Common use of Fitch Implications Clause in Contracts

Fitch Implications. If an Initial Fitch Rating Event occurs and Party A does not take any of the measures described in subparagraph 7.4 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 (i) where Party A fails to post collateral in accordance with sub-paragraph 7.4(i) of this Part 5, the fourteenth calendar day following the Initial Fitch Rating Event; or (ii) in any other case, the thirtieth calendar day following the Initial Fitch Rating Event, with Party A as the sole Affected Party and all Transactions as Affected Transactions.

Fitch Implications. If an Initial Fitch Rating Event occurs and Party A does not take any of the measures described in subparagraph 7.4 Part 5(f)(vi) 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 (i) where Party A fails to post collateral in accordance with sub-paragraph 7.4(iPart 5(f)(vi) of this Part 5above, the fourteenth calendar day following the Initial Fitch Rating Event; or (ii) in any other case, the thirtieth calendar day following the Initial Fitch Rating Event, with Party A as the sole Affected Party and all Transactions as Affected Transactions.