Common use of External Verification Clause in Contracts

External Verification. Notwithstanding the definition of Valuation Agent and Valuation Date, at any time while the long-term unsecured debt or counterparty rating of Party A's Credit Support Provider is not above "BBB", the calculations of Exposure and the Value of any Eligible Credit Support or Posted Credit Support must be verified by an external mark monthly. Th▇ ▇▇ternal mark must be obtained by an indepe▇▇▇▇t third party, and cannot be verified by the same entity more than four times in any 12-month period. In addition, the external mark-to-market valuations should r▇▇▇▇ct the higher of two bids from counterparties that would be eligible and willing to provide the swap in the absence of the current provider. The Value of any Eligible Credit Support or Posted Credit Support and Exposure should be based on the greater of the calculations of the Valuation Agent and the external marks, and any deficiencies in Value and Exposure must be cured within three days.

External Verification. Notwithstanding the definition of Valuation Agent and Valuation Date, at any time while the long-term unsecured debt or counterparty rating of Party A's ’s Credit Support Provider is not above "“BBB"”, the calculations of Exposure and the Value of any Eligible Credit Support or Posted Credit Support must be verified by an external mark monthly. Th▇ ▇▇ternal mark ▇▇ quarterly. The external ▇▇▇▇ must be obtained by an indepe▇▇▇▇t independent third party, and cannot be verified by the same entity more than four times in any 12-month period. In addition, the external mark-to▇▇▇▇-to-market valuations should r▇▇▇▇ct reflect the higher of two bids from counterparties that would be eligible and willing to provide the swap in the absence of the current provider. The Value of any Eligible Credit Support or Posted Credit Support and Exposure should be based on the greater of the calculations of the Valuation Agent and the external marks, and any deficiencies in Value and Exposure must be cured within three days.