PRIMACY OF CREDIT RATINGS. Without prejudice to the Supplier’s obligations and the Authority’s rights and remedies under paragraph 13, if, following the occurrence of a Financial Distress Event pursuant to Paragraphs 13.1.1 to 13.1.6, the Rating Agencies review and report subsequently that the credit ratings do not drop below the relevant Credit Rating Threshold, then: the Supplier shall be relieved automatically of its obligations under paragraphs 13.3 to 13.6; and the Authority shall not be entitled to require the Supplier to provide financial information in accordance with paragraph 13.3.2(b). [Rating Agency 1] [Rating Agency 2] Entity Credit rating (long term) Credit Rating Threshold Supplier [Panel Guarantor/ [and Call Off Guarantor] In this Panel Agreement Schedule 17 (Commercially Sensitive Information) the Parties have sought to identify the Supplier’s Confidential Information that is genuinely commercially sensitive and the disclosure of which would be the subject of an exemption under the FOIA. Where possible, the Parties have sought to identify when any relevant Information will cease to fall into the category of Information to which this Panel Agreement Schedule 17 applies. Without prejudice to the Authority's obligation to disclose Information in accordance with FOIA or Clause 27.4 (Freedom of Information), the Authority will, in its sole discretion, acting reasonably, seek to apply the relevant exemption set out in the FOIA to the following Information: In this Panel Agreement Schedule 18, the following definitions shall apply:
PRIMACY OF CREDIT RATINGS. 1Without prejudice to the Supplier’s obligations and the Authority’s rights and remedies under Paragraph 23 above, if, following the occurrence of a Financial Distress Event pursuant to Paragraphs 23.1.2 to 23.1.6 (inclusive) above, the Rating Agencies review and report subsequently that the credit ratings do not drop below the relevant Credit Rating Threshold, then:
PRIMACY OF CREDIT RATINGS. Without prejudice to the Supplier’s obligations and the Authority’s rights and remedies under Paragraph 2, if, following the occurrence of a Financial Distress Event pursuant to any of Paragraphs 3.1(b) to 3.1(g), the Rating Agencies review and report subsequently that the credit ratings for the FDE Group entities do not drop below the relevant Credit Rating Thresholds specified for those entities in Annex 2 of this Schedule, then: the Supplier shall be relieved automatically of its obligations under Paragraphs 4.3 to 4.6; and the Authority shall not be entitled to require the Supplier to provide financial information in accordance with Paragraph 4.3(b)(ii).
PRIMACY OF CREDIT RATINGS. Without prejudice to the Supplier’s obligations and the Authority’s rights and remedies under paragraphs 47 and 48 above, if, following the occurrence of a Financial Distress Event pursuant to paragraphs 47.1.2 to 47.1.6 (inclusive) above, the Rating Agency review and report subsequently that the credit ratings do not drop below the relevant Credit Rating Threshold, then the Supplier shall be relieved automatically of its obligations under paragraphs 47.3 to 47.8 (inclusive) above. [Guidance Note: Suppliers must provide their current credit rating at the time of appointment to the Framework (see section [ ] of the ITT).] [Rating Agency 1] [Long term credit rating at the Framework Commencement Date] Credit Rating Thresholds [Rating Agency 1] [Long Term Credit Rating at Framework Commencement Date] [Rating Agency 1] [Long Term Credit Rating at Framework Commencement Date] This Framework Schedule 16 sets out a copy of the Supplier’s Tender including the Supplier’s responses to the whole Award Questionnaire in accordance with section AQA1 of the Award Questionnaire to the ITT. Subject to Clauses and , in addition to any other obligations on the Supplier under the Framework Agreement and any Call Off Contract, the Supplier shall provide the Services to Contracting Bodies in accordance with the Tender.
PRIMACY OF CREDIT RATINGS. 5.1. Without prejudice to the Consultant’s obligations and the Client’s rights and remedies under paragraph 3, if, following the occurrence of a Financial Distress Event pursuant to paragraph 2 to the Rating Agencies review and report subsequently that the credit ratings do not drop below the relevant Credit Rating Threshold, then: ● the Consultant is relieved automatically of its obligations under paragraph 3 and ● the Client is not entitled to require the Consultant to provide financial information in accordance with paragraph 2.3.
