Common use of Ratings Downgrade Clause in Contracts

Ratings Downgrade. (i) In the event that the unsecured and unsubordinated debt obligations of Party A (or any applicable assignee or its guarantor) shall have (1) a long term credit rating of less than AA- by S&P and a short-term credit rating of less than A-1+ by S&P, or (2) a long term credit rating of less than A2 by Moody's and a short term credit rating of less than P-1 by Moody's, or (3) a long term credit rating of less than BBB+ by Fitch Ratings and a short term credit rating of less than F2 by Fitch Ratings and Party B does not receive written affirmation of the then current rating of the Notes, then Party A shall immediately notify the Rating Agencies and Party B and within 5 Local Business Days (or 30 Local Business Days if the downgrade is to no less than A- (S&P long term) and A-1 (S&P short term) and A3 (Moody's long term) and A+ (Fitch long term) and F1 (Fitch short term)) of such downgrade (unless during this period, Party A and Party B receive written confirmation from S&P, Fitch Ratings and Moody's that such downgrade would not result in the Notes either being downgraded or placed under review for possible downgrade) at its cost either:

Ratings Downgrade. (i) In the event that the unsecured and unsubordinated debt obligations of Party A (or any applicable assignee or its guarantor) shall have (1) a long term credit rating of less than AA- by S&P and a short-term credit rating of less than A-1+ by S&P, or (2) a long term credit rating of less than A2 by Moody's and a short term credit rating of less than P-1 by Moody's, or (3) a long term credit rating of less than BBB+ AA- by Fitch Ratings and a short term credit rating of less than F2 F1+ by Fitch Ratings and Party B does not receive written affirmation of the then current rating of the Notes, then Party A shall immediately notify the Designated Rating Agencies and Party B and within 5 Local Business Days (or 30 Local Business Days if the downgrade is to no less than A- (S&P long term) and A-1 (S&P short term) and A3 (Moody's long term) and A+ A- (Fitch long term) and F1 (Fitch short term)) of such downgrade (unless during this period, Party A and Party B receive written confirmation from S&P, Fitch Ratings and Moody's that such downgrade would not result in the Notes either being downgraded or placed under review for possible downgrade) at its cost either:

Ratings Downgrade. (i) In the event that the unsecured and unsubordinated debt obligations of Party A (or any applicable assignee or its guarantor) shall have (1) a long term credit rating of less than AA- by S&P and a short-term credit rating of less than A-1+ by S&P, or (2) a long term credit rating of less than A2 by Moody's and a short term credit rating of less than P-1 by Moody's, or (3) a long term credit rating of less than BBB+ by Fitch Ratings and a short term credit rating of less than F2 by Fitch Ratings and Party B does not receive written affirmation of the then current rating of the Notes, then Party A shall immediately notify the Designated Rating Agencies and Party B and within 5 Local Business Days (or 30 Local Business Days if the downgrade is to no less than A- (S&P long term) and A-1 (S&P short term) and A3 (Moody's long term) and A+ (Fitch long term) and F1 (Fitch short term)) of such downgrade (unless during this period, Party A and Party B receive written confirmation from S&P, Fitch Ratings and Moody's that such downgrade would not result in the Notes either being downgraded or placed under review for possible downgrade) at its cost either:

Ratings Downgrade. (i) In the event that the unsecured and unsubordinated debt obligations of Party A (or any applicable assignee or its guarantor) shall have (1) a long term credit rating of less than AA- [AA-] by S&P and a short-term credit rating of less than [A-1+ +] by S&P, or (2) a long term credit rating of less than A2 [A2] by Moody's and a short term credit rating of less than P-1 [P-1] by Moody's, or (3) a long term credit rating of less than BBB+ [BBB+] by Fitch Ratings and a short term credit rating of less than F2 [F2] by Fitch Ratings and Party B does not receive written affirmation of the then current rating of the Notes, then Party A shall immediately notify the Designated Rating Agencies and Party B and within 5 Local Business Days (or 30 Local Business Days if the downgrade is to no less than A- [A-] (S&P long term) and A-1 [A-1] (S&P short term) and A3 [A3] (Moody's long term) and A+ [A+] (Fitch long term) and F1 [F1] (Fitch short term)) of such downgrade (unless during this period, Party A and Party B receive -------------------------------------------------------------------------------- page 46 written confirmation from S&P, Fitch Ratings and Moody's that such downgrade would not result in the Notes either being downgraded or placed under review for possible downgrade) at its cost either: