Party B Eligibility to Hold Cash Sample Clauses

Party B Eligibility to Hold Cash. 🗆 Party B shall not be entitled to hold Performance Assurance in the form of Cash. Performance Assurance in the form of Cash shall be held in a Qualified Institution in accordance with the provisions of Paragraph 6(a)(ii)(B) of the Collateral Annex. Party B shall pay to Party A in accordance with the terms of the Collateral Annex the amount of interest it receives from the Qualified Institution on any Performance Assurance in the form of Cash posted by Party A. ☒ Party B shall be entitled to hold Performance Assurance in the form of Cash provided that the following conditions are satisfied: (1) it is not a Defaulting Party, (2), Party B has a Credit Rating from S&P and/or Xxxxx’x and the lowest Credit Rating for Party B is (a) “BBB-” or higher by S&P and “Baa3” or higher by Xxxxx’x if Party B is rated by both S&P and Xxxxx’x or (b) “BBB-” or higher by S&P or “Baa3” or higher by Xxxxx’x if Party B is rated by either S&P or Xxxxx’x but not both; and (3) Cash shall be held only in any jurisdiction within the United States. To the extent Party B is entitled to hold Cash, the Interest Rate payable to Party A on Cash shall be as selected below:
Sample 1
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