Downgrade Event. If Downgrade Event is indicated as Applicable on the Cover Sheet, if at any time there occurs a Downgrade Event in respect of a Party, then the other Party may require Performance Assurance in an amount determined by that Party in a commercially reasonable manner. Failure to provide such Performance Assurance to the requesting Party within three Business Days of request is an Event of Default.
Downgrade Event. Not Applicable Applicable Not Applicable Applicable Applicable- Otherwise Specified: Applicable- Otherwise Specified:
Downgrade Event. Not Applicable Applicable Not Applicable Applicable Applicable- Otherwise Specified: (specify) Applicable- Otherwise Specified: (specify)
Downgrade Event. If at any time there shall occur a Downgrade Event in respect of Party A, then Party B may require Party A to provide Performance Assurance in an amount determined by Party B in a commercially reasonable manner. In the event Party A shall fail to provide such Performance Assurance or a guaranty or other credit assurance acceptable to Party B within three (3) Business Days of receipt of notice, then an Event of Default shall be deemed to have occurred and Party B will be entitled to the remedies set forth in Article Five of this Master Agreement.
Downgrade Event. Not Applicable Applicable If applicable, complete the following: It shall be a Downgrade Event for Party A if Party A’s Credit Rating falls below ___ from S&P or ___ from Xxxxx'x or if Party A is not rated by either S&P or Xxxxx'x. Other: Specify: (e) Guarantor for Party A: __________________________ Guarantee Amount: $__________
Downgrade Event. Not Applicable Applicable If applicable, complete the following: It shall be a Downgrade Event for Party A if Party A’s Credit Rating falls below ___ from S&P or ___ from Moody's or if Party A is not rated by either S&P or Moody's. Other: Specify: (e) Guarantor for Party A: __________________________ Guarantee Amount: $__________ Confidentiality Confidentiality Applicable If not checked, inapplicable. Schedule M Party A is a Governmental Entity or Public Power System Party B is a Governmental Entity or Public Power System Add Section 3.6. If not checked, inapplicable Add Section 8.6. If not checked, inapplicable
Downgrade Event. In the event (i) S&P assigns (x) a long-term senior unsecured debt rating lower than “A” to Party A (or lower than “A+”, if Party A does not have a short-term debt rating), or (y) a short-term senior unsecured debt rating lower than “A-1” to Party A, (ii) Xxxxx’x assigns (x) a long-term senior unsecured debt rating lower than “A2” to Party A (or lower than “A1”, if Party A does not have a short-term debt rating) or (y) a short-term senior unsecured debt rating lower than “Prime 1” to Party A, (iii) Fitch assigns (x) a long-term senior unsecured debt rating lower than “A” to Party A, or (y) a short-term senior unsecured debt rating lower than “F1” to Party A, or (iv) either S&P, Xxxxx’x or Fitch ceases to assign a short-term rating to Party A (each such event, a “Party A Rating Downgrade”), Party A shall promptly, but in no event later than two (2) Local Business Days following the date of such Party A Rating Downgrade, give Party B, the Insurer and the Indenture Trustee written notice of the occurrence of such Party A Rating Downgrade (provided, however, that the failure to give such notice shall not be an Event of Default or a Termination Event under this Agreement) and use reasonable efforts to find a replacement counterparty that satisfies the Rating Agency Condition. Party A shall continue to perform its obligations and use reasonable efforts to find a replacement counterparty until a suitable substitute is in place. Not later than thirty (30) Local Business Days after such Party A Rating Downgrade, if Party A has not transferred its obligations to a replacement counterparty in accordance with the foregoing provisions, Party A shall either (i) obtain (at Party A’s expense) an unconditional guarantee or other similar assurance in respect of Party A’s obligations under this Agreement from a guarantor where both the guarantee and guarantor satisfy the Rating Agency Condition and are acceptable to Party B, the Insurer and the Indenture Trustee; or (ii) delivers a 1994 ISDA Credit Support Annex providing for transfer of Eligible Collateral in an amount, of the type and under terms which shall be acceptable to the Insurer and as are necessary to satisfy the Rating Agency Condition. In the event Party A complies with the requirements set forth in the preceding sentence and the Party A Rating Downgrade relates only to an action taken by S&P, Party A shall not be required to find a replacement counterparty until the time at which S&P assigns a long-term senior ...
Downgrade Event. Section 8.2(d) is amended to add the following phrase after the phrase "or other credit assurance acceptable to Party B within three (3) Business Days of receipt of notice": "or fails to maintain such Performance Assurance or guaranty or other credit assurance for so long as the Downgrade Event is continuing".
Downgrade Event. Not Applicable Applicable If applicable, complete the following: It shall be a Downgrade Event for Party B if Party B’s Credit Rating falls below from S&P or from Moody's or if either S&P or Moody’s does not rate Party B. Other: Specify: (e) Guarantor for Party B: None Guarantee Amount: 8.2 Party B Credit Protection: (a) Financial Information: Option A Option B Specify: Option C Specify: (b) Credit Assurances: Not Applicable Applicable (c)
Downgrade Event. Not Applicable Applicable If applicable, complete the following: It shall be a Downgrade Event for Party B if Party B’s Credit Rating falls below from S&P or from Moody's or if either S&P or Moody’s does not rate Party B. Other: Specify: (e) Guarantor for Party B: None Guarantee Amount: 8.2 Party B Credit Protection: (a) Financial Information: Option A Option B Specify: Option C Specify: (b) Credit Assurances: Not Applicable Applicable (c) Collateral Threshold: Not Applicable Applicable If applicable, complete the following: Party A Collateral Threshold: See Collateral Annex
