Provider’s Credit Support Sample Clauses

Provider’s Credit Support. (a) The financial security requirements imposed on the Provider by the MPUC’s RFP shall be administered by the T&D. (b) The Base Security amount must be furnished to T&D as provided for in the MPUC’s RFP. The Order designating Provider as a Standard Offer Provider will indicate the form or forms of financial security that Provider initially will furnish to T&D in order to satisfy the Base Security requirements, including whether the Base Security amounts will decline during the Term of Service. (c) From time to time, as determined by T&D in its discretion, T&D shall calculate the Excess Market Exposure Security. The method that T&D shall use to calculate Excess Market Exposure Security is described in Appendix 1 hereto. If the Excess Market Exposure Security amount is greater than zero, the T&D may request and the Provider must provide, within three (3) Business Days of T&D’s request, additional security equal to the Excess Market Exposure Security amount. If the Excess Market Exposure Security amount is less than zero, the Provider may request, and the T&D must return within three (3) Business Days of Provider’s request, an amount of Provider’s security equal to the absolute value of the Excess Market Exposure Security amount; provided, however, under no circumstances shall the T&D be required to return an amount of security that would result in the Current Security amount equaling less than the applicable Base Security amount. If the Excess Market Exposure Security amount equals zero, then Provider shall not be required to furnish additional security. (d) If the Provider has furnished a corporate guaranty, to the extent that the Excess Market Exposure Security amount plus the Current Security amount is less than or equal to the Guaranty Cap, then the Provider may increase its corporate guaranty to the Excess Market Exposure Security amount plus the Current Security amount. (e) If the Provider has furnished cash or a letter credit, or the Provider or Provider Guarantor is not able to satisfy any additional security requirement in form of a corporate guaranty because of the applicable Guaranty Cap, then the Provider may provide cash or another letter of credit (provided that such letter of credit meets the requirements set forth in the MPUC’s RFP) in the amount of the Excess Market Exposure Security. To the extent that the applicable Guaranty Cap is greater than the Current Security amount, but less than the Excess Market Exposure Security amount plus the ...
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Provider’s Credit Support. (a) The financial security requirements imposed on the Provider shall be administered by the T&D. (b) The Base Security amount must be furnished to T&D before the commencement of the Term of Service and shall not decrease over the Term of Service. The Order designating Provider as a Standard Offer Provider will indicate the form or forms of financial security that Provider initially will furnish to T&D in order to satisfy the Base Security requirements. (c) If the Provider is not able to provide all or a portion of the Base Security amount in the form of a corporate guaranty because of the applicable Guarantee Cap, then the Provider may provide cash or a letter of credit (provided that such letter of credit meets the requirements set forth in the MPUC’s RFP) to satisfy the Base Security requirement set forth herein.
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Provider’s Credit Support. (a) The financial security requirements imposed on the Provider by the MPUC’s RFP shall be administered by the T&D. (b) The Base Security amount must be furnished to T&D before the commencement of the Term of Service and shall not decrease over the Term of Service. The Order designating Provider as a Standard Offer Provider will indicate the form or forms of financial security that Provider initially will furnish to T&D in order to satisfy the Base Security requirements. (c) If the Provider is not able to provide all or a portion of the Base Security amount in the form of a corporate guaranty because of the applicable Guarantee Cap, then the Provider may provide cash or a letter of credit (provided that such letter of credit meets the requirements set forth in the MPUC’s RFP) to satisfy the Base Security requirement set forth herein. (d) Any cash provided by Provider as Provider’s credit support under this Agreement shall be held in an interest-bearing deposit account selected by T&D in its reasonable discretion; provided, however, that T&D shall have no obligation to segregate any cash provided as Provider’s credit support in a segregated account. As between T&D and Provider, interest shall accrue on that cash deposit at the daily federal funds rate and shall be retained in that account.
Sample 1

Related to Provider’s Credit Support

  • 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.

  • Credit Support Provider Credit Support Provider means in relation to Party A: (1) Party A in its capacity as a party to the Credit Support Document and (2) the guarantor under any Eligible Guarantee, and in relation to Party B, Party B in its capacity as a party to the Credit Support Document.

  • 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 Enhancement 55 SECTION 12.

  • Collateral for Undrawn Letters of Credit (a) If the prepayment of the amount available for drawing under any or all outstanding Letters of Credit is required under Section 1.8(b), Section 1.14, Section 9.2 or Section 9.3 above, the Borrower shall forthwith pay the amount required to be so prepaid, to be held by the Administrative Agent as provided in subsection (b) below. (b) All amounts prepaid pursuant to subsection (a) above shall be held by the Administrative Agent in one or more separate collateral accounts (each such account, and the credit balances, properties, and any investments from time to time held therein, and any substitutions for such account, any certificate of deposit or other instrument evidencing any of the foregoing and all proceeds of and earnings on any of the foregoing being collectively called the “Collateral Account”) as security for, and for application by the Administrative Agent (to the extent available) to, the reimbursement of any payment under any Letter of Credit then or thereafter made by the L/C Issuer, and to the payment of the unpaid balance of all other Obligations (and to all Hedging Liability and Bank Product Obligations). The Collateral Account shall be held in the name of and subject to the exclusive dominion and control of the Administrative Agent for the benefit of the Administrative Agent, the Lenders, and the L/C Issuer. If and when requested by the Borrower, the Administrative Agent shall invest funds held in the Collateral Account from time to time in direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America with a remaining maturity of one year or less, provided that the Administrative Agent is irrevocably authorized to sell investments held in the Collateral Account when and as required to make payments out of the Collateral Account for application to amounts then due and owing from the Borrower to the L/C Issuer, the Administrative Agent or the Lenders. If the Borrower shall have made payment of all obligations referred to in subsection (a) above required under Section 1.8(b) hereof, if any, at the request of the Borrower the Administrative Agent shall release to the Borrower amounts held in the Collateral Account so long as at the time of the release and after giving effect thereto no Default or Event of Default is then continuing. If the Borrower shall have made payment of all obligations referred to in subsection (a) above required under Section 9.2 or 9.3 hereof, so long as no Letters of Credit, Commitments, Loans or other Obligations, Hedging Liability, or Bank Product Obligations remain outstanding, at the request of the Borrower the Administrative Agent shall release to the Borrower any remaining amounts held in the Collateral Account. (c) At any time that there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent or any L/C Issuer (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the L/C Issuers’ Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 1.14(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

  • Child Support Obligation Under Section 231.006(d) of the Texas Family Code regarding child support, Contractor certifies that the individual or business entity named in this Contract and any related Solicitation Response is not ineligible to receive the specified payment and acknowledges that the Contract may be terminated and payment may be withheld if this certification is inaccurate. If the certification is shown to be false, Contractor may be liable for additional costs and damages set out in 231.006(f).

  • Administrative Support Employee shall be provided with office space and administrative support.

  • Compensation for Facility Letters of Credit (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

  • Administrative Support Services Fees Within forty-five (45) days of the end of each calendar quarter or at such other period as deemed appropriate by the Distributor, the Fund will make payments in the aggregate amount of up to 0.25% on an annual basis of the average during the period of the aggregate net asset value of the Shares computed as of the close of each business day (the “Service Fee”). Such Service Fee payments received from the Fund will compensate the Distributor for providing administrative support services with respect to Accounts. The administrative support services in connection with Accounts may include, but shall not be limited to, the administrative support services that a Recipient may render as described in Section 3(b)(i) below.

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