Provider’s Credit Support. (a) The financial security requirements imposed on the Provider shall be administered by the T&D. (b) The Base Security amount must be furnished to T&D before the commencement of the Term of Service and shall not decrease over the Term of Service. The Order designating Provider as a Standard Offer Provider will indicate the form or forms of financial security that Provider initially will furnish to T&D in order to satisfy the Base Security requirements. (c) If the Provider is not able to provide all or a portion of the Base Security amount in the form of a corporate guaranty because of the applicable Guarantee Cap, then the Provider may provide cash or a letter of credit (provided that such letter of credit meets the requirements set forth in the MPUC’s RFP) to satisfy the Base Security requirement set forth herein.
Appears in 4 contracts
Sources: Standard Service Agreement, Standard Service Agreement, Standard Service Agreement