Common use of Event of Default/Additional Termination Event Clause in Contracts

Event of Default/Additional Termination Event. Failure by Xxxxxx to comply with the requirement of this Part 6(1)II to use commercially reasonable efforts to obtain an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or Qualifying Novation shall constitute an Event of Default with respect to Xxxxxx. If Xxxxxx has not, within 10 Business Days of the occurrence of a Ratings Event II (or 60 calendar days in the case of a Ratings Event II with respect to S&P only), obtained an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or effected a Qualifying Novation, and such Ratings Event II is continuing, it shall constitute an Additional Termination Event in respect of which Xxxxxx is the sole Affected Party and all Transactions are Affected Transactions; provided that where there is a Ratings Event II with respect to Moody’s only, it will only constitute an Additional Termination Event if one or more Eligible Replacements has made a Firm Offer (in response to solicitation either by Xxxxxx or the Counterparty) to be the transferee of a transfer pursuant to a Qualifying Novation and/or (b) at least one entity has made a Firm Offer to provide an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement. Failure by Xxxxxx to post or maintain Eligible Collateral in accordance with the Approved Credit Support Document shall be an Event of Default under Section 5(a)(iii).

Event of Default/Additional Termination Event. Failure by Xxxxxx to comply with the requirement of this Part 6(1)II to use commercially reasonable efforts to obtain an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or Qualifying Novation shall constitute an Event of Default with respect to Xxxxxx. If Xxxxxx has not, within 10 Business Days of the occurrence of a Ratings Event II (or 60 calendar days in the case of a Ratings Event II with respect to S&P only), obtained an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or effected a Qualifying Novation, and such Ratings Event II is continuing, it shall constitute an Additional Termination Event in respect of which Xxxxxx is the sole Affected Party and all Transactions are Affected Transactions; provided that where there is a Ratings Event II (a) with respect to Moody’s Xxxxx’x only, it will only constitute an Additional Termination Event if one or more Eligible Replacements has made a Firm Offer (in response to solicitation either by Xxxxxx or the Counterparty) to be the transferee of a transfer pursuant to a Qualifying Novation and/or (b) at least one entity has made a Firm Offer to provide an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement. Failure by Xxxxxx to post or maintain Eligible Collateral in accordance with the Approved Credit Support Document shall be an Event of Default under Section 5(a)(iii).

Event of Default/Additional Termination Event. Failure by Xxxxxx Mxxxxx to comply with the requirement of this Part 6(1)II to use commercially reasonable efforts to obtain an Eligible Guarantee in respect of all Xxxxxx’x Mxxxxx’x present and future obligations under this Agreement or Qualifying Novation shall constitute an Event of Default with respect to XxxxxxMxxxxx. If Xxxxxx Mxxxxx has not, within 10 Business Days of the occurrence of a Ratings Event II (or 60 calendar days in the case of a Ratings Event II with respect to S&P only), obtained an Eligible Guarantee in respect of all Xxxxxx’x Mxxxxx’x present and future obligations under this Agreement or effected a Qualifying Novation, and such Ratings Event II is continuing, it shall constitute an Additional Termination Event in respect of which Xxxxxx Mxxxxx is the sole Affected Party and all Transactions are Affected Transactions; provided that where there is a Ratings Event II with respect to Moody’s only, it will only constitute an Additional Termination Event if one or more Eligible Replacements has made a Firm Offer (in response to solicitation either by Xxxxxx Mxxxxx or the Counterparty) to be the transferee of a transfer pursuant to a Qualifying Novation and/or (b) at least one entity has made a Firm Offer to provide an Eligible Guarantee in respect of all Xxxxxx’x Mxxxxx’x present and future obligations under this Agreement. Failure by Xxxxxx Mxxxxx to post or maintain Eligible Collateral in accordance with the Approved Credit Support Document shall be an Event of Default under Section 5(a)(iii).