ANNEX 1: CREDIT RATINGS & CREDIT RATING THRESHOLDS Agreement: this contract;
PRIMACY OF CREDIT RATINGS. 1Without prejudice to the Supplier’s obligations and the Customer’s rights and remedies under paragraphs 3 to 5 above, if, following the occurrence of a Financial Distress Event pursuant to paragraphs 3.1.2 to 3.1.4 (inclusive), 4.1.2, 4.1.3, 5.1.2 or 5.1.3 above (or a Material Sub-Contractor Financial Distress Event pursuant to paragraphs 8.1.2 to 8.1.5 (inclusive) below), the Rating Agencies review and report subsequently that the credit ratings do not drop below the relevant Credit Rating Threshold, then as applicable:
PRIMACY OF CREDIT RATINGS. 5.1 Without prejudice to the Supplier’s obligations and the Authority’s rights and remedies under paragraph 3, if, following the occurrence of a Financial Distress report subsequently that the credit ratings do not drop below the relevant Credit Rating Threshold, then:
5.1.1 the Supplier shall be relieved automatically of its obligations under paragraphs 3.3to 3.6; and
5.1.2 the Authority shall not be entitled to require the Supplier to provide financial information in accordance with paragraph 3.3.2(b).
PRIMACY OF CREDIT RATINGS. 5.1. Without prejudice to the Consultant’s obligations and the Client’s rights and remedies under paragraph 3, if, following the occurrence of a Financial Distress Event pursuant to paragraph 2 to the Rating Agencies review and report subsequently that the credit ratings do not drop below the relevant Credit Rating Threshold, then: the Consultant is relieved automatically of its obligations under paragraph 3 and the Client is not entitled to require the Consultant to provide financial information in accordance with paragraph 2.3. Consultant Credit current rating (long term) [ ] Credit Rating Threshold [ ] SCHEDULE [Guidance: insert schedule ref here] GDPR The following definitions shall apply to this Schedule [Guidance: insert schedule ref here] Agreement : this contract;
PRIMACY OF CREDIT RATINGS. 7.1 Without prejudice to the Contractor’s obligations and the Framework Authority’s rights and remedies under Paragraphs 3 to 5 above, if, following the occurrence of a Financial Distress Event pursuant to Paragraphs 3.1.2 to 3.1.4 (inclusive), 4.1.2, 4.1.3, 5.1.2 or 5.1.3 above (or a Material Sub-Contractor Financial Distress Event pursuant to Paragraphs 9.1.2 to 9.1.5 (inclusive) below), the Rating Agencies review and report subsequently that the credit ratings do not drop below the relevant Credit Rating Threshold, then as applicable:
7.1.1 the Contractor shall be relieved automatically of its obligations under Paragraphs 3.2 to 3.5 (inclusive) above and/or Paragraph 9.2; and
7.1.2 the Contractor may:
7.1.2.1 request that the Framework Authority instruct the Direct Customers pay their relevant charges due under their Call-Off Contract direct to the Contractor and give its consent to the closure of the Financial Distress Escrow Account; and
7.1.2.2 withdraw any sums standing to the credit of that account;
7.1.3 the Framework Authority shall not be entitled to require the Contractor to provide financial information in accordance with Paragraphs 4.3.3, 5.2.1 or 9.2.5;
7.1.4 the Framework Authority shall not be entitled to require the payment of Material Sub-contractors in accordance with Paragraphs 4.3.4 and 4.4; and/or
7.1.5 the Contractor may request that the Direct Customers pay the relevant charges due under their Call-Off Contract direct to the Contractor and release any monies retained under Paragraph 5.2.2 to the Contractor.
PRIMACY OF CREDIT RATINGS. Without prejudice to the Supplier’s obligations and the Authority’s rights and remedies under paragraph 117, if, following the occurrence of a Financial Distress Event pursuant to Paragraphs 117.1.1
