Common use of Supplier Downgrade Event Clause in Contracts

Supplier Downgrade Event. If at any time there shall occur a Downgrade Event in respect of Supplier or, if applicable, of Guarantor, Supplier’s Unsecured Credit Limit shall automatically be zero. Supplier shall then provide Performance Assurance in an amount equal to Buyer’s Exposure. If Supplier fails to provide such Performance Assurance within two (2) Business Days of receipt of written notice, then an Event of Default under Section 8.1 shall be deemed to have occurred and PSNH will be entitled to the remedies set forth in Sections 8.2 and 8.3 of the Master Agreement. When a Downgrade Event no longer exists, then, upon request of Supplier, PSNH shall return the excess Performance Assurance to Supplier within two (2) Business Days of receipt of notice from Supplier.

Supplier Downgrade Event. If at any time there shall occur a Downgrade Event in respect of Supplier or, if applicable, of Guarantor, Supplier’s Unsecured Credit Limit shall automatically be zero. Supplier shall then provide Performance Assurance in an amount equal to Buyer’s Exposure. If Supplier fails to provide such Performance Assurance within two (2) Business Days of receipt of written notice, then an Event of Default under Section 8.1 shall be deemed to have occurred and PSNH NSTAR Electric will be entitled to the remedies set forth in Sections 8.2 and 8.3 of the Master Agreement. When a Downgrade Event no longer exists, then, upon request of Supplier, PSNH NSTAR Electric shall return the excess Performance Assurance to Supplier within two (2) Business Days of receipt of notice from Supplier.

Supplier Downgrade Event. If at any time there shall occur a Downgrade Event in respect of Supplier or, if applicable, of Guarantor, Supplier’s Unsecured Credit Limit shall automatically be zero. Supplier shall then provide Performance Assurance in an amount equal to Buyer’s Exposure. If Supplier fails to provide such Performance Assurance within two (2) Business Days of receipt of written notice, then an Event of Default under Section 8.1 shall be deemed to have occurred and PSNH NSTAR will be entitled to the remedies set forth in Sections 8.2 and 8.3 of the Master Agreement. When a Downgrade Event no longer exists, then, upon request of Supplier, PSNH NSTAR shall return the excess Performance Assurance to Supplier within two (2) Business Days of receipt of notice from Supplier.