Rating Event. (i) (x) If, at any time, the long-term, unsecured and unsubordinated debt obligations of Party A (or its successor) cease to be rated at least as high as A1 (or its equivalent) by Moody's (and, at such time, the long-term, unsecured and unsubordinated debt obligations of any co-obligor to Party A are not rated as high as A1 (or its equivalent) by Moody's (such ratings together the "MOODY'S REQUIRED RATINGS I")), then Party A will, at its own cost within 30 days from ceasing to meet Moody's Required Ratings I:
(a) transfer all of its rights and obligations with respect to this Agreement to either (x) a replacement third party with the Moody's Required Ratings I domiciled in the same legal jurisdiction as Party A or the Issuer or (y) a replacement third party agreed by Moody's; or
(b) procure another person to become co-obligor in respect of the obligations of Party A under this Agreement. Such co-obligor may be either (x) a person with the Moody's Required Ratings I domiciled in the same legal jurisdiction as Party A or the Issuer, or (y) a person agreed by Moody's; or
(c) take such other action as Party A may agree with Moody's; or
(d) at its own cost, lodge collateral in an amount determined in accordance with the Moody's Criteria as set out in the Credit Support Annex to this Schedule in support of its obligations under this Agreement (or other lesser amount which might be agreed with Moody's). If any of (i)(x)(a), (i)(x)(b) or (i)(x)(c) are satisfied at any time, all collateral (or the equivalent thereof, as appropriate) transferred by Party A pursuant to (i)(x)(d) above will be retransferred to Party A and Party A will not be required to transfer any additional collateral.
Rating Event. A Rating Event as defined in Part 5.2 shall have occurred. Party A shall be the sole Affected Party in respect thereof.
Rating Event. The Company shall notify each of the Holders promptly of the occurrence of a Rating Event and in any event within five Business Days of the occurrence thereof.
Rating Event. In the event that, after the Closing Date, (i) the Sponsor obtains an investment grade rating and (ii) the “Forced Outage Event” payment provisions of the Tariff cease to be in effect (collectively, a “Rating Event”), at the Holders’ option, communicated to the Company within 30 days of the occurrence of such Rating Event, either (A) an investment grade guarantee securing the obligations of the Company under the Notes will be provided by the Sponsor, such guarantee to be in form and substance satisfactory to the Required Holders or (B) the Company shall make an Offer to Repay all of the Notes then outstanding in accordance with Section 8.1.3.
Rating Event. An Additional Termination Event occurs pursuant to Part 5(d)(V). For the purposes of any such Additional Termination Event pursuant to this Part 1(g)(iv), Party A shall be the sole Affected Party and all Transactions shall be Affected Transactions.
Rating Event. If, at any time, (i) the long-term, unsecured and unsubordinated debt obligations of Party A (or its successor) cease to be rated at least as high as A1 (or its equivalent) by Moody's or (ii) the short-term, unsecured and unsubordinated debt obligations of Party A (or its successor) cease to be rated at least as high as Prime-1 (or its equivalent) by Moody's (and, at such time, the long-term, unsecured and unsubordinated debt obligations of any co-obligor to Party A are not rated as high as A1 (or its equivalent) by Moody's or the short-term, unsecured and unsubordinated debt obligations of such co-obligor are not rated as high as Prime-1 (or its equivalent) by Moody's (such ratings together the "MOODY'S REQUIRED RATINGS I")), then Party A will, at its own cost:
Rating Event. The qualification, reduction or withdrawal by a Rating Agency of its then-current rating of the Notes.
Rating Event. If Ratings Event (as defined below) occurs with respect to Party A (or any applicable Credit Support Provider), then:
(i) Party A will promptly give notice of the circumstances to Party B (with a copy to the Trustee) and to the rating agencies that at the time are providing ratings for the Certificates and
(ii) (A) Party A will at its own expense (and subject to the Rating Agency Condition), assign the Transactions under this Agreement 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 Agreement and must obtain a release of the mutual obligations of Party A and Party B under this Agreement, subject to survival of indemnities in respect of tax matters (a “Release”) and provided (x) the right to designate an Early Termination Date under a substitute agreement with such third party on the grounds contemplated in Section 5(a)(vii) of this Agreement would be enforceable against that entity (or a receiver, conservator or trustee for it or its property), subject, if applicable, only to such limitations as are provided for in the Federal Deposit Insurance Act (the “FDIA”), (y) Party B would, in proceedings of the kinds contemplated in that provision, have an enforceable right to apply any collateral posted by the proposed counterparty to secure its obligations under the proposed replacement agreement without need for leave of court or any other person (subject, if applicable, only to such qualifications as may be relevant under the FDIA), and (z) no withholding taxes would be applicable to payments to be made by or to Party B in respect of payments due under Section 2(a) of the proposed agreement or
Rating Event. The Borrower shall obtain and maintain an investment grade Debt Rating at all times, from and including the Closing Date, through and including the Maturity Date, and annually (and for the avoidance of doubt, a new investment grade Debt Rating shall be obtained not less frequently than once every 365 days (366 days in a leap year)), provide a copy of any rating letter issued in connection therewith to the Initial Lender. The Borrower shall promptly (within 3 Business Days of becoming aware of such change) notify the Initial Lender and the Administrative Agent of any change in such investment grade Debt Rating. The Borrower shall provide written notice to the Initial Lender upon the occurrence of the Rating Event and following the occurrence of a Rating Event Cure. No later than three (3) Business Days prior to the date of a Rating Event Cure, the Borrower shall provide written notice thereof to the Initial Lender, unless a Rating Event Cure occurs as a result of a change in the Borrower’s Debt Rating, in which case the Borrower shall promptly provide written notice thereof to the Initial Lender.
