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).
(b) For purposes of determining Unsecured Credit, the relevant Unsecured Credit Limit for Aggregate Transactions shall not exceed the Unsecured Credit Limit 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 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. A- or above A- or above A3 or above 16% of TNW $60,000,000 BBB+ BBB+ Baa1 10% of TNW $40,000,000 BBB BBB Baa2 8% of TNW $30,000,000 BBB- BBB- Baa3 6% of TNW $15,000,000 Below BBB- Below BBB- Below Baa3 0% of TNW 0
(c) The analysis of Unsecured Credit will also include consideration of the Guaranty Agreement, if any, submitted by Seller in connection with this contract.
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 re-determined each Business Day thereafter pursuant to this Section 14.3.
Unsecured Credit. The Obligations shall be unsecured. ----------------
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. Unsecured Credit is any credit granted by PJMSettlement to a Participant that is not secured by a form of Financial Security.
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. 48 ARTICLE 6: CONDITIONS....................................................... 49 6.1 Conditions to Disbursement of First Borrowings................... 49 6.2 Conditions for Subsequent Borrowings or for a Redesignation of Borrowings....................................................... 49
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 Xxxxx’x. 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 Xxxxx’x. 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 Xxxxx’x.
Unsecured Credit. There is no collateral as security for the amount you owe us on your Account.
Unsecured Credit. Exchange will not provide unsecured credit to any Contracting Party.
