Common use of Initial S&P Rating Event Clause in Contracts

Initial S&P Rating Event. In the event that neither Party A (or its successor or permitted assignee) nor any Credit Support Provider from time to time in respect of Party A has the Initial S&P Required Rating (an "Initial S&P Rating Event"), then: (A) Party A will within the Initial Remedy Period, post collateral if required at its own cost in accordance with the terms of the Credit Support Annex; and (B) at any time, at its own discretion and its own cost, Party A may: (1) subject to Part 5(g) (Transfers) below, transfer all of its rights and obligations with respect to this Agreement to a replacement third party that has the Subsequent S&P Required Rating (provided that if the replacement third party does not have the Initial S&P Required Rating at the time such transfer occurs, such replacement third party will provide collateral under the provisions of the Credit Support Annex or obtain a guarantee of its rights and obligations with respect to this Agreement from an Eligible Guarantor that has the Initial S&P Required Rating); or (2) procure an Eligible Guarantor that has the Initial S&P Required Rating to provide a guarantee in respect of the obligations of Party A under this Agreement; or (3) take such other action (as confirmed by S&P) as will result in the rating of the Notes then outstanding following the taking of such action being maintained at, or restored to, the level it would have been at immediately prior to such S&P Rating Event.

Initial S&P Rating Event. In the event that neither Party A (or its successor or permitted assignee) nor any Credit Support Provider from time to time in respect of Party A has the Initial S&P Required Rating (an "Initial S&P Rating Event"), then: (A) Party A will within the Initial Remedy Period, post collateral if required at its own cost in accordance with the terms of the Credit Support Annex; and (B) at any time, at its own discretion and its own cost, Party A may: (1) subject to Part 5(g) (Transfers) below, transfer all of its rights and obligations with respect to this Agreement to a replacement third party that has the Subsequent S&P Required Rating (provided that if the replacement third party does not have the Initial S&P Required Rating at the time such transfer occurs, such replacement third party will provide collateral under the provisions of the Credit Support Annex or obtain a guarantee of its rights and obligations with respect to this Agreement from an Eligible Guarantor that has the Initial S&P Required Rating); or (2) procure an Eligible Guarantor that has the Initial S&P Required Rating to provide a guarantee in respect of the obligations of Party A under this Agreement; or (3) take such other action (as confirmed by S&P) as will result in the rating of the Notes then outstanding following the taking of such action being maintained at, or restored to, the level it would have been at immediately prior to such S&P Rating Event.