Seller’s Credit Support Sample Clauses

Seller’s Credit Support. (a) Seller agrees to deliver to Buyer Seller’s Credit Support to secure its obligations under this Agreement, which Seller shall maintain in full force and effect for the period posted with Buyer, as follows: (i) Seller’s Credit Support in the amount of One Hundred Fifty Thousand Dollars ($150,000) per megawatt (alternating current) of Expected Installed Power Capacity (“Development Security”) in the form of cash, a surety bond, a Guaranty or Letter of Credit within thirty (30) days following the Effective Date until Seller posts Operating Security after the Commercial Operation Date; and (ii) Seller’s Credit Support in the amount of Fifty Thousand Dollars ($50,000) per megawatt (alternating current) of Installed Capacity (as modified pursuant to this clause (ii), “Operating Security”) in the form of cash, a surety bond, a Guaranty or Letter of Credit within thirty (30) days following the Commercial Operation Date, provided that Seller may elect to apply the Development Security (or a portion of the Development Security) toward the Operating Security, and such Operating Security continue until the fifth (5th) anniversary of the Commercial Operation Date, and thereafter shall be reduced from time to time as follows: (a) After the fifth (5th) anniversary of the Commercial Operation Date, such Operating Security shall be reduced to Thirty-Seven Thousand, Five Hundred Dollars ($37,500) per megawatt (alternating current) of Installed Capacity until the tenth (10th) anniversary of the Commercial Operation Date; (b) After the tenth (10th) anniversary of the Commercial Operation Date, such Operating Security shall be further reduced to Twenty-Five Thousand Dollars ($25,000) per megawatt (alternating current) of Installed Capacity until the fifteenth (15th) anniversary of the Commercial Operation Date; (c) After the fifteenth (15th) anniversary of the Commercial Operation Date, such Operating Security shall be further reduced to Twelve Thousand, Five Hundred Dollars ($12,500) per megawatt (alternating current) of Installed Capacity until the end of the Term. (b) Any amounts owed by Seller to Buyer under this Agreement (other than disputed amounts) and not satisfied within thirty (30) Days of becoming due and owing may be satisfied by Buyer drawing on Seller’s Credit Support until such Seller’s Credit Support has been exhausted. In addition, upon termination of this Agreement, Buyer shall have the right to draw upon Seller’s Credit Support for any amounts owed to Bu...
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Seller’s Credit Support. The Parties acknowledge and agree that as of the Effective Date, Seller does not satisfy the Ratings Limit. Seller therefore agrees to provide Credit Support or cause Credit Support to be provided to Buyer as of the Effective Date. If at any time after the Effective Date, and for so long as Seller satisfies the Ratings Limit, Seller shall not be obligated to provide Credit Support or cause Credit Support to be provided, and Buyer shall release any Credit Support that was provided by Seller.
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Seller’s Credit Support. 16.5.1. Except in accordance with Section 23.3.1(a), Seller shall provide or cause to be provided a Guaranty at all times on and after the CP Fulfillment Date. In the event a guarantor that has provided a guaranty hereunder is no longer an Affiliate of Seller, Seller shall provide a replacement Guaranty. Any Guaranty required to be delivered to Seller pursuant to this Section 16.5.1 shall be delivered within ten (10) Business Days of such requirement arising. 16.5.2. If Seller, or Seller’s Guarantor, merges or consolidates, sells all or substantially all of its assets, novates or assigns this Agreement or the Guaranty, respectively, then the surviving entity, asset purchaser or assignee, as the case may be, shall provide or cause to be provided a Guaranty in favor of Buyer. Any Guaranty required to be delivered to Buyer pursuant to this Section 16.5.2 shall be delivered within ten (10) Business Days of such requirement arising. 16.5.3. If (a) a guaranty has been posted by an Acceptable Guarantor and the *** less (b) ***, then Buyer shall have a right to terminate this Agreement pursuant to Section 21.1.9. Notwithstanding the foregoing, Buyer shall not have a right to terminate this Agreement if ***, Seller provides an Acceptable Letter of Credit to Buyer. At any time after delivery by Seller to Buyer of such an Acceptable Letter of Credit, if the outstanding amount of the Guaranty is ***. If Seller fails to timely provide an Acceptable Letter of Credit in accordance with the foregoing, Buyer shall have no obligation to accept any Acceptable Letter of Credit provided by Seller, and Buyer shall retain its termination right as set forth in the first sentence of this Section 16.5.3. If Seller provides an Acceptable Letter of Credit pursuant to this Section 16.5.3 and such Acceptable Letter of Credit is revoked, expires or otherwise ceases to qualify as an Acceptable Letter of Credit, then Buyer shall have a right to terminate this Agreement pursuant to Section 21.1.9.
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Related to Seller’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.

  • 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).

  • 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.

  • 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.

  • 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).

  • Transactions Involving Collateral Except for inventory sold or accounts collected in the ordinary course of Grantor's business, Grantor shall not sell, offer to sell, or otherwise transfer or dispose of the Collateral. While Grantor is not in default under this Agreement, Grantor may sell inventory, but only in the ordinary course of its business and only to buyers who qualify as a buyer in the ordinary course of business. A sale in the ordinary course of Grantor's business does not include a transfer in partial or total satisfaction of a debt or any bulk sale. Grantor shall not pledge, mortgage, encumber or otherwise permit the Collateral to be subject to any lien, security interest, encumbrance, or charge, other than the security interest provided for in this Agreement, without the prior written consent of Lender. This includes security interests even if junior in right to the security interests granted under this Agreement. Unless waived by Lender, all proceeds from any disposition of the Collateral (for whatever reason) shall be held in trust for Lender and shall not be commingled with any other funds; provided however, this requirement shall not constitute consent by Lender to any sale or other disposition. Upon receipt, Grantor shall immediately deliver any such proceeds to Lender.

  • Eligible Collateral (a) As used herein the term “Eligible Collateral” shall mean the amount of Collateral which has an aggregate fair market value equal to the amount by which the Pledgor is in default (without regard to any amounts owing solely as the result of an acceleration of the Loan Agreement) or such lesser amount of Collateral as may be required pursuant to section 13 of this Pledge Agreement.

  • Collateral Matters; Swap Agreements The benefit of the Security Instruments and of the provisions of this Agreement relating to any collateral securing the Indebtedness shall also extend to and be available to those Lenders or their Affiliates which are counterparties to any Swap Agreement with the Borrower or any of its Subsidiaries on a pro rata basis in respect of any obligations of the Borrower or any of its Subsidiaries which arise under any such Swap Agreement while such Person or its Affiliate is a Lender, but only while such Person or its Affiliate is a Lender, including any Swap Agreements between such Persons in existence prior to the date hereof. No Lender or any Affiliate of a Lender shall have any voting rights under any Loan Document as a result of the existence of obligations owed to it under any such Swap Agreements.

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

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