Common use of Downgrade Provisions Clause in Contracts

Downgrade Provisions. (i) It shall be a collateralization event (a “Collateralization Event”) if: (A) with respect to each Relevant Entity that is a Financial Institution, either: (i) the Short-term Rating of such Relevant Entity is "A-2" from S&P, or (ii) if such Relevant Entity does not have a Short-term Rating from S&P, the Long-term Rating of such Relevant Entity is "A", “A-“ or “BBB+” from S&P (such event, an “S&P Collateralization Event”), or (B) with respect to each Relevant Entity, the Long-term Rating or financial strength ratings of such Relevant Entity is below “A” from Fitch (such event, a “Fitch Collateralization Event”).