Party B Credit Protection. Subsection (e) is replaced in its entirety, as follows:
Party B Credit Protection. Unrated counterparties will be required to (a) post collateral upon the occurrence of a Material Adverse Change (definition to be provided), or
Party B Credit Protection. The applicable credit and collateral requirements shall be as specified on the Cover Sheet. If no option in Section 8.2(a) is specified on the Cover Sheet,
Party B Credit Protection. (a) If at any time and from time to time during the term of this Agreement (and whether or not an Event of Default has occurred), the Termination Payment that would be owed to Party B exceeds the Party A Collateral Threshold, then Party B, on any Business Day, may request that Party A provide Performance Assurance in an amount equal to the amount by which the Termination Payment exceeds the Party A Collateral Threshold (rounding upwards for any fractional amount to the next Party A Rounding Amount) less any Performance Assurance already posted with Party B. Such Performance Assurance shall be delivered to Party B within two (2) ten (10) Business Days after the date of such request. On any Business Day (but no more frequently than weekly with respect to Letters of Credit and daily with respect to cash), Party A, at its sole cost, may request that such Performance Assurance be reduced to the extent that the amount of Performance Assurance posted by Party A exceeds the Termination Payment (rounding upwards for any fractional amount to the next Party A Rounding Amount) that would be owed to Party B. In the event that Party A fails to provide Performance Assurance pursuant hereto within two (2) ten (10) Business Days, an Event of Default shall be deemed to have occurred.
Party B Credit Protection. The applicable credit and collateral requirements shall be as specified on the Cover Sheet and shall only apply if marked as “Applicable” on the Cover Sheet.
Party B Credit Protection. (a) Financial Information: [_] Option A [X] Option B Specify: Electric Generation LLC [_] Option C Specify:________________________
Party B Credit Protection. (a) Financial Information: [ ] Option A [ ] Option B Specify: _______________ [X] Option C Specify: if requested by Party B, Party A shall deliver within 120 days following the end of each fiscal year a copy of Party A's audited consolidated financial statements for such fiscal year. In all cases the statements shall be for the most recent accounting period and prepared in accordance with generally accepted accounting principles; provided, however, that should any such statements not be available on a timely basis due to a delay in preparation or certification, such delay shall not be an Event of Default so long as Party A diligently pursues the preparation, certification and delivery of the statements.
Party B Credit Protection. The applicable credit and collateral requirements shall be as specified on Schedule [12]. If no option in Schedule [12] is specified on Schedule [12], Section [12.2(a)], Option C shall apply exclusively. If Section [12.2(b)], [12.2(c)] or [12.2(d)] is not specified on Schedule [12], Section [12.2(b)] shall apply exclusively.
Party B Credit Protection. Financial Information from Party A, Section 8.2(a): Option A X Option B Specify: Audited financial statements to be provided by Party A as described in Section 8.2(a) shall be for Party A or parent entity, if any, providing credit support. Option C Credit Assurances from Party A, Section 8.2(b): Not Applicable X Applicable Collateral Threshold for Party A, Section 8.2(c ): Not Applicable X Applicable If applicable, complete the following: Party A Collateral Threshold: means with respect to Party A, at any time the amount specified in the table below under the relevant heading opposite the lower of the ratings at that time assigned by Standard & Poor’s Rating Services, a division of The XxXxxx-Xxxx Companies, Inc. (“S&P”) or Xxxxx’x Investors Service, Inc., a subsidiary of Moody’s Corporation (“Moody’s”) to the long term, senior, unenhanced, unsecured debt securities or obligations of Party A’s Guarantor; provided, that (a) if the long term, senior, unenhanced, unsecured debt securities of Party A’s Guarantor is no longer rated by one of S&P or Moody’s, the Threshold with respect to Party A will be zero dollars and (b) if an Event of Default or Potential Event of Default with respect to Party A has occurred and is continuing, the Threshold with respect to such party shall be zero dollars. S&P Rating Xxxxx’x Rating Threshold A- or above A3 or above $25,000,000 BBB+ Baa1 $15,000,000 BBB Baa2 $10,000,000 BBB- Baa3 $ 5,000,000 Below BBB- (or rating Below Baa3 (or rating $ 0 (zero) suspended or withdrawn suspended or withdrawn by both S&P and by both S&P and Moody’s) Moody’s) Party A Independent Amount: $0 Party A Rounding Amount: $100,000 Party A Minimum Transfer Amount: $250,000 Downgrade Event, Section 8.2(d): Not Applicable X Applicable If applicable, complete the following: X It shall be a Downgrade Event for Party A only if the Credit Rating of Party A or Party A’s Guarantor falls below BBB- from S&P or Baa3 from Moody's or if the unenhanced, unsecured senior long-term debt securities or obligations of Party A or Party A’s Guarantor ceases to be rated by either S&P or Moody's. Guarantor for Party A, Section 8.2(e): X Guarantor for Party A: [Name of investment grade parent guarantor] Guarantee Amount: [Unlimited Guarantee amount preferred]
