Common use of Maintaining Security Clause in Contracts

Maintaining Security. If at any time after the Effective Date of this Agreement, Standard & Poor's, ▇▇▇▇▇'▇ or another nationally recognized firm downgrades the credit rating to below the Minimum Credit Rating of the financial institution that issued the letter of credit pursuant to Section 18.1 (Security) above, then Supplier shall (i) provide Buyer with written notice of such downgrade within two (2) Business Days of Supplier being notified of any such downgrade, but not to exceed thirty (30) days from such downgrade and (ii) cause a replacement letter of credit satisfying the conditions of Section 18.1.1 to be issued in favor of Buyer within seven (7) days of such downgrade. In the event such a downgrade also constitutes an Event of Default pursuant to Section 25 (Default and Remedies); the requirements of this Section are in addition to, and not in lieu of, the requirements of Section 25 (Default and Remedies).

Maintaining Security. If at any time after the Effective Date of this Agreement, Standard & Poor's, ▇▇▇▇▇'▇ or another nationally recognized firm downgrades the credit rating to below the Minimum Credit Rating of the financial institution that issued the letter of credit pursuant to Section 18.1 (Security) above, then Supplier shall (i) provide Buyer with written notice of such downgrade within two (2) Business Days of Supplier being notified of any such downgrade, but not to exceed thirty (30) 30 days from such downgrade and (ii) cause a replacement letter of credit satisfying the conditions of Section 18.1.1 to be issued in favor of Buyer within seven (7) days of such downgrade. In the event such a downgrade also constitutes an Event of Default pursuant to Section 25 (Default and Remedies); , the requirements of this Section are in addition to, and not in lieu of, the requirements of Section 25 (Default and Remedies). 18.2.1 Supplier shall take all necessary action and shall be in compliance with Section 18.1 (Security) within 15 days of the downgrade.