Common use of Maintaining Security Clause in Contracts

Maintaining Security. If at any time after the Effective Date of this Agreement, Standard & Poor's, M▇▇▇▇'▇ or another nationally recognized firm downgrades the Credit Rating of the financial institution issuing a letter of credit pursuant to this Agreement to below the Minimum Credit Rating, then Supplier shall (a) provide Buyer with written notice of such downgrade within two (2) Business Days of Supplier being notified of any such downgrade and (b) cause a replacement letter of credit satisfying the conditions of Section 16.3 to be issued in favor of Buyer within five (5) Business Days of such downgrade. In the event such a downgrade also constitutes an Event of Default pursuant to Article 23, then the requirements of this Section 16.4 are in addition to, and not in lieu of, the provisions of Article 23. Supplier shall take all necessary action and shall be in compliance with Section 16.1 and/or Section 16.2, as the case may be, within five (5) Business Days of the downgrade.

Maintaining Security. If at any time after the Effective Date of this Agreement, Standard & Poor's, M▇▇▇▇▇'▇ or another nationally recognized firm downgrades the Credit Rating of the financial institution issuing a letter of credit pursuant to this Agreement to below the Minimum Credit Rating, then Supplier shall (a) provide Buyer with written notice of such downgrade within two (2) Business Days of Supplier being notified of any such downgrade and (b) cause a replacement letter of credit satisfying the conditions of Section 16.3 18.3 to be issued in favor of Buyer within five ten (510) Business Days of such downgrade. In the event such a downgrade also constitutes an Event of Default pursuant to Article 23Section 25 (Default and Remedies), then the requirements of this Section 16.4 18.4 are in addition to, and not in lieu of, the provisions of Article 23Section 25 (Default and Remedies). Supplier shall take all necessary action and shall be in compliance with this Section 16.1 and/or Section 16.2, as the case may be, 18 within five fifteen (515) Business Days days of the downgrade.