Common use of S&P Clause in Contracts

S&P. S&P Credit Support Amount" shall mean, for the purposes of the S&P Criteria with respect to a Transferor on a Valuation Date: (1) If an Initial S&P Rating Event has occurred and is continuing but a Subsequent S&P Rating Event has not occurred or is not continuing and the S&P Threshold for Party A for such Valuation Date is zero: (i) for so long as Replacement Option 1 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) the sum of (x) the Transferee’s Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction; and (ii) for so long as Replacement Option 2 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) an amount equal to (x) the Transferee's Exposure multiplied by (y) 1.25. (2) If a Subsequent S&P Rating Event has occurred and is continuing and the S&P Threshold for Party A for such Valuation Date is zero: (i) for so long as Replacement Option 1 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) the sum of (x) the Transferee's Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction; and (ii) for so long as Replacement Option 2 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of: (a) an amount equal to the sum of (x) the Transferee's Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction, (b) an amount equal to (x) the Transferee's Exposure multiplied by (y) 1.3, or (c) zero. (3) If the S&P Threshold is infinity (irrespective of whether the Threshold is infinity or zero), zero. For the purpose of Paragraph 11(h)(v)(B):

S&P. S&P Credit Support Amount" shall mean, for the purposes of the S&P Criteria with respect to a Transferor on a Valuation Date: (1) If an Initial S&P Rating Event has occurred and is continuing but a Subsequent S&P Rating Event has not occurred or is not continuing and the S&P Threshold for Party A for such Valuation Date is zero: (i) for so long as Replacement Option 1 applies, (a), an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) the sum of (x) the Transferee’s Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction; and; (ii) for so long as Replacement Option 2 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) an amount equal to (x) the Transferee's Exposure multiplied by (y) 1.25. (2) If a Subsequent S&P Rating Event has occurred and is continuing and the S&P Threshold for Party A for such Valuation Date is zero: (i) for so long as Replacement Option 1 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) the sum of (x) the Transferee's Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction; and (ii) for so long as Replacement Option 2 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of: (a) an amount equal to the sum of (x) the Transferee's Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction, (b) an amount equal to (x) the Transferee's Exposure multiplied by (y) 1.3, or (c) zero. (3) If the S&P Threshold is infinity (irrespective of whether the Threshold is infinity or zero), zero. For the purpose of Paragraph 11(h)(v)(B):

S&P. S&P Credit Support Amount" shall mean, for the purposes of the S&P Criteria with respect to a Transferor on a Valuation Date: (1) If an Initial S&P Rating Event has occurred and is continuing but a Subsequent S&P Rating Event has not occurred or is not continuing and the S&P Threshold for Party A for such Valuation Date is zero: (i) for so long as Replacement Option 1 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), ) to be the greater of (a) zero and (b) the sum of (x) the Transferee’s Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction; and (ii) for so long as Replacement Option 2 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) an amount equal to (x) the Transferee's Exposure multiplied by (y) 1.25. (2) If a Subsequent S&P Rating Event has occurred and is continuing and the S&P Threshold for Party A for such Valuation Date is zero: (i) for so long as Replacement Option 1 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) the sum of (x) the Transferee's Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction; and (ii) for so long as Replacement Option 2 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of: (a) an amount equal to the sum of (x) the Transferee's Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction, (b) an amount equal to (x) the Transferee's Exposure multiplied by (y) 1.3, or (c) zero. (3) If the S&P Threshold is infinity (irrespective of whether the Threshold is infinity or zero), zero. For the purpose of Paragraph 11(h)(v)(B):

S&P. S&P Credit Support Amount" shall mean, for the purposes of the S&P Criteria with respect to a Transferor on a Valuation Date: (1) If an Initial S&P Rating Event has occurred and is continuing but a Subsequent S&P Rating Event has not occurred or is not continuing and the S&P Threshold for Party A for such Valuation Date is zero: (i) for so long as Replacement Option 1 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) the sum of (x) the Transferee’s Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction; and (ii) for so long as Replacement Option 2 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) an amount equal to (x) the Transferee's Exposure multiplied by (y) 1.25. (2) If a Subsequent S&P Rating Event has occurred and is continuing and the S&P Threshold for Party A for such Valuation Date is zero: (i) for so long as Replacement Option 1 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) the sum of (x) the Transferee's Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction; and (ii) for so long as Replacement Option 2 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of: (a) an amount equal to the sum of (x) the Transferee's Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction, (b) an amount equal to (x) the Transferee's Exposure multiplied by (y) 1.3, or (c) zero. (3) If the S&P Threshold is infinity (irrespective of whether the Threshold is infinity or zero), zero. For the purpose of Paragraph 11(h)(v)(B):