Common use of Rating Agency Downgrade Clause in Contracts

Rating Agency Downgrade. If a Ratings Event (as defined below) occurs with respect to Cap Provider, then Cap Provider shall, at is own expense, (i) assign this TranRaction hereunder to a third party within thirty (30) days of such Ratings Event that meets or exceeds, or as to which any applicable credit support provider meets or exceeds, the Approved Ratings Thresholds (as defined below) on terms substantially similar to this Confirmation or (ii) deliver collateral acceptable in a form and amount acceptable to Standard and Poor's ("S&P"), Fitch Ratings ("Fitch") and Xxxxx'x Investors Service, Inc. ("Moody's"), an executed ISDA Credit Support Annex (reasonably satisfactory to the Counterparty and S&P, Fitch and Xxxxx'x), within thirty (30) days of such Ratings Event and subject to written confirmation from S&P, Fitch and Moody's that delivery of such collateral in the context of such downgrade will not result in a withdrawal, qualification or downgrade of the then current ratings assigned to the Certificates. For the avoidance of doubt, a downgrade of the rating on the certificates issued by the Chase Funding Loan Acquisition Trust, Series 2004-AQ1 (the "Certificates") could occur in the event that Cap Provider does not post sufficient collateral. For purposes of this Transaction, a "Ratings Event" shall occur with respect to the Cap Provider if its long term unsecured debt rating ceases to be rated at least "A+" by S&P, at least "A+" by Fitch Ratings and at least "Al"

Rating Agency Downgrade. If a Ratings Event (as defined below) occurs with respect to Cap ProviderParty A (or any applicable credit support provider), then Cap Provider shall, Party A shall at is its own expense, (i) assign this TranRaction Transaction hereunder to a third party satisfactory to the Trustee within thirty (30) days of such Ratings Event that meets or exceeds, or as to which any applicable credit support provider meets or exceeds, the Approved Ratings Thresholds (as defined below) on terms substantially similar to this Confirmation or (ii) deliver collateral acceptable collateral, in a form an amount which will satisfy the then current rating agency criteria, and amount acceptable to Standard and Poor's ("S&P"), Fitch Ratings ("Fitch") and Xxxxx'x Investors Service, Inc. ("Moody's"), an executed ISDA Credit Support Annex (reasonably satisfactory to the Counterparty and S&P, Fitch and Xxxxx'x), within thirty (30) days of such Ratings Event and subject to S&P’s and Moody’s written confirmation from S&P, Fitch and Moody's that delivery of such collateral in the context of such downgrade will not result in a withdrawal, qualification or downgrade of the then current ratings assigned to the CertificatesSecurities. For the avoidance of doubt, a downgrade of the rating on the certificates issued by the Chase Funding Loan Acquisition Trust, Series 2004-AQ1 (the "Certificates") Securities could occur in the event that Cap Provider Party A does not post sufficient collateral. For purposes of this Transaction, a "“Ratings Event" ” shall occur with respect to the Cap Provider Party A (or any applicable credit support provider), if its long short-term unsecured and unsubordinated debt rating ceases to be rated at least "A+" “A-1” by S&P, at least "A+" by Fitch Ratings S&P and at least "Al"“P-1” by Moody’s (including in connection with a merger, consolidation or other similar transaction by Party A or any applicable credit support provider) such ratings being referred to herein as the “Approved Ratings Thresholds” (unless, within 30 days thereafter, each of S&P and Moody’s has reconfirmed the ratings of the Securities, as applicable, which was in effect immediately prior thereto).

