Common use of External Validation Clause in Contracts

External Validation. At any time that the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated "BBB" or lower by S&P, then Party A shall, at its own expense, on no less frequently than a monthly basis, obtain from a Reference Market Maker that is not an Affiliate of Party A, an external validation of Party A’s applicable calculations of Value and Exposure. With respect to each external validation: (i) Party A must provide Party B with a copy of such validation when it provides notice of its applicable calculations to Party B pursuant to Paragraph 4 of this Credit Support Annex, (ii) Party A must obtain quotations from at least two Reference Market Makers each time a external validation is required and such validation shall be based on the quotation that calculates the largest Exposure (expressed as a positive number), and (iii) validations shall be provided by the same Reference Market Maker no more than four times in any twelve month period. Copies of each external validation, along with Party A’s internal calculations of Value and Exposure shall be provided to S&P. The calculation of Exposure shall be based on the greater of Party A’s internal calculations and the external validations.

External Validation. At any time that the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated "“BBB" ” or lower by S&P, then Party A shall, at its own expense, on no less frequently than a monthly basis, obtain from a Reference Market Maker that is not an Affiliate of Party A, an external validation of Party A’s applicable calculations of Value and Exposure. With respect to each external validation: (i) Party A must provide Party B with a copy of such validation when it provides notice of its applicable calculations to Party B pursuant to Paragraph 4 of this Credit Support Annex, (ii) Party A must obtain quotations from at least two Reference Market Makers each time a an external validation is required and such validation shall be based on the quotation that calculates the largest Exposure (expressed as a positive number), and (iii) validations shall be provided by the same Reference Market Maker no more than four times in any twelve month period. Copies of each external validation, along with Party A’s internal calculations of Value and Exposure shall be provided to S&P. The calculation of Exposure shall be based on the greater of Party A’s internal calculations and the external validations.

External Validation. At any time that the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated "BBB" or lower by S&P, then Party A shall, at its own expense, on no less frequently than a monthly basis, obtain from a Reference Market Maker that is not an Affiliate of Party A, an external validation of Party A’s 's applicable calculations of Value and Exposure. With respect to each external validation: (i) Party A must provide Party B with a copy of such validation when it provides notice of its applicable calculations to Party B pursuant to Paragraph 4 of this Credit Support Annex, (ii) Party A must obtain quotations from at least two Reference Market Makers each time a external validation is required and such validation shall be based on the quotation that calculates the largest Exposure (expressed as a positive number), and (iii) validations shall be provided by the same Reference Market Maker no more than four times in any twelve month period. Copies of each external validation, along with Party A’s 's internal calculations of Value and Exposure shall be provided to S&P. The calculation of Exposure shall be based on the greater of Party A’s 's internal calculations and the external validations.