Common use of Required Rating Clause in Contracts

Required Rating. If, at any time prior to the date that is 12 months after the end of the Term, the Issuer of a Performance Bond ceases to have the Required Rating, the Operator must procure the issue to TfNSW of a replacement performance bond which complies with the requirements of Clause 7.1 within 20 Business Days after the Issuer ceases to have the Required Rating.

Required Rating. If, If at any time prior to the date that is 12 months after the end of the Term, the Issuer of a the Performance Bond ceases to have the Required Rating, the Operator must procure the issue to TfNSW of a replacement supplementary performance bond which complies with the requirements of Clause 7.1 clause 4.1 within 20 Business Days after the Issuer ceases to have the Required Rating.