Provision of Credit Support. 2.1.1 XXXX agrees, and agrees to cause the other members of the Manager Group, to maintain the Existing Credit Support and, to the extent that any of the Credit Support Obligations in effect as of the date hereof (the “Existing Credit Support Obligations”) require the amendment, replacement, modification or supplementation of any Existing Credit Support, to amend, replace, modify or supplement such Existing Credit Support, or cause such Existing Credit Support to be amended, replaced, modified or supplemented, in accordance with the terms of such Existing Credit Support Obligations.
Provision of Credit Support. (a) During the Term, upon the mutual agreement of AES, Siemens and any New Member that chooses to execute a joinder to this Agreement in accordance with Section 2.8 hereto (each, a “Credit Support Provider”), the Credit Support Providers may furnish, or cause one of their respective Affiliates or a Third Party guarantor that has equivalent or better credit or which is otherwise reasonably acceptable to each Credit Support Provider, to furnish Credit Support to the Company pursuant to the terms of this Agreement, which the Company may use in its sole discretion, subject to the terms of this Agreement. For sake of clarity, the Parties agree that no Credit Support shall be provided by or on behalf of the Credit Support Providers pursuant to this Agreement unless both AES and Siemens agree that such Credit Support shall be provided to the Company pursuant to this Agreement. Further, the decision to agree to provide, or not to provide, such Credit Support shall be within the sole discretion of the Credit Support Providers. Credit Support provided pursuant to this Agreement may take the form of direct issuances of Credit Support by or on behalf of a Credit Support Provider to or for the benefit of the intended beneficiaries of such Credit Support, or may take the form of Credit Support issued by one or more Credit Support Providers to backstop Credit Support facilities issued by financial intuitions in favor of the Company. The Parties acknowledge and agree that, without limiting the application of Section 2.1(b) below, the actual amount of Credit Support provided in any particular circumstance does not need to match the Percentage Interests of the applicable Credit Support Provider and that in fact the Parties anticipate that in some cases one Credit Support Provider may provide 100% of the applicable Credit Support for any particular obligation.
Provision of Credit Support. 11.1.1 If, at any time, the Offtaker does not hold the Minimum Credit Rating, the Offtaker shall, within five (5) Business Days, provide Credit Support to the Generator in an amount equal to the Collateral Amount.
Provision of Credit Support. The Seller must provide the Credit Support to INSW within 5 Business Days after the Execution Date. INSW may call on the Credit Support where INSW terminates this document under clause 2.2(d), for the full amount of the CP Termination Amount. 3 Commercial Operation and Supply Start Date
Provision of Credit Support. Whenever MEP is not rated “Investment Grade,” MEP shall provide to Enogex Credit Assurances through either or a combination of: (i) a guaranty, reasonably satisfactory to Enogex, issued by a Credit Support Provider rated Investment Grade, the obligations under such guaranty being capped at an amount equal to the Credit Support Amount (defined in Section 12.4); or (ii) if MEP or its Credit Support Provider is not or ceases to be rated Investment Grade, credit support in the form of a cash deposit or an irrevocable standby letter of credit for the benefit of Enogex, each in a form and with a financial institution acceptable to Enogex, acting reasonably, in an amount equal to the Credit Support Amount or the difference between the Credit Support Amount and the stated amount of any form of Credit Assurances meeting the requirements of this Section 12.3 that MEP or a Credit Support Provider has theretofore provided to Enogex. MEP shall have the option of securing Credit Assurances in the form of guaranties, cash deposits or letters of credit meeting the requirements of this Section 12.3 from separate Credit Support Providers, provided that (i) the aggregate amount of the Credit Assurances so provided equals the Credit Support Amount and (ii) each such Credit Support Provider providing a guaranty must at all times qualify as Investment Grade within the meaning of Section 12.2.
