Common use of Fitch Implications Clause in Contracts

Fitch Implications. (i) If an Initial Fitch Rating Event occurs and is continuing and Party A does not take at least one of the measures described in Part 5(g)(i) above (and regardless of whether reasonable efforts have been used to implement any of those measures), such failure shall not be or give rise to an Event of Default but shall constitute an Additional Termination Event which shall be deemed to have occurred on the next Local Business Day after the thirtieth calendar day following the Initial Fitch Rating Event, with Party A as the sole Affected Party and all Transactions as Affected Transactions. (ii) If, at the time a Subsequent Fitch Rating Event occurs and is continuing, Party A has provided collateral under the Credit Support Annex pursuant to subparagraph (i)(A) of Part 5(g) above and fails to continue to post collateral pending compliance with subparagraph (ii)(A) of Part 5(g) above or fails to post collateral under subparagraph (ii)(B) of Part 5(g) above, such failure will not be or give rise to an Event of Default but will constitute an Additional Termination Event with respect to Party A and will be deemed to have occurred on the later of the next Local Business Day after the tenth calendar day following such Subsequent Fitch Rating Event and the next Local Business Day after the thirtieth calendar day following any prior Initial Fitch Rating Event with Party A as the sole Affected Party and all Transactions as Affected Transactions. (iii) Further, if a Subsequent Fitch Rating Event occurs and is continuing, it shall constitute an Additional Termination Event, even if Party A continues to post collateral as required by subparagraph (ii)(B) of Part 5(g) above, and notwithstanding Section 5(a)(ii), if Party A does not take the measures described in subparagraph (ii)(A) of Part 5(g) above (and regardless of whether reasonable endeavours have been used to implement any of those measures). Such Additional Termination Event will be deemed to have occurred on the next Local Business Day after the thirtieth calendar day following the Subsequent Fitch Rating Event with Party A as the sole Affected Party and all Transactions as Affected Transactions.

Fitch Implications. (i) If an Initial Fitch Rating Event occurs and is continuing and Party A does not take at least one any of the measures described in Part 5(g)(i5(d)(II) above (and regardless of whether reasonable efforts have been used to implement any of those measures), ) such failure shall not be or give rise to an Event of Default but shall constitute an Additional Termination Event with respect to Party A which shall be deemed to have occurred on the next Local Business Day after the thirtieth calendar last day following of the Initial Fitch Rating Event, Non-Collateral Remedy Period with Party A as the sole Affected Party and all Transactions as Affected Transactions. (ii) If, at the time a Subsequent Fitch Rating Event occurs and is continuing, Party A has provided collateral under the Credit Support Annex pursuant to subparagraph (i)(A) of Part 5(g5(d)(II)(a) above and fails to continue to post collateral pending compliance with subparagraph (ii)(A) of Part 5(g) above or fails to post collateral under subparagraph (ii)(B) of Part 5(g5(d)(III)(a) above, such failure will not be or give rise to an Event of Default but will constitute an Additional Termination Event with respect to Party A and will be deemed to have occurred on the later of the next Local Business Day after the tenth calendar last day following of the Fitch Collateral Remedy Period in respect of such Subsequent Fitch Rating Event and the next Local Business Day after the thirtieth calendar last day following of the Fitch Non-Collateral Remedy Period in respect of any prior Initial Fitch Rating Event with Party A as the sole Affected Party and all Transactions as Affected Transactions. (iii) Further, if a Subsequent Fitch Rating Event occurs and is continuing, it shall constitute an Additional Termination EventEvent with respect to Party A shall be deemed to have occurred if, even if Party A continues to post collateral as required by subparagraph (ii)(B) of Part 5(g5(d)(III)(b) above, and notwithstanding Section 5(a)(ii)) of this Agreement, if Party A does not take the measures described in subparagraph (ii)(A) of Part 5(g5(d)(III)(a) above (and regardless of whether reasonable endeavours have been used to implement any of those measures). Such Additional Termination Event will be deemed to have occurred on the next Local Business Day after the thirtieth calendar last day following of the Fitch Non-Collateral Remedy Period in respect of such Subsequent Fitch Rating Event with Party A as the sole Affected Party and all Transactions as Affected Transactions.

