Common use of PRIMACY OF CREDIT RATINGS Clause in Contracts

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 Event pursuant to Paragraphs 3.1.1 to 3.1.6, 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. 5.1 Without 25.1Without prejudice to the Supplier’s obligations and the Authority’s rights and remedies under paragraph 3Paragraph 23 above, if, following the occurrence of a Financial Distress Event pursuant to Paragraphs 3.1.1 23.1.2 to 3.1.623.1.6 (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. 5.1 6.1 Without prejudice to the Supplier’s obligations and the Authority’s rights and remedies under paragraph 3paragraphs 4 and 5 above, if, following the occurrence of a Financial Distress Event pursuant to Paragraphs 3.1.1 paragraphs 4.1.2 to 3.1.64.1.6 (inclusive) above, the Rating Agencies Agency review and report subsequently that the credit ratings do not drop below the relevant Credit Rating Threshold, then:then the Supplier shall be relieved automatically of its obligations under paragraphs 4.3 to 4.8 (inclusive) above.

PRIMACY OF CREDIT RATINGS. 5.1 Without 6.1Without prejudice to the Supplier’s obligations and the AuthorityCustomer’s rights and remedies under paragraph 3paragraphs 3 to 5 above, if, following the occurrence of a Financial Distress Event pursuant to Paragraphs 3.1.1 paragraphs 3.1.2 to 3.1.63.1.4 (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, thenthen as applicable: