Second Rating Trigger Requirements definition

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

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Second Rating Trigger Requirements shall apply so long as none of the Relevant Entities has the Second Trigger Required Ratings.

Second Rating Trigger Requirements means, so long as no Relevant Entity has the Second Trigger Required Ratings, that Party A will at its own cost use commercially reasonable efforts to, as soon as reasonably practicable, procure either (A) an Eligible Guarantee in respect of all of Party A's present and future obligations under this Agreement to be provided by a guarantor with the First Trigger Required Ratings and/or the Second Trigger Required Ratings or (B) at least one Eligible Replacement has made a Firm Offer (which remains capable of becoming legally binding upon acceptance).

Examples of Second Rating Trigger Requirements in a sentence

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 Document and either (A) the Second Rating Trigger Requirements do not apply or (B) less than 30 Local Business Days have elapsed since the last time the Second Rating Trigger Requirements (as defined below) did not apply.
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 Document and either (A) the ▇▇▇▇▇’▇ Second Rating Trigger Requirements do not apply or (B) less than 30 Local Business Days have elapsed since the last time the ▇▇▇▇▇’▇ Second Rating Trigger Requirements (as defined below) did not apply.
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 (A) the Second Rating Trigger Requirements do not apply or (B) less than 30 Local Business Days have elapsed since the last time the Second Rating Trigger Requirements did not apply.
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 entered into between Party A and Party B in relation to this Agreement 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.
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 (1) the Second Rating Trigger Requirements do not apply or (2) less than 30 Local Business Days have elapsed since the last time the Second Rating Trigger Requirements did not apply.
So long as the Second Rating Trigger Requirements apply, Party A will at its own cost use commercially reasonable efforts to, as soon as reasonably practicable, procure either (A) an Eligible Guarantee in respect of all of Party A’s present and future obligations under this Agreement to be provided by a guarantor with the First Trigger Required Ratings and/or the Second Trigger Required Ratings or (B) a transfer in accordance with Part 5(17) below.
So long as the Second Rating Trigger Requirements apply, Party A will at its own cost use commercially reasonable efforts to, as soon as reasonably practicable, procure either (A) an Eligible Guarantee in respect of all of Party A’s present and future obligations under this Agreement to be provided by a guarantor with the Second Trigger Required Ratings or (B) a transfer in accordance with Part 5(17) below.
The following shall constitute an Additional Termination Event in which Party A is the sole Affected Party: 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.
So long as the Second Rating Trigger Requirements apply, Party A will at its own cost use commercially reasonable efforts to, as soon as reasonably practicable, procure either (a) an Eligible Guarantee in respect of all of Party A’s present and future obligations under this Agreement to be provided by a guarantor with the First Trigger Required Ratings and/or the Second Trigger Required Ratings or (b) a transfer in accordance with Part 5(17) below.
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 to this Schedule and either (1) the ▇▇▇▇▇'▇ Second Rating Trigger Requirements do not apply or (2) less than 30 Local Business Days have elapsed since the last time the ▇▇▇▇▇'▇ Second Rating Trigger Requirements did not apply.

More Definitions of Second Rating Trigger Requirements

Second Rating Trigger Requirements shall apply so long as no Relevant Entity has the Second Trigger Required Ratings. An entity shall have the "SECOND TRIGGER REQUIRED RATINGS" (A) where such entity is the subject of a Moody's Short-term Rating, if such rating is "Prime-2" or above and its long-term, unsecured and unsubordinated debt or counterparty obligations are rated "A3" 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 "A3" or above by Moody's.

Second Rating Trigger Requirements means: Party A’s unsubordinated and unsecured short-term debt obligations cease to be rated as high as: (i) where both the short-term and the long-term debt obligations are rated by ▇▇▇▇▇’▇: (I) “Prime-2” short-term; and (II) A3 long-term; or (ii) where only the long-term debt obligations are rated by ▇▇▇▇▇’▇, A3, long-term.

Second Rating Trigger Requirements shall apply so long as no Relevant Entity has the Second Trigger Required Ratings. An entity shall have the "Second Trigger Required Ratings" (A) where such entity is the subject of a Moody's Short-term Rating, if such rating is "Prime-2" or above and its long- term, unsecured and unsubordinated debt or counterparty obligations are rated "A3" 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 "A3" or above by Moody's. So long as the Second Rating Trigger Requirements apply, Party A will at its own cost use commercially reasonable efforts to, as soon as reasonably practicable, procure either (A) an Eligible Guarantee in respect of all of Party A's present and future obligations under this Agreement (other than, if a Notice Date has occurred, Party A's present and future obligations arising under any SVR Transactions) is provided by a guarantor with the First Trigger Required Ratings and/or the Second Trigger Required Ratings or (B) a transfer (other than, if a Notice Date has occurred, Party A's present and future obligations arising under any SVR Transactions) in accordance with Part 5(r)(ii) below.