Fitch Implications. (i) If an Initial Fitch Rating Event occurs and is continuing and Party A does not take at least one of the measures described in Part 5(g)(i) above (and regardless of whether reasonable efforts have been used to implement any of those measures), such failure shall not be or give rise to an Event of Default but shall constitute an Additional Termination Event which shall be deemed to have occurred on the next Local Business Day after the thirtieth calendar day following the Initial Fitch Rating Event, with Party A as the sole Affected Party and all Transactions as Affected Transactions. (iiC) If an Initial Fitch Rating Event occurs and is continuing and Party A does not post sufficient collateral to satisfy the Fitch Credit Support Amount calculated pursuant to Paragraph 11(h)(v)(3) or (4) of the Credit Support Annex or take any of the other measures described in Part 5(g)(i) above (and regardless of whether reasonable efforts have been used to implement any of those measures), such failure shall not be or give rise to an Event of Default but shall constitute an Additional Termination Event which shall be deemed to have occurred on the next Local Business Day after the thirtieth calendar day following a Relevant Entity ceasing to have the Fitch Formula 1 Ratings (in the case where paragraph 11(h)(v)(3) of the Credit Support Annex applies) or the Fitch Formula 2 Ratings (in the case where paragraph 11(h)(v)(4) of the Credit Support Annex applies), with Party A as the sole Affected Party and all Transactions as Affected Transactions. (D) If, at the time a Subsequent Fitch Rating Event occurs and is continuing, Party A has provided collateral under the Credit Support Annex pursuant to subparagraph (i)(A) of Part 5(g) above and fails to continue to post collateral pending compliance with subparagraph (ii)(A) of Part 5(g) above or fails to post collateral under subparagraph (ii)(B) of Part 5(g) above, such failure will not be or give rise to an Event of Default but will constitute an Additional Termination Event with respect to Party A and will be deemed to have occurred on the later of the next Local Business Day after the tenth calendar day following such Subsequent Fitch Rating Event and the next Local Business Day after the thirtieth calendar day following any prior Initial Fitch Rating Event with Party A as the sole Affected Party and all Transactions as Affected Transactions. (iii) . Further, if a Subsequent Fitch Rating Event occurs and is continuing, it shall constitute an Additional Termination Event, even if Party A continues to post collateral as required by subparagraph (ii)(B) of Part 5(g) above, and notwithstanding Section 5(a)(ii), if Party A does not take the measures described in subparagraph (ii)(A) of Part 5(g) above (and regardless of whether reasonable endeavours have been used to implement any of those measures). Such Additional Termination Event will be deemed to have occurred on the next Local Business Day after the thirtieth calendar day following the Subsequent Fitch Rating Event with Party A as the sole Affected Party and all Transactions as Affected Transactions.

Fitch Implications. (i) If an Initial Fitch Rating Event occurs and is continuing and Party A does not take at least one any of the measures described in Part 5(g)(i) above (and regardless of whether reasonable efforts have been used to implement any of those measures), such failure shall not be or give rise to an Event of Default but shall constitute an Additional Termination Event with respect to Party A which shall be deemed to have occurred on the next Local Business Day after the thirtieth calendar day following the occurrence of such Initial Fitch Rating Event, Event with Party A as the sole Affected Party and all Transactions as Affected Transactions. (iiC) If, at the time a Subsequent Fitch Rating Event occurs and is continuing, Party A has provided collateral under the Credit Support Annex pursuant to subparagraph (i)(A) of this Part 5(g) above and fails to continue to post collateral pending compliance with subparagraph (ii)(A) of Part 5(g) above or fails to post collateral under subparagraph (ii)(B) of this Part 5(g) above, such failure will not be or give rise to an Event of Default but will constitute an Additional Termination Event with respect to Party A and will be deemed to have occurred on the later of the next Local Business Day after the tenth fourteenth calendar day following such Subsequent Fitch Rating Event and the next Local Business Day after the thirtieth calendar day following any prior Initial Fitch Rating Event with Party A as the sole Affected Party and all Transactions as Affected Transactions. (iiiD) Further, if a Subsequent Fitch Rating Event occurs and is continuing, it shall constitute an Additional Termination EventEvent with respect to Party A shall be deemed to have occurred, even if Party A continues to post collateral as required by subparagraph (ii)(B) of this Part 5(g) above, and notwithstanding Section 5(a)(ii), if Party A does not make reasonable efforts to take the measures described in subparagraph (ii)(A) of this Part 5(g) above (and regardless of whether reasonable endeavours have been used to implement any of those measures)above. Such an Additional Termination Event will be deemed to have occurred on the next Local Business Day after the thirtieth calendar day following the occurrence of such Subsequent Fitch Rating Event with Party A as the sole Affected Party and all Transactions as Affected Transactions.