Common use of Ratings Event I Clause in Contracts

Ratings Event I. A. Actions upon Ratings Event 1: Not later than 30 calendar days after a Ratings Event I has occurred and is continuing, Xxxxxx shall, at its own expense: (A) provide, or cause to be provided, an Eligible Guarantee to Counterparty in respect of all Xxxxxx’x present and future obligations under this Agreement; or (B) transfer Xxxxxx’x rights and obligations under the Agreement and all Confirmations pursuant to a Qualifying Novation; or (C) deliver Eligible Collateral to Counterparty in accordance with the terms of the Approved Credit Support Document and, following such delivery, maintain Eligible Collateral as required under the Approved Credit Support Document; Xxxxxx’x obligations under this Part 6(1)(I) shall cease, solely with respect to such occurrence, if (A) there is no Ratings Event I or (B) Xxxxxx has either provided an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in accordance with the terms of this Schedule.

Ratings Event I. A. Actions upon Ratings Event 1: Not later than 30 calendar days after a Ratings Event I has occurred and is continuing, Xxxxxx Mxxxxx shall, at its own expense: (A) provide, or cause to be provided, an Eligible Guarantee to Counterparty in respect of all Xxxxxx’x Mxxxxx’x present and future obligations under this Agreement; or (B) transfer Xxxxxx’x Mxxxxx’x rights and obligations under the Agreement and all Confirmations pursuant to a Qualifying Novation; or (C) deliver Eligible Collateral to Counterparty in accordance with the terms of the Approved Credit Support Document and, following such delivery, maintain Eligible Collateral as required under the Approved Credit Support Document; Xxxxxx’x Mxxxxx’x obligations under this Part 6(1)(I) shall cease, solely with respect to such occurrence, if (A) there is no Ratings Event I or (B) Xxxxxx Mxxxxx has either provided an Eligible Guarantee in respect of all Xxxxxx’x Mxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in accordance with the terms of this Schedule.

Ratings Event I. A. Actions upon Ratings Event 1: Not later than 30 calendar days days1 after a Ratings Event I has occurred and is continuing, Xxxxxx shall, at its own expense: (A) provide, or cause to be provided, an Eligible Guarantee to Counterparty in respect of all Xxxxxx’x present and future obligations under this Agreement; or (B) transfer Xxxxxx’x rights and obligations under the Agreement and all Confirmations pursuant to a Qualifying Novation; or (C) deliver Eligible Collateral to Counterparty in accordance with the terms of the Approved Credit Support Document and, following such delivery, maintain Eligible Collateral as required under the Approved Credit Support Document; Xxxxxx’x obligations under this Part 6(1)(I) shall cease, solely with respect to such occurrence, if (A) there is no Ratings Event I or (B) Xxxxxx has either provided an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in accordance with the terms of this Schedule.