Reduction and Substitution of Performance Assurance. (i) Subparagraph (a) is amended by adding after the words “provided that” the words “after first rounding down to the nearest integer multiple of the Rounding amount and”
Reduction and Substitution of Performance Assurance. (a) If the amount of Performance Assurance held by Buyer exceeds the amount required pursuant to Section 5.1, on any Business Day, Seller may give Notice to Buyer requesting a reduction in the amount of Performance Assurance previously provided by Seller for the benefit of Buyer, provided that, (i) after giving effect to the requested reduction in Performance Assurance, no Event of Default or Potential Event of Default with respect to Seller has occurred and is continuing, and (ii) no Early Termination Date has occurred or been designated as a result of an Event of Default with respect to Seller for which there exist any unsatisfied payment obligations. A permitted reduction in Performance Assurance may be effected by the Transfer of Cash to Seller or the reduction of the amount of an outstanding Letter of Credit previously issued for the benefit of Buyer. Seller shall have the right to specify the means of effecting the reduction in Performance Assurance. In all cases, the cost and expense of reducing Performance Assurance (including, but not limited to, the reasonable costs, expenses, and attorneys’ fees of Buyer) shall be borne by Seller. Unless otherwise agreed in writing by the Parties, (iii) if Seller’s reduction demand is made on or before the Notification Time on a Business Day, then Buyer shall have five (5) Business Days to effect a permitted reduction in Performance Assurance, and (iv) if Seller’s reduction demand is made after the Notification Time on a Business Day, then Buyer shall have six (6) Business Days to effect a permitted reduction in Performance Assurance, in each case, if such reduction is to be effected by the return of Cash to Seller. If a permitted reduction in Performance Assurance is to be effected by a reduction in the amount of an outstanding Letter of Credit previously issued for the benefit of Buyer, Buyer shall promptly take such action as is reasonably necessary to effectuate such reduction.
Reduction and Substitution of Performance Assurance. The term “Local Business Day” shall be amended to read “Business Day” throughout. Subparagraph (a) is amended by adding after the words “provided that” the words “after first rounding down to the nearest integer multiple of the Rounding amount and”
Reduction and Substitution of Performance Assurance. (a) If the amount of Performance Assurance held by Buyer exceeds the amount required pursuant to Section 5.1, on any Business Day, Seller may give Notice to Buyer requesting a reduction in the amount of Performance Assurance previously provided by Seller for the benefit of Buyer, provided that, (i) after giving effect to the requested reduction in Performance Assurance, no Event of Default or Potential Event of Default with respect to Seller has occurred and is continuing,
Reduction and Substitution of Performance Assurance. (a) On any Calculation Date (but no more frequently than once per day with respect to Cash), a Party may request a reduction in the amount of Performance Assurance previously Transferred by that Party for the benefit of the other Party; provided that in order for such request to be honored, the reduction is not less than the Minimum Transfer Amount in respect of the requesting Party and after giving effect to the requested reduction in Performance Assurance, (i) the requesting Party must then have a Collateral Requirement of zero (0) or less; and (ii) no Default or Potential Event of Default with respect to the requesting Party shall have occurred and be continuing; and (iii) no Early Termination Date has occurred or been designated as a result of a Default with respect to the requesting Party.
