Common use of Substitute Support Arrangements Clause in Contracts

Substitute Support Arrangements. If at any time the long-term unsecured credit rating of any of the Surety Companies of the then-current Surety Bond shall be downgraded below the equiva­lent of an A- rating by Standard & Poor's Ratings Group or such rating shall be withdrawn, the Seller agrees that within 30 Business Days following delivery of a request of the Purchaser, it shall deliver or cause to be delivered one of the following: (i) a replacement surety bond (the "Substitute Surety Bond") in the form of Exhibit B or otherwise acceptable to the Purchaser issued by one or more Acceptable Surety Companies having a schedule of payment obligations equal to, and reducing periodically in accordance with, the remaining schedule of payment obligations under the Surety Bond being replaced; (ii) an irrevocable performance letter of credit in form and substance satisfactory to the Purchaser from a bank satisfactory to the Purchaser in its sole discretion covering payment amounts equal to, and reducing periodically in accordance with, the remaining schedule of payment obli­ga­tions under the Surety Bond being replaced; (iii) cash collateral in an amount equal to, and reducing periodically in accordance with, the remaining schedule of payment obligations under the Surety Bond being replaced, pursuant to a cash collateral agreement in form and substance satisfactory to the Purchaser in its sole discretion; or (iv) any combination of clauses (i), (ii) or (iii) set forth above providing support in the amount of, and reducing periodically in accordance with, the remaining schedule of payment obligations under the Surety Bond being replaced; provided however, the Seller shall be deemed to have satisfied the foregoing obligations of this Section 5.04(b) by the payment of a monthly premium in the amount of 35 basis points per annum of the applicable Surety Company's Commitment Percentage (as such term is defined in the Surety Bond) of the Monthly Maximum Penal Sum (as such term is defined in the Surety Bond) with respect to each month during which the long-term unsecured credit rating of any of such Surety Companies shall remain below the equivalent of an A- rating by Standard & Poor's Ratings Group. Such premium shall begin to accrue on the 31st Business Day after the Seller's receipt of the request specified above and shall be payable monthly in arrears on each Payment Date thereafter so long as (A) the long-term unsecured credit rating of any of such Surety Companies shall remain below the equivalent of an A- rating by Standard & Poor's Ratings Group or such rating remains withdrawn, and (B) the Seller has not otherwise satisfied the obligations of Section 5.04(b)(i), (ii), (iii) or (iv). Upon delivery by the Seller and acceptance by the Purchaser of any of the items described in clause (i) through (iv) of this Section 5.04(b), the Surety Bond being replaced shall be deemed to be immediately null and void and the Purchaser shall promptly return the same to the Seller and shall provide such acknowledg­ment that same is released and of no further force or effect and that the liability of the Surety Companies in respect of the Surety Bond being replaced is discharged, in each case as such Surety Companies or the Seller may reasonably request.

Substitute Support Arrangements. If at any time the long-term unsecured credit rating of any of the Surety Companies of the then-current Surety Bond shall be downgraded below the equiva­lent equivalent of an A- A‑ rating by Standard & Poor's Ratings Group or such rating shall be withdrawn, the Seller agrees that within 30 Business Days following delivery of a request of the Purchaser, it shall deliver or cause to be delivered one of the following: (i) a replacement surety bond (the "Substitute Surety Bond") in the form of Exhibit B or otherwise acceptable to the Purchaser issued by one or more Acceptable Surety Companies having a schedule of payment obligations equal to, and reducing periodically in accordance with, the remaining schedule of payment obligations under the Surety Bond being replaced; (ii) an irrevocable performance letter of credit in form and substance satisfactory to the Purchaser from a bank satisfactory to the Purchaser in its sole discretion covering payment amounts equal to, and reducing periodically in accordance with, the remaining schedule of payment obli­ga­tions obligations under the Surety Bond being replaced; (iii) cash collateral in an amount equal to, and reducing periodically in accordance with, the remaining schedule of payment obligations under the Surety Bond being replaced, pursuant to a cash collateral agreement in form and substance satisfactory to the Purchaser in its sole discretion; or (iv) any combination of clauses (i), (ii) or (iii) set forth above providing support in the amount of, and reducing periodically in accordance with, the remaining schedule of payment obligations under the Surety Bond being replaced; provided however, the Seller shall be deemed to have satisfied the foregoing obligations of this Section 5.04(b) by the payment to the Purchaser of a monthly premium in the amount of 35 basis points per annum of the applicable Surety Company's Commitment Percentage (as such term is defined in the Surety Bond) of the Monthly Maximum Penal Sum (as such term is defined in the Surety Bond) with respect to each month during which the long-term unsecured credit rating of any of such Surety Companies shall remain below the equivalent of an A- A‑ rating by Standard & Poor's Ratings Group. Such premium shall begin to accrue on the 31st Business Day after the Seller's receipt of the request specified above and shall be payable monthly in arrears on each Payment Date thereafter so long as (A) the long-term unsecured credit rating of any of such Surety Companies shall remain below the equivalent of an A- A‑ rating by Standard & Poor's Ratings Group or such rating remains withdrawn, and (B) the Seller has not otherwise satisfied the obligations of Section 5.04(b)(i), (ii), (iii) or (iv). Upon delivery by the Seller and acceptance by the Purchaser of any of the items described in clause (i) through (iv) of this Section 5.04(b), the Surety Bond being replaced shall be deemed to be immediately null and void and the Purchaser shall promptly return the same to the Seller and shall provide such acknowledg­ment acknowledgment that same is released and of no further force or effect and that the liability of the Surety Companies in respect of the Surety Bond being replaced is discharged, in each case as such Surety Companies or the Seller may reasonably request.

