Common use of Depositary Downgrade and Option to Replace Clause in Contracts

Depositary Downgrade and Option to Replace. If (1) the Depositary’s Short-Term Rating issued by a Rating Agency is downgraded below P-1 by Moody’s or A-1+ by Standard & Poor’s, as applicable (each such minimum rating, a “Depositary Threshold Rating”), or (2) the Company, in its sole discretion, gives written notice to the Depositary of the Company’s election that the Depositary be replaced, the Company shall, within 30 days after such event occurring, cause the Depositary to be replaced with a depositary bank meeting the terms and on the conditions set forth in Section 5(c) (a “Replacement Depositary”).

Depositary Downgrade and Option to Replace. If (1) the Depositary’s Depositary is downgraded by any Rating Agency such that the Depositary does not have either a Short-Term Rating issued by or a Long-Term Rating Agency that is downgraded below P-1 by Moody’s equal to or A-1+ by Standard & Poor’s, as higher than the applicable (each such minimum rating, a “Depositary Threshold Rating”)Rating for such Rating Agency, or (2) the Company, in its sole discretion, gives written notice to the Depositary of the Company’s election that the Depositary be replaced, the Company shall, within 30 days after such event occurring, cause the Depositary to be replaced with a depositary bank meeting the terms and on the conditions set forth in Section 5(c) (a “Replacement Depositary”).

Depositary Downgrade and Option to Replace. If (1) the Depositary’s ShortLong-Term Rating issued by a Rating Agency is downgraded below P-1 A- by Moody’s Fitch or A-1+ A- by Standard & Poor’s, as applicable ’s (each such minimum ratingLong-Term Rating, a “Depositary Threshold Rating”” for the applicable Rating Agency), or (2) the Company, in its sole discretion, gives written notice to the Depositary of the Company’s election that the Depositary be replaced, the Company shall, within 30 35 days after such event occurring, cause the Depositary to be replaced with a depositary bank meeting the terms and on the conditions set forth in Section 5(c) (a “Replacement Depositary”).

Depositary Downgrade and Option to Replace. If (1) the Depositary’s ShortLong-Term Rating issued by a Rating Agency is downgraded below P-1 A- by Moody’s Fitch or A-1+ A- by Standard & Poor’s, as applicable (each such minimum rating, a “Depositary Threshold Rating”), or (2) the Company, in its sole discretion, gives written notice to the Depositary of the Company’s election that the Depositary be replaced, the Company shall, within 30 days after such event occurring, cause the Depositary to be replaced with a depositary bank meeting the terms and on the conditions set forth in Section 5(c) (a “Replacement Depositary”).

Depositary Downgrade and Option to Replace. If (1) the Depositary’s ShortLong-Term Rating issued by a Rating Agency is downgraded below P-1 A - by Moody’s Fitch or A-1+ A - by Standard & Poor’s, as applicable (each such minimum rating, a “Depositary Threshold Rating”), or (2) the Company, in its sole discretion, gives written notice to the Depositary of the Company’s election that the Depositary be replaced, the Company shall, within 30 days after such event occurring, cause the Depositary to be replaced with a depositary bank meeting the terms and on the conditions set forth in Section 5(c) (a “Replacement Depositary”).