Common use of Initial Fitch Rating Event Clause in Contracts

Initial Fitch Rating Event. In the event that (x) the long-term issuer default rating ("IDR") of Party A (or its successor or assignee) or any Credit Support Provider from time to time in respect of Party A ceases to be rated at least as high as "A" (or its equivalent) by Fitch Ratings Ltd ("Fitch") or (y) the short-term IDR of Party A (or its successor or assignee) or any Credit Support Provider from time to time in respect of Party A ceases to be rated at least as high as "F1" (or its equivalent) by Fitch (each of (x) and (y) an "Initial Fitch Rating Event") then Party A will, on a reasonable efforts basis and at its own cost and expense, either:

Initial Fitch Rating Event. In the event that either (x) the long-term issuer default rating ("IDR") of neither Party A (or its successor or assignee) or nor any Credit Support Provider from time to time in respect of Party A ceases to be rated has a long-term issuer default rating ("IDR") at least as high as "A" (or its equivalent) by from Fitch Ratings Ltd ("Fitch") or (y) the short-term IDR of neither Party A (or its successor or assignee) or nor any Credit Support Provider from time to time in respect of Party A ceases to be rated has a short-term IDR at least as high as "F1" (or its equivalent) by from Fitch (each of (x) and (y) an "Initial Fitch Rating Event") then Party A will, on a reasonable efforts basis and at its own cost and expense, either: