Common use of Subsequent Fitch Rating Event Clause in Contracts

Subsequent Fitch Rating Event. If, following a Subsequent Fitch Rating Event, Party A has provided collateral under the Credit Support Annex pursuant to Part 5(e)(iii)(A) above and fails to continue to post collateral pending compliance with Part 5(e)(iv)(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 and will be deemed to have occurred on the later of the next Local Business Day after the fourteenth calendar day following such Subsequent Fitch Rating Event and the next Business Day after the thirtieth calendar day following any prior Initial Fitch Rating Event with Party A as the sole Affected Party and all Transactions as Affected Transactions. Further, it will constitute an Additional Termination Event with respect to Party A, even if Party A continues to post collateral as required by Part 5(e)(iv)(B) above, and notwithstanding Section 5(a)(ii), Party A does not take the measures described in Part 5(e)(iv)(A) above (and regardless of whether reasonable endeavours have been used to implement any of those measures). Such Additional Termination Event will be deemed to have occurred on the next Local Business Day after the thirtieth calendar day following the Subsequent Fitch Rating Event with Party A as the sole Affected Party and all Transactions as Affected Transactions.

Subsequent Fitch Rating Event. If, following a Subsequent Fitch Rating Event, Party A has provided collateral under the Credit Support Annex pursuant to Part 5(e)(iii)(A) above and fails to continue to post collateral pending compliance with Part 5(e)(iv)(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 and will be deemed to have occurred on the later of the next Local Business Day after the fourteenth calendar day following such Subsequent Fitch Rating Event and the next Business Day after the thirtieth sixtieth calendar day following any prior Initial Fitch Rating Event with Party A as the sole Affected Party and all Transactions as Affected Transactions. Further, it will constitute an Additional Termination Event with respect to Party A, even if Party A continues to post collateral as required by Part 5(e)(iv)(B) above, and notwithstanding Section 5(a)(ii), Party A does not take the measures described in Part 5(e)(iv)(A) above (and regardless of whether reasonable endeavours have been used to implement any of those measures). Such Additional Termination Event will be deemed to have occurred on the next Local Business Day after the thirtieth sixtieth calendar day following the Subsequent Fitch Rating Event with Party A as the sole Affected Party and all Transactions as Affected Transactions.