Common use of Independent Amount and Invalidation Security Amount Clause in Contracts

Independent Amount and Invalidation Security Amount. (i) Independent Amount. Party B shall have an “Independent Amount”, which means an amount that is equal to ten percent (10%) of the Notional Value of all Outstanding Transactions if at any time during the term of such Outstanding Transaction(s), Party B or its Guarantor has a Credit Rating below Investment Grade or does not have a Credit Rating. Party B shall transfer or cause to be transferred to PG&E Performance Assurance in the form of Cash or Letter of Credit to satisfy its Independent Amount requirements. The Independent Amount shall not be reduced for so long as there are any Outstanding Transactions and shall not be taken into account when calculating Party B’s Agreement Exposure. Upon execution of each Confirmation, Party B must transfer Performance Assurance in the form of Cash or Letter of Credit equal to the Independent Amount for that Transaction. For Transactions for Allowances, the Independent Amount for each Transaction shall be posted by Party B until the Allowance is Delivered to PG&E. For sake of certainty, with respect to Offset Credit Transactions, the Independent Amount shall be posted with PG&E until the Independent Amount applicable to that Offset Credit Transaction is converted to Invalidation Security in accordance with Paragraph 4(b)(ii) below, if applicable, or with Party B’s consent, PG&E may retain the amount posted as the Independent Amount and apply it as the Invalidation Security Amount.

Independent Amount and Invalidation Security Amount. (i) Independent Amount. Party B shall have an “Independent Amount”, which means an amount that is equal to ten percent (10%) of the Notional Value of all Outstanding Transactions if at any time during the term of such Outstanding Transaction(s), Party B or its Guarantor has a Credit Rating below Investment Grade or does not have a Credit Rating. Party B shall transfer or cause to be transferred to PG&E Performance Assurance in the form of Cash or Letter of Credit to satisfy its Independent Amount requirements. The Independent Amount shall not be reduced for so long as there are any Outstanding outstanding Transactions and shall not be taken into account when calculating Party B’s Agreement Exposure. Upon Subject to Paragraph 4(a)(i) above, upon execution of each Confirmation, Party B must transfer Performance Assurance in the form of Cash or Letter of Credit equal to the Independent Amount for that Transaction. For Transactions for Allowances, the Independent Amount for each Transaction shall be posted by Party B until the Allowance is Delivered to PG&E. For sake of certainty, with respect to Offset Credit Transactions, the Independent Amount shall be posted with PG&E until the Independent Amount applicable to that Offset Credit Transaction is converted to Invalidation Security in accordance with Paragraph 4(b)(ii) below, if applicable, or with Party B’s consent, PG&E may retain the amount posted as the Independent Amount and apply it as the Invalidation Security Amount.

Independent Amount and Invalidation Security Amount. (i) Independent Amount. Party B shall have an “Independent Amount”, which means an amount that is equal to ten percent (10%) of the Notional Value of all Outstanding Transactions if at any time during the term of such Outstanding Transaction(s), Party B or its Guarantor has a Credit Rating below Investment Grade or does not have a Credit Rating. Party B shall transfer or cause to be transferred to PG&E Performance Assurance in the form of Cash cash or Letter of Credit to satisfy its Independent Amount requirements. The Independent Amount shall not be reduced for so long as there are any Outstanding Transactions and shall not be taken into account when calculating Party B’s Agreement Exposure. Upon execution of each Confirmation, Party B must transfer Performance Assurance in the form of Cash cash or Letter of Credit equal to the Independent Amount for that Transaction. For Transactions for Allowances, the Independent Amount for each Transaction shall be posted by Party B until the Allowance is Delivered to PG&E. For sake of certainty, with respect to Offset Credit Transactions, the Independent Amount shall be posted with PG&E until the Independent Amount applicable to that Offset Credit Transaction is converted to Invalidation Security in accordance with Paragraph 4(b)(ii) below, if applicable, or with Party B’s consent, PG&E may retain the amount posted as the Independent Amount and apply it as the Invalidation Security Amount.

Independent Amount and Invalidation Security Amount. (i) Independent Amount. Party B shall have an “Independent Amount”, which means an amount that is equal to ten percent (10%) of the Notional Value of all Outstanding Transactions if at any time during the term of such Outstanding Transaction(s), Party B or its Guarantor has a Credit Rating below Investment Grade or does not have a Credit Rating. Party B shall transfer or cause to be transferred to PG&E Performance Assurance in the form of Cash or Letter of Credit to satisfy its Independent Amount requirements. The Independent Amount shall not be reduced for so long as there are any Outstanding outstanding Transactions and shall not be taken into account when calculating Party B’s Agreement Exposure. Upon Subject to Section 4(a)(i) above, upon execution of each Confirmation, Party B must transfer Performance Assurance in the form of Cash or Letter of Credit equal to the Independent Amount for that Transaction. For Transactions for Allowances, the Independent Amount for each Transaction shall be posted by Party B until the Allowance is Delivered to PG&E. For sake of certainty, with respect to Offset Credit Transactions, the Independent Amount shall be posted with PG&E until the Independent Amount applicable to that Offset Credit Transaction is converted to Invalidation Security in accordance with Paragraph Section 4(b)(ii) below, if applicable, or with Party B’s consent, PG&E may retain the amount posted as the Independent Amount and apply it as the Invalidation Security Amount.