Substitute Support Arrangements. If at any time the long-term unsecured credit rating of any of the Surety Companies of the then-current Surety Bond shall be downgraded below the equiva­lent equivalent of an A- rating by Standard & Poor's Ratings Group or such rating shall be withdrawn, the Seller agrees that within 30 Business Days following delivery of a request of the Purchaser, it shall deliver or cause to be delivered one of the following: (i) a replacement surety bond (the "Substitute Surety Bond") in the form of Exhibit B or otherwise acceptable to the Purchaser issued by one or more Acceptable Surety Companies having a schedule of payment obligations equal to, and reducing periodically in accordance with, the remaining schedule of payment obligations under the Surety Bond being replaced; (ii) an irrevocable performance letter of credit in form and substance satisfactory to the Purchaser from a bank satisfactory to the Purchaser in its sole discretion covering payment amounts equal to, and reducing periodically in accordance with, the remaining schedule of payment obli­ga­tions obligations under the Surety Bond being replaced; (iii) cash collateral in an amount equal to, and reducing periodically in accordance with, the remaining schedule of payment obligations under the Surety Bond being replaced, pursuant to a cash collateral agreement in form and substance satisfactory to the Purchaser in its sole discretion; or (iv) any combination of clauses (i), (ii) or (iii) set forth above providing support in the amount of, and reducing periodically in accordance with, the remaining schedule of payment obligations under the Surety Bond being replaced; provided however, the Seller shall be deemed to have satisfied the foregoing obligations of this Section 5.04(b) by the payment to the Purchaser of a monthly premium in the amount of 35 basis points per annum of the applicable Surety Company's Commitment Percentage (as such term is defined in the Surety Bond) of the Monthly Maximum Penal Sum (as such term is defined in the Surety Bond) with respect to each month during which the long-term unsecured credit rating of any of such Surety Companies shall remain below the equivalent of an A- rating by Standard & Poor's Ratings Group. Such premium shall begin to accrue on the 31st Business Day after the Seller's receipt of the request specified above and shall be payable monthly in arrears on each Payment Date thereafter so long as (A) the long-term unsecured credit rating of any of such Surety Companies shall remain below the equivalent of an A- rating by Standard & Poor's Ratings Group or such rating remains withdrawn, and (B) the Seller has not otherwise satisfied the obligations of Section 5.04(b)(i), (ii), (iii) or (iv). Upon delivery by the Seller and acceptance by the Purchaser of any of the items described in clause (i) through (iv) of this Section 5.04(b), the Surety Bond being replaced shall be deemed to be immediately null and void and the Purchaser shall promptly return the same to the Seller and shall provide such acknowledg­ment acknowledg- ment that same is released and of no further force or effect and that the liability of the Surety Companies in respect of the Surety Bond being replaced is discharged, in each case as such Surety Companies or the Seller may reasonably request.

Substitute Support Arrangements. If If, at any time time, the long-term unsecured credit rating of any of the Surety Companies of the then-current Surety Bond shall be downgraded below the equiva­lent level specified in clause (i) of an A- rating by Standard & Poor's Ratings Group the definition of "Acceptable Surety Companies" or such rating shall be withdrawn, the Seller agrees that within 30 Business Days following delivery of a request of the Purchaser, it shall deliver or cause to be delivered one of the following: (i) a replacement surety bond (the "Substitute Surety Bond") in substantially the form of Exhibit B A-1 or otherwise acceptable to the Purchaser issued by one or more Acceptable Surety Companies having a schedule of payment obligations equal to, and reducing periodically in accordance with, the remaining schedule of payment obligations under the Surety Bond being replaced; (ii) an irrevocable performance letter of credit in form and substance satisfactory to the Purchaser from a bank satisfactory to the Purchaser in its sole discretion covering payment amounts equal to, and reducing periodically in accordance with, the remaining schedule of payment obli­ga­tions obligations under the Surety Bond being replaced; (iii) cash collateral in an amount equal to, and reducing periodically in accordance with, the remaining schedule of payment obligations under the Surety Bond being replaced, pursuant to a cash collateral agreement in form and substance satisfactory to the Purchaser in its sole discretion; or (iv) any combination of clauses (i), (ii) or (iii) set forth above providing support in the amount of, and reducing periodically in accordance with, the remaining schedule of payment obligations under the Surety Bond being replaced; provided however, the Seller shall be deemed to have satisfied the foregoing obligations of this Section 5.04(b) by the payment of a monthly premium in the amount of 35 basis points per annum of the applicable Surety Company's Commitment Percentage (as such term is defined in the Surety Bond) of the Monthly Maximum Penal Sum (as such term is defined in the Surety Bond) with respect to each month during which the long-term unsecured credit rating of any of such Surety Companies shall remain below the equivalent level specified in clause (i) of an A- rating by Standard & Poor's Ratings Groupthe definition of "Acceptable Surety Companies". Such premium shall begin to accrue on the 31st Business Day after the Seller's receipt of the request specified above and shall be payable monthly in arrears on each Payment Date thereafter so long as (A) the long-term unsecured credit rating of any of such Surety Companies shall remain below the equivalent level specified in clause (i) of an A- rating by Standard & Poor's Ratings Group the definition of "Acceptable Surety Companies" or such rating remains withdrawn, and (B) the Seller has not otherwise satisfied the obligations of Section 5.04(b)(i), (ii), (iii) or (iv). Upon delivery by the Seller and acceptance by the Purchaser of any of the items described in clause clauses (i) through (iv) of this Section 5.04(b), the Surety Bond being replaced shall be deemed to be immediately null and void and the Purchaser shall promptly return the same to the Seller and shall provide such acknowledg­ment acknowledgment that same is released and of no further force or effect and that the liability of the Surety Companies in respect of the Surety Bond being replaced is discharged, in each case as such Surety Companies or the Seller may reasonably request.Surety