Common use of Subsequent Fitch Rating Event Clause in Contracts

Subsequent Fitch Rating Event. In the event that no Relevant Entity has the Subsequent Fitch Required Rating (such circumstance a “Subsequent Fitch Rating Event”), then: (1) Party A shall, within the Subsequent Fitch Collateral Remedy Period, at its own cost, transfer collateral in accordance with and to the extent required by the Credit Support Annex; and (2) Party A shall, within the Subsequent Fitch Remedy Period use commercially reasonable efforts to, at its own cost: (a) subject to Part 6(b)(i) (Transfers by Party A) below, transfer all of its rights and obligations with respect to this Agreement to a Fitch Eligible Counterparty; or (b) procure a Fitch Eligible Counterparty to become a co-obligor or guarantor in respect of the obligations of Party A under this Agreement pursuant to a Fitch Compliant Guarantee; or (c) take such other action (which may include no action) which will result in the ratings assigned by Fitch to the Notes being maintained at, or restored to, the level at which the Notes were rated immediately prior to the date on which the relevant Subsequent Fitch Rating Event commenced,