Common use of Alternate Security Clause in Contracts

Alternate Security. In lieu of the right given to the Executive under Subparagraph (a), he shall have the right under such circumstances to require that CNB provide (i) an irrevocable standby letter of credit issued by a financial institution other than CNB or any Subsidiary of CNB with a senior debt credit rating of "A" or better by Moody's Investors Service or Standard & Poor's Corpo▇▇▇▇▇▇, or (ii) other security reasonably acceptable to him, to secure the payment of such compensation and benefits.

Alternate Security. In lieu of the right given to the Executive under Subparagraph (a), he shall have the right under such circumstances to require that CNB provide (i) an irrevocable standby letter of credit issued by a financial institution other than CNB or any Subsidiary of CNB with a senior debt credit rating of "A" or better by Moody's Investors Service or Standard Servi▇▇ ▇▇ ▇tandard & Poor's Corpo▇▇▇▇▇▇Corporation, or (ii) other security reasonably acceptable to him, to secure the payment of such compensation and benefits.

Alternate Security. In lieu of the right given to the Executive EMPLOYEE under Subparagraph (a), he shall have the right under such circumstances to require that CNB provide (i) an irrevocable standby letter of credit issued by a financial institution other than CNB or any Subsidiary of CNB with a senior debt credit rating of "A" or better by Moody's Investors Service or Standard & Poor's Corpo▇▇▇▇▇▇, or (ii) other security reasonably acceptable to him, to secure the payment of such compensation and benefits.