Unsecured Credit. (a) During the term of this Agreement, Buyer shall extend, solely with respect to the Performance Assurance set forth in Section 14.1 (Performance Assurance Requirement), Unsecured Credit of this Agreement, to Seller in an amount initially determined on the Effective Date and redetermined each Business Day thereafter pursuant to this Section 14.3 (Unsecured Credit).
Unsecured Credit. During the term of this Agreement, Buyer shall extend, solely with respect to the Performance Assurance set forth in Section 14.1 (Requirement for Performance Assurance), Unsecured Credit to Seller in an amount initially determined on the Effective Date and redetermined each Business Day thereafter pursuant to this Section 14.3. The relevant Unsecured Credit Cap shall be the Unsecured Credit Cap listed in the following table that corresponds to Seller’s (or Seller’s Guarantor’s) lowest Credit Rating most recently published by S&P, Fitch and/or Moody’s. The relevant TNW Amount shall be calculated using the TNW Percentage listed in the following table that corresponds to Seller’s (or Seller’s Guarantor’s) lowest Credit Rating most recently published by S&P, Fitch and/or Moody’s. If the Seller and an Affiliate(s) are both winning bidders in the RFP, then the Seller (or Seller’s Guarantor) and the Affiliate(s) will proportionally share the amount of Unsecured Credit listed in the following table that corresponds to the Seller’s (or Seller’s Guarantor’s) lowest Credit Rating most recently published by S&P, Fitch and/or Moody’s. Credit Rating S &P Fitch Xxxxx’x TNWP ercentage Unsecured Credit Cap A or above A or above A2 or above 15% $125,000,000 X- X- X0 10% $100,000,000 BBB+ BBB+ Baa1 8% $75,000,000 BBB BBB Baa2 6% $50,000,000 BBB- BBB- Baa3 4% $25,000,000 BB+ BB+ Ba1 2% $15,000,000 BB BB Ba2 1% $10,000,000 BB- BB- Ba3 0.5% $5,000,000 Below BB- / Unrated Below BB- / Unrated Below Ba3 / Unrated 0% $0.00
Unsecured Credit. During the term of this Agreement, Buyer shall extend, solely with respect to the Performance Assurance set forth in Section 14.1 (Requirement for Performance Assurance), Unsecured Credit to Seller in an amount initially determined on the Effective Date and redetermined each Business Day thereafter pursuant to this Section 14.3. The relevant Unsecured Credit Cap shall be the Unsecured Credit Cap listed in the following table that corresponds to Seller’s (or Seller’s Guarantor’s) lowest Credit Rating most recently published by S&P, Fitch and/or Moody’s. The relevant TNW Amount shall be calculated using the TNW Percentage listed in the following table that corresponds to Seller’s (or Seller’s Guarantor’s) lowest Credit Rating most recently published by S&P, Fitch and/or Moody’s.
Unsecured Credit. The Obligations shall be unsecured. ----------------
Unsecured Credit. Unsecured Credit is any credit granted by PJMSettlement to a Participant that is not secured by a form of Financial Security.
Unsecured Credit. 45 ARTICLE 6: CONDITIONS.................................................. 45 6.1 Conditions to Disbursement of First Borrowings.............. 45 6.2 Conditions for Subsequent Borrowings or for a Redesignation of Borrowings............................................... 45
Unsecured Credit. Exchange will not provide unsecured credit to any Contracting Party.
Unsecured Credit. There is no collateral as security for the amount you owe us on your Account.
Unsecured Credit. The Obligations shall be unsecured (except as specified in Section 9.2, or as may otherwise now or hereafter be specifically provided for to the contrary).
Unsecured Credit. Bank shall grant to County an unsecured revolving line of credit up to $5,000,000, subject to the then bank credit guidelines and approval, said line of credit to be used to cover any outstanding overdrafts. The line of credit shall be evidenced by loan documents other than this Agreement.
