Common use of Actions upon Ratings Event II Clause in Contracts

Actions upon Ratings Event II. If a Ratings Event II has occurred and is continuing, the following shall occur. Xxxxxx shall, at its own expense, use commercially reasonable efforts to, as soon as reasonably practicable: (A) provide, or cause to be provided, an Eligible Guarantee to Counterparty in respect of all Xxxxxx’x present and future obligations under this Agreement; or (B) transfer Xxxxxx’x rights and obligations under the Agreement and all Confirmations pursuant to a Qualifying Novation. If, immediately prior to such Ratings Event II, Xxxxxx is required to deliver and maintain Eligible Collateral following a Ratings Event I, Xxxxxx shall continue to maintain Eligible Collateral under the Approved Credit Support Document. If, immediately prior to such Ratings Event II, Xxxxxx is not required to deliver and maintain Eligible Collateral following a Ratings Event I, then Xxxxxx shall post Eligible Collateral in accordance with the terms of the Approved Credit Support Document until Xxxxxx has provided an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in accordance with terms of this Schedule. In addition, Xxxxxx shall continue to use commercially reasonable efforts to either transfer its rights and obligations pursuant to a Qualifying Novation or to provide an Eligible Guarantee in accordance with terms of this Schedule. Xxxxxx’x obligations under this Part 6(1) shall cease, solely with respect to such occurrence, if (A) there is no Rating Events II or (B) Xxxxxx has either provided an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation, in either case in accordance with the terms of this Schedule.

Actions upon Ratings Event II. If a Ratings Event II has occurred and is continuing, the following shall occur. Xxxxxx shall, at its own expense, use commercially reasonable efforts to, as soon as reasonably practicable:practicable (and, in the case of a Ratings Event II with respect to S&P only, within 60 calendar days): (A) provide, or cause to be provided, an Eligible Guarantee to Counterparty in respect of all Xxxxxx’x present and future obligations under this Agreement; or (B) transfer Xxxxxx’x rights and obligations under the Agreement and all Confirmations pursuant to a Qualifying Novation. If, immediately prior to such Ratings Event II, Xxxxxx is required to deliver and maintain Eligible Collateral following a Ratings Event I, Xxxxxx shall continue to maintain Eligible Collateral under the Approved Credit Support Document. If, immediately prior to such Ratings Event II, Xxxxxx is not required to deliver and maintain Eligible Collateral following a Ratings Event I, then Xxxxxx shall post Eligible Collateral Collateral, within ten Business Days following a Ratings Event II with respect to S&P, in accordance with the terms of the Approved Credit Support Document until Xxxxxx has provided an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in accordance with terms of this Schedule. In addition, Xxxxxx shall continue to use commercially reasonable efforts to either transfer its rights and obligations pursuant to a Qualifying Novation or to provide an Eligible Guarantee in accordance with terms of this Schedule. Xxxxxx’x obligations under this Part 6(1) 6(1)II shall cease, solely with respect to such occurrence, if (A) there is no Rating Events II or (B) Xxxxxx has either provided an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation, in either case in accordance with the terms of this Schedule.

Actions upon Ratings Event II. If a Ratings Event II has occurred and is continuing, the following shall occur. Xxxxxx Mxxxxx shall, at its own expense, use commercially reasonable efforts to, as soon as reasonably practicable: (A) provide, or cause to be provided, an Eligible Guarantee to Counterparty in respect of all Xxxxxx’x Mxxxxx’x present and future obligations under this Agreement; or (B) transfer Xxxxxx’x Mxxxxx’x rights and obligations under the Agreement and all Confirmations pursuant to a Qualifying Novation. If, immediately prior to such Ratings Event II, Xxxxxx Mxxxxx is required to deliver and maintain Eligible Collateral following a Ratings Event I, Xxxxxx Mxxxxx shall continue to maintain Eligible Collateral under the Approved Credit Support Document. If, immediately prior to such Ratings Event II, Xxxxxx Mxxxxx is not required to deliver and maintain Eligible Collateral following a Ratings Event I, then Xxxxxx Mxxxxx shall post Eligible Collateral in accordance with the terms of the Approved Credit Support Document until Xxxxxx Mxxxxx has provided an Eligible Guarantee in respect of all Xxxxxx’x Mxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in accordance with terms of this Schedule. In addition, Xxxxxx Mxxxxx shall continue to use commercially reasonable efforts to either transfer its rights and obligations pursuant to a Qualifying Novation or to provide an Eligible Guarantee in accordance with terms of this Schedule. Xxxxxx’x Mxxxxx’x obligations under this Part 6(1) shall cease, solely with respect to such occurrence, if (A) there is no Rating Events II or (B) Xxxxxx Mxxxxx has either provided an Eligible Guarantee in respect of all Xxxxxx’x Mxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation, in either case in accordance with the terms of this Schedule.

