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.
Appears in 6 contracts
Samples: Capacity and Associated Energy Purchase and Sale Agreement, Purchase and Sale Agreement, Demand Resource Capacity Purchase and Sale Agreement
