Examples of Qualified Guarantor in a sentence
If at any time during the Term of this Agreement, Seller’s Qualified Guarantor experiences a Downgrade Event, then Seller shall deliver to Buyer replacement Credit Support in the form of a Letter of Credit in an amount equal to the amount of the Guaranty that had been utilized as Credit Support within five (5) Business Days of such Downgrade Event.
Development Security may be provided in any one or more of the following forms (as determined by Seller): (i) one or more letters of credit issued by Qualified Issuers in a form substantially similar to Appendix I, (ii) a guaranty from a Qualified Guarantor in a form substantially similar to Appendix J, or (iii) any combination thereof; provided that the total of the Development Security shall equal three million seven hundred fifty thousand dollars ($3,750,000).
If Seller’s Qualified Guarantor experiences an Upgrade Event, then Seller may, in its discretion, after giving Buyer ten (10) days prior notice, replace the replacement Credit Support that is in the form of a Letter of Credit with a new Guaranty from the Qualified Guarantor, in an amount equal to the applicable amount of Credit Support allowed to be in the form of a Guaranty as determined in Section 6.1(a).
If Payment in Advance Option is not elected as described in 4.5a above, Producer shall, within 5 business days of contract execution, provide NYSEG / RG&E with collateral in the amount of $XXXXXX in the form of either an irrevocable standby letter of credit issued by a Qualified Issuer, or a Parent Guarantee issues by a Qualified Guarantor.
If at any time the Guarantor fails to maintain its “Investment Grade Rating” (as defined in the Guaranty) or post a letter of credit in lieu thereof in accordance with the terms of the Guaranty, the undersigned shall, within 30 days, cause a new guaranty from a Qualified Guarantor to be executed in a form substantially identical to the Guaranty, together with such legal opinions and other supporting documentation as the City shall reasonably require (the “Substitute Guaranty”).