Common use of S&P Ratings Event Clause in Contracts

S&P Ratings Event. It shall be a ratings event if at any time after the date hereof, the Relevant Entity fails to satisfy the Hedge Counterparty Ratings Threshold or the Relevant Entity is no longer rated by S&P (“S&P Ratings Event”). Within 60 calendar days from the date an S&P Ratings Event has occurred and so long as such S&P Ratings Event is continuing, Party A shall, at its sole expense, (x) obtain an Eligible Replacement that upon satisfaction of the Rating Agency Condition, assumes the obligations of Party A under this Agreement (through an assignment and assumption agreement in form and substance reasonably satisfactory to Party B) or (y) obtain at its sole cost and expense an Eligible Guarantee from an entity that satisfies the Hedge Counterparty Rating Requirements subject to the satisfaction of the Rating Agency Condition with respect to such guaranty.