Rating Agency Downgrade. If a Ratings Event (as defined below) occurs with respect to Cap Provider, then Cap Provider shall, at is own expense, (i) assign this TranRaction Transaction hereunder to a third party within thirty (30) days of such Ratings Event that meets or exceeds, or as to which any applicable credit support provider meets or exceeds, the Approved Ratings Thresholds (as defined below) on terms substantially similar to this Confirmation or (ii) deliver collateral acceptable in a form and amount acceptable to Standard and Poor's ("S&P"), Fitch Ratings ("Fitch") and Xxxxx'x Investors Service, Inc. ("Moody's"), an executed ISDA Credit Support Annex (reasonably satisfactory to the Counterparty and S&P, Fitch and Xxxxx'x), within thirty (30) days of such Ratings Event and subject to written confirmation from S&P, Fitch and Moody's that delivery of such collateral in the context of such downgrade will not result in a withdrawal, qualification or downgrade of the then current ratings assigned to the Certificates. For the avoidance of doubt, a downgrade of the rating on the certificates issued by the Chase Funding Loan Acquisition Trust, Series 2004-AQ1 (the "Certificates") could occur in the event that Cap Provider does not post sufficient collateral. For purposes of this Transaction, a "Ratings Event" shall occur with respect to the Cap Provider if its long term unsecured debt rating ceases to be rated at least "A+" by S&P, at least "A+" by Fitch Ratings and at least "AlA1"

Rating Agency Downgrade. If a Ratings Event (as defined below) occurs with respect to Cap ProviderParty A (or any applicable credit support provider), then Cap Provider shall, Party A shall at is its own expense, (i) assign this TranRaction Transaction hereunder to a third party within thirty (30) days of such Ratings Event that meets or exceeds, or as to which any applicable credit support provider meets or exceeds, the Approved Ratings Thresholds (as defined below) on terms substantially similar to this Confirmation or (ii) deliver collateral acceptable collateral, in a form and an amount acceptable equal to Standard and Poor's the Exposure ("S&P"as defined below), Fitch Ratings ("Fitch") and Xxxxx'x Investors Service, Inc. ("Moody's"), an executed ISDA Credit Support Annex (reasonably satisfactory to the Counterparty and S&P, Fitch and Xxxxx'x), within thirty (30) days of such Ratings Event and subject to written confirmation from S&P, Fitch 's and Moody's written confirmation that delivery of such collateral in the context ix xxx xontext of such downgrade will not result in a withdrawal, qualification or downgrade of the then current ratings assigned to the CertificatesCertificates . For the avoidance of doubt, a downgrade of the rating on the certificates issued by the Chase Funding Loan Acquisition Trust, Series 2004-AQ1 (the "Certificates") Certificates could occur in the event that Cap Provider Party A does not post sufficient collateral. For purposes of this Transaction, a "Ratings Event" shall occur with respect to the Cap Provider Party A (or any applicable credit support provider), if its long short-term unsecured and unsubordinated debt rating ceases to be rated at least "A+A-1" by S&P, at least "A+" by Fitch Ratings S&P and at least "AlP-1" by Moody's (including in connection with a merger, consolidation ox xxxxx similar transaction by Party A or any applicable credit support provider) such ratings being referred to herein as the "Approved Ratings Thresholds," (unless, within 30 days thereafter, each of Moody's and S&P has reconfirmed the ratings of the Certificates, as xxplicable, which was in effect immediately prior thereto. Only with respect to such Ratings Event, "

Rating Agency Downgrade. If a Ratings Event (as defined below) occurs with respect to Cap Provider, then Cap Provider shall, at is own expense, (i) assign this TranRaction Transaction hereunder to a third party within thirty (30) days of such Ratings Event that meets or exceeds, or as to which any applicable credit support provider meets or exceeds, the Approved Ratings Thresholds (as defined below) on terms substantially similar to this Confirmation or (ii) deliver collateral acceptable in a form and amount acceptable to Standard and Poor's ("S&P"), Fitch Ratings ("Fitch") and Xxxxx'x Investors Service, Inc. ("Moody's"), an executed ISDA Credit Support Annex (reasonably satisfactory to the Counterparty and S&P, Fitch and Xxxxx'x), within thirty (30) days of such Ratings Event and subject to written confirmation from S&P, Fitch and Moody's that delivery of such collateral in the context of such downgrade will not result in a withdrawal, qualification or downgrade of the then current ratings assigned to the Certificates. For the avoidance of doubt, a downgrade of the rating on the certificates issued by the Chase Funding Loan Acquisition Trust, Series 2004-AQ1 2 (the "Certificates") could occur in the event that Cap Provider does not post sufficient collateral. For purposes of this Transaction, a "Ratings Event" shall occur with respect to the Cap Provider if its long term unsecured debt rating ceases to be rated at least "A+" by S&P, at least "A+" by Fitch Ratings and at least "AlA1"

