T&D Credit Support Sample Clauses

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. “Net Worth” means the sum, but without duplication, of (a) the value stated on the books of the T&D of the capital stock of the T&D and its subsidiaries plus (b) the amount of the paid in capital and retained earnings of the T&D and its subsidiaries, in each case as such amounts would be shown on a consolidated balance sheet of the T&D and its subsidiaries as of such time prepared in accordance with generally accepted accounting principles.
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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.
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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. 6.1.2 If, after delivery of T&D Credit Support referenced in Section 6.1.1 as a result of a T&D Downgrade Event, the Credit Rating of T&D is restored to Investment Grade or T&D’s Net Worth is more than two hundred seventy-five million United States dollars ($275,000,000), Seller shall return such T&D Credit Support, with interest if applicable, to T&D within five (5) Business Days of notification from T&D of such upgrade. 6.1.3 At the expiry of the Term, Seller shall return or release all unused T&D Credit Support, with interest if applicable, within five (5) Business Days.
Sample 1
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
Sample 1
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
Sample 1

Related to T&D 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 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.

  • 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).

  • Credit Support Documents Details of any Credit Support Document, each of which is incorporated by reference in, and made part of, this Agreement and each Confirmation (unless provided otherwise in a Confirmation) as if set forth in full in this Agreement or such Confirmation: (i) Guaranty dated as of the date hereof by Enron Corp. in favor of Party B as beneficiary thereof in the form attached hereto as Exhibit A, and (ii) ISDA Credit Support Annex attached hereto as Annex A.

  • 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.

  • REFERENCE TO THE CREDIT AGREEMENT (a) Upon the effectiveness of this First Amendment, each reference in the Credit Agreement to "this Agreement", "hereunder", or words of like import shall mean and be a reference to the Credit Agreement, as affected and amended hereby. (b) The Credit Agreement, as amended by the amendments referred to above, shall remain in full force and effect and is hereby ratified and confirmed.

  • Credit Support Default (1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document to be in full force and effect for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of the other party; or (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document;

  • Credit Support Document Party A: The Credit Support Annex, and any guarantee in support of Party A’s obligations under this Agreement. Party B: The Credit Support Annex, solely in respect of Party B’s obligations under Paragraph 3(b) of the Credit Support Annex.

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