Common use of S&P Implications Clause in Contracts

S&P Implications. (1) If Party A fails to post collateral as required by sub-paragraphs (f)(i)(x)(A) or (f)(i)(y)(A) above, such failure will not be or give rise to an Event of Default but will constitute an Additional Termination Event with respect to Party A which will be deemed to have occurred on the next Business Day (as defined in the Confirmation in respect of the Transaction under this Agreement other than the Transaction constituted by the Credit Support Annex) following the last day of the Initial Remedy Period or the Subsequent Collateral Remedy Period (as applicable) with Party A as the sole Affected Party and all Transactions as Affected Transactions. (2) If Party A does not take any of the measures described in sub- paragraph (f)(i)(y)(B) above, notwithstanding that reasonable efforts may have been used (irrespective of whether Party A continues to post collateral as required by sub-paragraphs (f)(i)(x)(A) or (f)(i)(y)(A), and notwithstanding Section 5(a)(ii)) such failure shall not be or give rise to an Event of Default but shall constitute an Additional Termination Event with respect to Party A, which shall be deemed to have occurred on the next Business Day (as defined in the Confirmation in respect of the transaction under this Agreement) following the last day of the Subsequent Remedy Period with Party A as the sole Affected Party and all Transactions as Affected Transactions. (3) If Paragraph 11(h)(xi) of the Credit Support Annex is applicable and if Party A does not provide to S&P the External Mark Statement (as defined in the Credit Support Annex) in accordance with the provisions of the Credit Support Annex, such failure will not be or give rise to an Event of Default but will constitute an Additional Termination Event, which will be deemed to have occurred on the date on which Party A was obliged to provide to S&P the External Mark Statement in accordance with the provisions of the Credit Support Annex, with respect to Party A, with Party A as the sole Affected Party and all Transactions as Affected Transactions.

S&P Implications. (1) If Party A fails to post collateral as required by sub-paragraphs (f)(i)(x)(A) or (f)(i)(y)(A) above, such failure will not be or give rise to an Event of Default but will constitute an Additional Termination Event with respect to Party A which will be deemed to have occurred on the next Business Day (as defined in the Confirmation in respect of the Transaction under this Agreement other than the Transaction constituted by the Credit Support Annex) following the last day of the Initial Remedy Period or the Subsequent Collateral Remedy Period (as applicable) with Party A as the sole Affected Party and all Transactions as Affected Transactions. (2) If Party A does not take any of the measures described in sub- paragraph (f)(i)(y)(B) above, notwithstanding that reasonable efforts may have been used above (irrespective of whether Party A continues to post collateral as required by sub-paragraphs (f)(i)(x)(A) or (f)(i)(y)(A), and notwithstanding Section 5(a)(ii)) such failure shall not be or give rise to an Event of Default but shall constitute an Additional Termination Event with respect to Party A, which shall be deemed to have occurred on the next Business Day (as defined in the Confirmation in respect of the transaction under this Agreement) following the last day of the Subsequent Remedy Period with Party A as the sole Affected Party and all Transactions as Affected Transactions. (3) If Paragraph 11(h)(xi) of the Credit Support Annex is applicable and if Party A does not provide to S&P the External Mark Statement (as defined in the Credit Support Annex) in accordance with the provisions of the Credit Support Annex, such failure will not be or give rise to an Event of Default but will constitute an Additional Termination Event, which will be deemed to have occurred on the date on which Party A was obliged to provide to S&P the External Mark Statement in accordance with the provisions of the Credit Support Annex, with respect to Party A, with Party A as the sole Affected Party and all Transactions as Affected Transactions.[intentionally omitted]

S&P Implications. (1) If Party A fails to post collateral as required by sub-paragraphs (f)(i)(x)(A) or (f)(i)(y)(A) above, such failure will not be or give rise to an Event of Default but will constitute an Additional Termination Event with respect to Party A which will be deemed to have occurred on the next Business Day (as defined in the Confirmation in respect of the Transaction under this Agreement other than the Transaction constituted by the Credit Support Annex) following the last day of the Initial Remedy Period or the Subsequent Collateral Remedy Period (as applicable) with Party A as the sole Affected Party and all Transactions as Affected Transactions. (2) If Party A does not take any of the measures described in sub- paragraph (f)(i)(y)(B) above, notwithstanding that reasonable efforts may have been used above (irrespective of whether Party A continues to post collateral as required by sub-paragraphs (f)(i)(x)(A) or (f)(i)(y)(A), and notwithstanding Section 5(a)(ii)) such failure shall not be or give rise to an Event of Default but shall constitute an Additional Termination Event with respect to Party A, which shall be deemed to have occurred on the next Business Day (as defined in the Confirmation in respect of the transaction under this Agreement) following the last day of the Subsequent Remedy Period with Party A as the sole Affected Party and all Transactions as Affected Transactions. (3) If Paragraph 11(h)(xi) of the Credit Support Annex is applicable and if Party A does not provide to S&P the External Mark Statement (as defined in the Credit Support Annex) in accordance with the provisions of the Credit Support Annex, such failure will not be or give rise to an Event of Default but will constitute an Additional Termination Event, which will be deemed to have occurred on the date on which Party A was obliged to provide to S&P the External Mark Statement in accordance with the provisions of the Credit Support Annex, with respect to Party A, with Party A as the sole Affected Party and all Transactions as Affected Transactions.