Collateral Threshold means, with respect to Seller or Seller’s Guarantor, if applicable, the amount determined in accordance with Table A below. The amount of such Seller’s Performance Assurance shall be equal to the positive difference, if any, between: (a) the Collateral Requirement (or Increased Collateral Requirement, if applicable); and (b) the Collateral Threshold, rounded up to the nearest $10,000, as estimated by Buyer (“Performance Assurance Amount”). In the event that Seller fails to provide such Seller’s Performance Assurance within eight (8) Business Days of notice from Buyer subject to 7.1(b), then an Event of Default shall be deemed to have occurred pursuant to Section 9.2(d) and Buyer shall be entitled to the remedies set forth under Section 9.3, as the Non-Defaulting Party. If Seller is relying on its own creditworthiness and Seller is a party to one or more additional REC purchase agreements with Buyer pursuant to the conduct of the procurements pursuant to Section 1-75(c) of the IPA Act, then Seller will be granted a single Collateral Threshold to be applied to all such REC purchase agreements. If Seller is relying on a Guarantor and Seller’s Guarantor has provided a Guaranty, the Collateral Threshold shall be the lesser of the Collateral Threshold as determined by (i) the table below or (ii) the amount of such Guaranty; provided, that Seller’s Guarantor will be granted a single Collateral Threshold to be applied to all REC purchase agreements entered into with Buyer pursuant to the conduct of the procurements pursuant to Section 1-75(c) of the IPA Act for which it guarantees payment obligations on behalf of one or more parties to such REC purchase agreements. BBB- or above Baa3 or above BBB- or above $2,500,000 Below BBB- Below Baa3 Below BBB- $0
Collateral Threshold is defined in Section 7.1.
Collateral Threshold shall have the meaning specified in Paragraph 3(c)(i).
Examples of Collateral Threshold in a sentence
If at any xxxx Xxxxxx’x (or Seller’s Guarantor’s, if applicable) Collateral Threshold is lower than the Collateral Requirement, then Seller, upon request from Buyer, shall be required, within five (5) Business Days of notice from Buyer, to post “Seller’s Performance Assurance” through either the: (i) posting of a Letter of Credit; or (ii) posting of cash collateral with Buyer.
More Definitions of Collateral Threshold
Collateral Threshold means, with respect to a Party, the collateral threshold, if any, set forth in Part I of the Cover Sheet Elections for that Party, or if no amount is set for such Party, such amount shall be zero (0).
Collateral Threshold means the dollar amount or amounts specified in section 4.3 of this Article to reflect the amount of credit that will be extended to Company without Performance Assurance being provided by Company.
Collateral Threshold are defined in the Margining Agreement.
Collateral Threshold means, with respect to a party, the collateral threshold, if any, set forth for such party on the Credit Elections Cover Sheet; provided, however, that the Collateral Threshold for a party shall be zero upon the occurrence and during the continuance of an Event of Default or a Potential Event of Default with respect to that affected party.
Collateral Threshold means, with respect to each Party, the applicable collateral threshold, if any, set forth for such Party in Schedule 2 to this Confirmation:
Collateral Threshold is defined in Section 7.1.
1. 211.12 “Credit Rating” means, with respect to the Seller or Seller’s Guarantor, as applicable, the rating then assigned to such entity’s unsecured, senior long-term debt obligations (excluding, however, any debt obligations that are supported by specific third party credit enhancement that would not apply to payment obligations under this Agreement) or if such entity does not have a rating for its senior unsecured long-term debt, then the rating then assigned to such entity as an issuer default rating by Fitch, or the issuer rating by Moody’s, or the corporate issuer rating or corporate credit rating by S&P if such entity is a U.S. utility operating company with an investment grade rating, or the corporate issuer rating or corporate credit rating, discounted one notch, by S&P if such entity is not a U.S. utility operating company with an investment grade rating; provided, however, that in the event Seller (or Seller’s Guarantor, if applicable) is rated by only one rating agency, that rating will be used. If Seller, or its Guarantor, is rated by only two rating agencies, and the ratings are split, the lower rating will be used. If Seller, or its Guarantor, is rated by three rating agencies, and the ratings are split, the lower of the two highest ratings will be used; provided that in the event that the two highest ratings are common, such common rating will be used.
Collateral Threshold means Unsecured Credit extended to a counterparty per a master enabling agreement.