Common use of Substitute and Replacement Performance Security Clause in Contracts

Substitute and Replacement Performance Security. 4.4.1 If the bank issuing the Service Provider’s Letter of Credit ceases to have the credit rating set out in the definition of Letter of Credit, the Service Provider shall forthwith procure the issue of a substitute Letter of Credit by a bank that has such a credit rating or procure the issue of a Qualifying Guarantee or place cash in the Escrow Account.