Actions upon Ratings Event II. If a Ratings Event II has occurred and is continuing, the following shall occur. Xxxxxx shall, at its own expense, use commercially reasonable efforts to, as soon as reasonably practicable: (A) provide, or cause to be provided, an Eligible Guarantee to Counterparty in respect of all Xxxxxx’x present and future obligations under this Agreement; or (B) transfer Xxxxxx’x rights and obligations under the Agreement and all Confirmations pursuant to a Qualifying Novation. If, immediately prior to such Ratings Event II, Xxxxxx is required to deliver and maintain Eligible Collateral following a Ratings Event I, Xxxxxx shall continue to maintain Eligible Collateral under the Approved Credit Support Document. If, immediately prior to such Ratings Event II, Xxxxxx is not required to deliver and maintain Eligible Collateral following a Ratings Event I, then Xxxxxx shall post Eligible Collateral in accordance with the terms of the Approved Credit Support Document until Xxxxxx has provided an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in accordance with terms of this Schedule. In addition, Xxxxxx shall continue to use commercially reasonable efforts to either transfer its rights and obligations pursuant to a Qualifying Novation or to provide an Eligible Guarantee (in respect of all Xxxxxx’x present and future obligations under this Agreement) in accordance with terms of this Schedule. Xxxxxx’x obligations under this Part 6(16(1)(II) shall cease, solely with respect to such occurrence, if (A) there is no Rating Events II or (B) Xxxxxx has either provided an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation, in either case in accordance with the terms of this Schedule.

Actions upon Ratings Event II. If a Ratings Event II has occurred and is continuing, the following shall occur. Xxxxxx shall, at its own expense, use commercially reasonable efforts to, as soon as reasonably practicable:practicable (and, in the case of a Ratings Event II with respect to S&P, within 60 calendar days): (A) provide, or cause to be provided, an Eligible Guarantee to Counterparty in respect of all Xxxxxx’x present and future obligations under this Agreement; or (B) transfer Xxxxxx’x rights and obligations under the Agreement and all Confirmations pursuant to a Qualifying Novation. If, immediately prior to such Ratings Event II, Xxxxxx is required to deliver and maintain Eligible Collateral following a Ratings Event I, Xxxxxx shall continue to maintain Eligible Collateral under the Approved Credit Support Document. If, immediately prior to such Ratings Event II, Xxxxxx is not required to deliver and maintain Eligible Collateral following a Ratings Event I, then Xxxxxx shall post Eligible Collateral Collateral, within ten Business Days following a Ratings Event II with respect to S&P, in accordance with the terms of the Approved Credit Support Document until Xxxxxx has provided an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in accordance with terms of this Schedule. In addition, Xxxxxx shall continue to use commercially reasonable efforts to either transfer its rights and obligations pursuant to a Qualifying Novation or to provide an Eligible Guarantee in accordance with terms of this Schedule. Xxxxxx’x obligations under this Part 6(1) 6(1)II shall cease, solely with respect to such occurrence, if (A) there is no Rating Events II or (B) Xxxxxx has either provided an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation, in either case in accordance with the terms of this Schedule.

Actions upon Ratings Event II. If a Ratings Event II has occurred and is continuing, the following shall occur. Xxxxxx Mxxxxx shall, at its own expense, use commercially reasonable efforts to, as soon as reasonably practicable:practicable (and, in the case of a Ratings Event II with respect to S&P only, within 60 calendar days): (A) provide, or cause to be provided, an Eligible Guarantee to Counterparty in respect of all Xxxxxx’x Mxxxxx’x present and future obligations under this Agreement; or (B) transfer Xxxxxx’x Mxxxxx’x rights and obligations under the Agreement and all Confirmations pursuant to a Qualifying Novation. If, immediately prior to such Ratings Event II, Xxxxxx Mxxxxx is required to deliver and maintain Eligible Collateral following a Ratings Event I, Xxxxxx Mxxxxx shall continue to maintain Eligible Collateral under the Approved Credit Support Document. If, immediately prior to such Ratings Event II, Xxxxxx Mxxxxx is not required to deliver and maintain Eligible Collateral following a Ratings Event I, then Xxxxxx Mxxxxx shall post Eligible Collateral Collateral, within ten Business Days following a Ratings Event II with respect to S&P, in accordance with the terms of the Approved Credit Support Document until Xxxxxx Mxxxxx has provided an Eligible Guarantee in respect of all Xxxxxx’x Mxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in accordance with terms of this Schedule. In addition, Xxxxxx Mxxxxx shall continue to use commercially reasonable efforts to either transfer its rights and obligations pursuant to a Qualifying Novation or to provide an Eligible Guarantee in accordance with terms of this Schedule. Xxxxxx’x Mxxxxx’x obligations under this Part 6(1) shall cease, solely with respect to such occurrence, if (A) there is no Rating Events II or (B) Xxxxxx Mxxxxx has either provided an Eligible Guarantee in respect of all Xxxxxx’x Mxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation, in either case in accordance with the terms of this Schedule.