First Rating Trigger Requirements definition

First Rating Trigger Requirements shall apply so long as no Relevant Entity has the First Trigger Required Ratings. An entity shall have the "First Trigger Required Ratings" (A) where such entity is the subject of a Moody’s Short-term Rating, if such rating is "Prime- 1" and its long-term, unsecured and unsubordinated debt or counterparty obligations are rated "A2" or above by Moody’s and (B) where such entity is not the subject of a Moody’s Short-term Rating, if its long-term, unsecured and unsubordinated debt or counterparty obligations are rated "A1" or above by Moody’s.

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First Rating Trigger Requirements shall apply so long as no Relevant Entity has the First Trigger Required Ratings.

First Rating Trigger Requirements apply when no Relevant Entity has credit ratings at least equal to the First Trigger Required Ratings.

Examples of First Rating Trigger Requirements in a sentence

• For avoidance of doubt, this Part 6(m) does not relate to Party A’s obligation to post collateral or obtain a guarantee in connection with the Moody’s First Rating Trigger Requirements or the Moody’s Second Rating Trigger Requirements.

• For avoidance of doubt, this Part 6(m) does not relate to Party A’s obligation to post collateral or obtain a guarantee in connection with the ▇▇▇▇▇’▇ First Rating Trigger Requirements or the ▇▇▇▇▇’▇ Second Rating Trigger Requirements.

• The ▇▇▇▇▇’▇ First Rating Trigger Requirements apply and Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the Credit Support Annex and either (x) the ▇▇▇▇▇’▇ Second Rating Trigger Requirements do not apply or (y) less than 30 Local Business Days have elapsed since the last time the ▇▇▇▇▇’▇ Second Rating Trigger Requirements did not apply.

More Definitions of First Rating Trigger Requirements

First Rating Trigger Requirements means, so long as no Relevant Entity has the First Trigger Required Ratings, that Party A will within 30 days, (i) post collateral pursuant to the terms of the Credit Support Annex hereto, (ii) obtain an Eligible Guarantee in respect of all of Party A's present and future obligations under this Agreement or (iii) locate an Eligible Replacement that (a) is reasonably acceptable to Party B (which shall be evidenced by Party B's receipt of Rating Agencies confirmation) and satisfies the First Trigger Required Ratings and (b) who 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 replaces the outstanding Transactions hereunder with transactions on identical terms, except that Party A shall be replaced as counterparty, provided that such Eligible Replacement, as of the date of such assumption or replacement, will not, as a result thereof, be required to withhold or deduct on account of tax under the Agreement or the new transactions, as applicable, and such assumption or replacement will not lead to a Termination Event or Event of Default occurring under the Agreement or new transactions, as applicable.