Common use of Replacement Option Clause in Contracts

Replacement Option. Replacement Option 1 will apply on and from the date of this Agreement, except that Party A may at any time elect for Replacement Option 2 or Replacement Option 3 to apply (or for Replacement Option 1 to apply if Replacement Option 2 or Replacement Option 3 applies at such time) (the ''New Replacement Option'') on and from a particular date (the “Option Change Effective Date”), in which case the New Replacement Option shall apply on and from the Option Change Effective Date provided the following conditions have been met: (a) Party A is not a Defaulting Party or an Affected Party under this Agreement at such time; (b) Party A has given at least one London Business Day’s notice to the Security Trustee and to S&P specifying that it wishes to elect for the New Replacement Option to apply on and from the Option Change Effective Date; (c) such election would not result in Party A ceasing to have the Subsequent S&P Required Rating (as if the New Replacement Option applied at such time); and (d) such Option Change Effective Date occurs before any Initial Remedy Period or Subsequent Remedy Period has expired (disregarding limb (ii) of the definitions of Initial Remedy Period and Subsequent Remedy Period for the purpose of calculating such Initial Remedy Period or Subsequent Remedy Period).

Replacement Option. Replacement Option 1 will apply on and from the date of this Agreement, except that Party A may at any time elect for Replacement Option 2 or Replacement Option 3 to apply (or for Replacement Option 1 to apply if Replacement Option 2 or Replacement Option 3 applies at such time) (the ''New Replacement Option'') on and from a particular date (the “Option Change Effective Date”), in which case the New Replacement Option 2 (or Replacement Option 1, as applicable) shall apply on and from the Option Change Effective Date provided the following conditions have been met: (a) Party A is not a Defaulting Party or an Affected Party under this Agreement at such time; (b) Party A has given at least one London Local Business Day’s notice to the Master Issuer Security Trustee and to S&P specifying that it wishes to elect for the New Replacement Option 2 (or Replacement Option 1, as applicable) to apply on and from the Option Change Effective Date; (c) such election would not result in Party A ceasing to have the Subsequent S&P Required Rating (as if the New Replacement Option 2 (or Replacement Option 1, if Replacement Option 2 applies at such time) applied at such time); and (d) such Option Change Effective Date occurs before any Initial Remedy Period or Subsequent Remedy Period has expired (disregarding limb (ii) of the definitions of Initial Remedy Period and Subsequent Remedy Period for the purpose of calculating such Initial Remedy Period or Subsequent Remedy Period).