Rating Agency Downgrade. If a Ratings Event (as defined below) occurs with respect to Cap ProviderParty A (or any applicable credit support provider), then Cap Provider shall, Party A shall at is its own expense, (i) assign this TranRaction Transaction hereunder to a third party within thirty (30) days of such Ratings Event that meets or exceeds, or as to which any applicable credit support provider meets or exceeds, the Approved Ratings Thresholds (as defined below) on terms substantially similar to this Confirmation or (ii) deliver collateral acceptable collateral, in a form and an amount acceptable equal to Standard and Poor's the Exposure ("S&P"as defined below), Fitch Ratings ("Fitch") and Xxxxx'x Investors Service, Inc. ("Moody's"), an executed ISDA Credit Support Annex (reasonably satisfactory to the Counterparty and S&P, Fitch and Xxxxx'x), within thirty (30) days of such Ratings Event and subject to written confirmation from S&P, Fitch 's and Moody's written confirmation that delivery of such collateral in the context of such downgrade will not result in a withdrawal, qualification or downgrade of the then current ratings assigned to the CertificatesCertificates . For the avoidance of doubt, a downgrade of the rating on the certificates issued by the Chase Funding Loan Acquisition Trust, Series 2004-AQ1 (the "Certificates") Certificates could occur in the event that Cap Provider Party A does not post sufficient collateral. For purposes of this Transaction, a "Ratings Event" shall occur with respect to the Cap Provider Party A (or any applicable credit support provider), if its long short-term unsecured and unsubordinated debt rating ceases to be rated at least "A+A-1" by S&P, at least "A+" by Fitch Ratings S&P and at least "AlP-1" by Moody's (including in connection with a merger, consolidatxxx xx other similar transaction by Party A or any applicable credit support provider) such ratings being referred to herein as the "Approved Ratings Thresholds," (unless, within 30 days thereafter, each of Moody's and S&P has reconfirmed the ratings of the Certificates, as applicable, which was in effect immediately prior thereto. Only with respect to such Ratings Event, "

Rating Agency Downgrade. If a Ratings Event (as defined below) occurs with respect to Cap ProviderParty A, then Cap Provider Party A shall, at is its own expense, (i) assign this TranRaction Transactions hereunder to a third party within thirty (30) days of such Ratings Event that meets or exceeds, or as to which any applicable credit support provider meets or exceeds, the Approved Ratings Thresholds (as defined below) on terms substantially similar to this Confirmation or (ii) deliver collateral acceptable collateral, in a form and an amount acceptable equal to Standard and Poor's the Exposure ("S&P"as defined below), Fitch Ratings ("Fitch") and Xxxxx'x Investors Service, Inc. ("Moody's"), an executed ISDA Credit Support Annex (reasonably satisfactory to the Counterparty and S&P, Fitch and Xxxxx'x), within thirty (30) days of such Ratings Event and subject to written confirmation from S&P, Fitch 's and Moody's written confirmation that delivery of such collateral in the context of such downgrade will not result in a withdrawal, qualification or downgrade of the then current ratings assigned to the Certificates. For the avoidance of doubt, a downgrade of the rating on the certificates issued by the Chase Funding Loan Acquisition Trust, Series 2004-AQ1 (the "Certificates") Certificates could occur in the event that Cap Provider Party A does not post sufficient collateral. For purposes of this Transaction, a "Ratings Event" shall occur with respect to the Cap Provider Party A, if its long short-term unsecured debt rating ceases certificates of deposit cease to be rated at least "A+A-1" by S&P, at least "A+" by Fitch Ratings and at least "AlP-1" by Moody's (including in connection with a merger, consolidation or other similar transaction by Party A) such ratings being referred to herein as the "Approved Ratings Thresholds," (unless, within 30 days after such withdrawal or downgrade, each of Moody's and S&P has reconfirmed the rating of the Certificates, which was in effect immediately prior to such withdrawal or downgrade) Only with respect to such Ratings Event, "