Collateral Request. In the event the rating for long-term senior unsecured debt unsupported by third party credit enhancements for Sysco Corporation issued by either Standard & Poors Rating Services (“S&P”), a division of The XxXxxx-Xxxx Companies, Inc., or Xxxxx'x Investor Service, Inc. (“Moody’s”) falls below “BBB-” for S&P or “Baa3” for Moody’s, then Sysco Corporation will deliver to EESI, within three business days of EESI's request therefor, the original of an unconditional, irrevocable standby letter of credit issued by a major U.S. commercial bank (“Qualifying Issuer”) with a senior long-term debt rating of at least “A” by S&P and “A2” by Moody’s for the account of Sysco Corporation and for the benefit of EESI, which letter of credit conforms to the provisions contained in this paragraph (the "Letter of Credit"). The Letter of Credit shall be in an amount equal to the sum of (a) the product of (i) the Anticipated Usage for each Facility for the three calendar months immediately after the month in which EESI requested the Letter of Credit, multiplied by (ii) the applicable EESI Energy Price for each Facility, plus (x) all Distribution Charges applicable to such volumes for such Facilities, plus (y) all Special Utility Charges applicable to such volumes for such Facilities, plus (z) Taxes applicable to such volumes for such Facilities; and (b) an amount equivalent to the Early Termination Payment as calculated by EESI in accordance with Section 3.3.1 as of the date EESI requested the Letter of Credit. The Letter of Credit shall have a term equal to (A) the remainder of the Contract Term (in which case, the amount thereof may be adjusted annually to take into account changes in the amount of the Early Termination Payment), or (B)
Collateral Request. (a) The Lender will lend Securities to the Borrower, and the Borrower will borrow Securities from the Lender, in accordance with these Terms and with the Rules. In all cases FP Markets must have received from the Client and accepted (by whatever means) a Collateral Request, regardless of FP Markets being the Borrower.
Collateral Request. Should either Party during the Contract Term become reasonably insecure about the other Party’s ability to perform its obligations hereunder, such Party may request that the other Party provide (or extend, if such collateral has already been provided) collateral in a form reasonably acceptable to the requesting Party sufficient to secure such Party’s obligations hereunder, forms of such collateral to include, without limitation, a deposit, letter of credit or parent guaranty. To secure its obligations under this Agreement and to the extent either or both Parties deliver collateral hereunder, each Party (a “Pledgor”) hereby grants to the other Party (the “Secured Party”) a present and continuing security interest in and lien on (and right of setoff against), and assignment of, all collateral and any and all proceeds resulting therefrom or from the liquidation thereof, whether now or hereafter held by, on behalf of, or for the benefit of, such Secured Party, and each Party agrees to take such action as the other Party reasonably requires in order to perfect the Secured Party’s first-priority security interest in, and lien on (and right of setoff against) such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or at any time after the occurrence and during the continuation of an Event of Default or an Early Termination Date, the Non-Defaulting Party may do any one or more of the following: (i) exercise any of the rights and remedies of a Secured Party with respect to all collateral, including any such rights and remedies under Law then in effect; (ii) exercise its rights of setoff against any and all property of the Defaulting Party in the possession of the Non-Defaulting Party or its agent; (iii) draw on any outstanding letter of credit issued for its benefit, and (iv) liquidate all collateral then held by or for the benefit of the Non-Defaulting Party free from any claim or right of any nature whatsoever of the Defaulting Party, including any equity or right of purchase or redemption by the Defaulting Party . The Secured Party will apply the proceeds of the collateral realized upon the exercise of any such rights or remedies to reduce the Pledgor’s obligations under this Agreement (the Pledgor remaining liable for any amounts owing to the Secured Party after such application), subject to the Secured Party’s obligation to return any surplus proceeds remaining after such obligations are satisfied in full.
Collateral Request. The term "Collateral Request" shall mean a written request from Secured Party for "Additional Collateral", such "Collateral Request" to be effective only upon a day when the Collateral Value of all Collateral of Debtor in which Secured Party then has a perfected security interest does not equal or exceed the Minimum Collateral Value. 1.11
Collateral Request. (a) The Lender will lend Securities to the Borrower, and the Borrower will borrow Securities from the Lender, in accordance with these Terms and with the Rules. In all cases ZERO Securities Pty Ltd must have received from the Client and accepted (by whatever means) a Collateral Request, regardless of ZERO Securities Pty Ltd being the Borrower.
