T&D Credit Support. (a) If at any time during the Term of Agreement, (i) the Credit Rating assigned to T&D by a Rating Agency, or if the T&D does not have a Credit Rating, then the rating then assigned by a Rating Agency to T&D as an issuer rating (or the T&D Guarantor, if a guaranty pursuant to Section 16.2(c) is then in effect), falls below Investment Grade or (ii) in the case where the T&D does not have a Credit Rating, the Net Worth of the T&D is less than $[TBD] (a “T&D Downgrade Event”), then the T&D (or the T&D Guarantor, if a guaranty pursuant to Section 16.2(c) is then in effect) shall promptly notify the Provider and the MPUC of such T&D Downgrade Event and shall deliver credit support to the Provider in a form and amount required pursuant to the definition of Performance Assurance set forth in Section 16.2 hereof, within five (5) Business Days of such T&D Downgrade Event. “
T&D Credit Support. If, at any time during the Term of this Agreement, the Credit Rating assigned to T&D by a Rating Agency falls below Investment Grade (a “T&D Downgrade Event”), then T&D shall promptly notify Seller of such T&D Downgrade Event and shall deliver to Seller credit support in a form that meets the definition of Replacement Security within five (5) Business Days of such T&D Downgrade Event in an amount equal to T&D’s Exposure. [If T&D does not have a credit rating, a Net Worth Test alternative will be negotiated] If, after delivery of security referenced in Section 5.1(a) as a result of a T&D Downgrade Event, the Credit Rating of T&D is restored to Investment Grade, Seller shall return such Replacement Security to T&D within five (5) Business Days of notification from T&D of such upgrade.
T&D Credit Support. 5.1.1 If, at any time during the Term, (1) T&D obtains a Credit Rating by a Rating Agency and the Credit Rating is below or subsequently falls below Investment Grade, or (2) T&D does not have a Credit Rating and T&D’s Net Worth is less than two-hundred seventy-five million United States dollars ($275,000,000) (either event constituting a “T&D Downgrade Event”), then T&D shall promptly notify Seller of the T&D Downgrade Event and shall deliver to Seller credit support in a form that meets the definition of Replacement Security within five
T&D Credit Support. 6.1.1 If, at any time during the Term of this Agreement (1) the T&D does not have a Credit Rating or the Credit Rating assigned to T&D by a Rating Agency falls below Investment Grade, (“T&D Downgrade Event”) and (2) T&D’s Net Worth is less than two hundred seventy-five million United States dollars ($275,000,000), then T&D shall promptly notify Seller of such T&D Downgrade Event and shall deliver T&D Credit Support to Seller in an amount equal to two (2) months of expected Contract Payments as defined in Article 4 and in a form that meets the definition of Acceptable Credit Support (“T&D Credit Support”) within five (5) Business Days of such T&D Downgrade Event. If a T&D Downgrade Event has occurred and T&D’s net worth is greater than two hundred seventy-five million United States dollars ($275,000,000) then Seller shall have the right to petition the Commission to require T&D to post the T&D Credit Support.
T&D Credit Support. 5.1.1 If, at any time during the Term, (1) the Credit Rating assigned to T&D by a Rating Agency, or if T&D does not have a Credit Rating, then the rating a Rating Agency then assigns to T&D as an issuer rating (or the T&D Guarantor, if a guarantee under Section 5.3 is then in effect), falls below Investment Grade or
