ Applicable
Party B Credit Protection. (a) If at any time and from time to time during the term of this Agreement (and whether or not an Event of Default has occurred), the Termination Payment that would be owed to Party B exceeds the Party A Collateral Threshold, then Party B, on any Business Day, may request that Party A provide Performance Assurance in an amount equal to the amount by which the Termination Payment exceeds the Party A Collateral Threshold (rounding upwards for any fractional amount to the next Party A Rounding Amount) less any Performance Assurance already posted with Party B. Such Performance Assurance shall be delivered to Party B within two (2) ten (10) Business Days after the date of such request. On any Business Day (but no more frequently than weekly with respect to Letters of Credit and daily with respect to cash), Party A, at its sole cost, may request that such Performance Assurance be reduced to the extent that the amount of Performance Assurance posted by Party A exceeds the Termination Payment (rounding upwards for any fractional amount to the next Party A Rounding Amount) that would be owed to Party B. In the event that Party A fails to provide Performance Assurance pursuant hereto within two (2) ten (10) Business Days, an Event of Default shall be deemed to have occurred.
(b) If at any time there shall occur a Material Adverse Change in respect of Party A, then Party B may require Party A by notice to provide Performance Assurance in an amount determined by Party B to be commercially reasonable. In the event that Party A shall fail to provide such Performance Assurance or a guaranty or other credit assurance acceptable to Party B within two (2) ten (10) Business Days after receipt of such notice, then an Event of Default shall be deemed to have occurred.
(c) Party B may hold Performance Assurance or may appoint an agent to hold such Performance Assurance; provided, however, that Party B may not hold such Performance Assurance if it is a Defaulting Party under the Agreement and any agent that Party B appoints may not hold such Performance Assurance unless it is Qualified. If Party B or its agent fails to be Qualified, then, upon a demand made by Party A, Party B shall, not later than two (2) ten (10) Business Days after such demand, transfer or cause its agent to transfer all Performance Assurance held by Party B or such agent, as applicable, to a party that satisfies such conditions.
(d) Unless otherwise specified by Party B, interest shall accrue on any Perform...
Party B Credit Protection. (a) Financial Information: [_] Option A [X] Option B Specify: Electric Generation LLC [_] Option C Specify:________________________
(b) Credit Assurances: [X] Not Applicable [_] Applicable
(c) Collateral Threshold: [X] Not Applicable [_] Applicable If applicable, complete the following: Party A Collateral Threshold: $ __________; provided, however, that Party A's Collateral Threshold shall be zero if an Event of Default or Potential Event of Default with respect to Party A has occurred and is continuing. Party A Independent Amount: $____________________ Original Sheet No. 8 Party A Rounding Amount: $_______________________
(d) Downgrade Event: [X] Not Applicable [_] Applicable If applicable, complete the following: [_] It shall be a Downgrade Event for Party A if Party A's Credit Rating falls below __________ from S&P or __________ from Moody's or if Party A is not rated by either S&P or Moody's [_] Other: Specify:__________________________________________________________________
(e) Guarantor for Party A:__________________________________________________________ Guarantee Amount:_________________________________________________________
