Eligible Guarantee or Eligible Replacement below Ratings Event I Levels. If a Qualifying Novation is made to an Eligible Replacement or an Eligible Guarantee is provided and, immediately after the execution of such Qualifying Novation or Eligible Guaranee (as applicable), there is a Ratings Event I, then (so long as such Ratings Event I is continuing) Part 6(1)(I.A.) above shall apply without regard to the 30 calendar day time period referred to therein.
Eligible Guarantee or Eligible Replacement below Ratings Event I Levels. If a Qualifying Novation is made to an Eligible Replacement or an Eligible Guarantee (in respect of all Xxxxxx’x present and future obligations under this Agreement) is provided and, immediately after the execution of such Qualifying Novation or Eligible Guarantee (as applicable), there is a Ratings Event I, then (so long as such Ratings Event I is continuing) Part 6(1)(I.A.) above shall apply without regard to the 30 calendar day time period referred to therein.
Eligible Guarantee or Eligible Replacement below Ratings Event I Levels. If a Qualifying Novation is made to an Eligible Replacement or an Eligible Guarantee is provided to the Counterparty from an Eligible Guarantor meeting the Ratings Event I Required Ratings and, immediately after the execution of such Qualifying Novation or Eligible Guarantee (as applicable), there is a Ratings Event I, then (so long as such Ratings Event I is continuing) Part 6(a)(i)(A) above shall apply to such Eligible Replacement or, in the case of an Eligible Guarantee, to Santander as applicable without regard to the relevant time period referred to therein.
(ii) Ratings Event II
(A) Actions upon Ratings Event II with respect to Fitch only. If a Ratings Event II with respect to Fitch has occurred and is continuing, Santander shall, at its own expense and as soon as reasonably practicable, use commercially reasonable efforts to:
(i) provide, or cause to be provided, an Eligible Guarantee to Counterparty from an Eligible Guarantor meeting the Ratings Event II Required Ratings in respect of all Santander’s present and future obligations under this Agreement;
(ii) transfer Santander’s rights and obligations under the Agreement and all Confirmations pursuant to a Qualifying Novation; or
(iii) take such other action (which may, for the avoidance of doubt, include taking no action) provided that the Rating Agencies are given prior notification of such other action (or inaction) and the rating by the Rating Agencies of the Rated Notes following the taking of such action (or inaction) is maintained at, or restored to, the level at which it was immediately prior to such Ratings Event II. If, immediately prior to such Ratings Event II, Santander is required to transfer and maintain Eligible Credit Support following a Ratings Event I, Santander shall continue to maintain Eligible Credit Support under the Approved Credit Support Document and shall transfer any additional required Eligible Credit Support following a Ratings Event II. If, immediately prior to such Ratings Event II, Santander is not required to transfer and maintain Eligible Credit Support following a Ratings Event I, then Santander shall, in accordance with the terms of the Approved Credit Support Document, transfer Eligible Credit Support within 14 calendar days of such Ratings Event II and maintain Eligible Credit Support until Santander has provided to the Counterparty an Eligible Guarantee from an Eligible Guarantor meeting the Ratings Event I Required Ratings in respect of all Santander’s prese...
