Initial DBRS Rating Event Clause Samples

Initial DBRS Rating Event. If the Long-Term DBRS Rating of both Party A (or its successor) and any Credit Support Provider from time to time in respect of Party A ceases to be at least as high as “A” provided that the highest rated Notes have a rating of AA (low) or higher (an “Initial DBRS Rating Event”) then Party A will, as soon as practicable, but in any event no later than within 30 Local Business Days of the occurrence of such Initial DBRS Rating Event, at its own cost, either: (a) transfer collateral in accordance with the provisions of the Credit Support Annex; or (b) subject to Part 5(o), transfer all of its rights and obligations under this Agreement to a DBRS Compliant Entity; or (c) procure an entity with a Long-Term DBRS Rating of at least as high as “A” to provide a DBRS Eligible Guarantee in respect of the obligations of Party A under this Agreement; or (d) take such other action as will result in the rating of the Notes by DBRS following the taking of such action being maintained at, or restored to, the level at which it was immediately prior to such Initial DBRS Rating Event. If any of the measures described in paragraphs (b), (c) or (d) of this Part 5(e)(ii)(1) are satisfied at any time, Party A will not be required to transfer any collateral in respect of such Initial DBRS Rating Event pursuant to paragraph (a) of this Part 5(e)(ii)(1). If, at any time following the occurrence of an Initial DBRS Rating Event, the Long- Term DBRS Rating of Party A (or the Credit Support Provider in respect of Party A) is at least as high as “A”, Party A shall not be under an obligation to comply with the provisions of Part 5(e)(ii)(1)(a), (b), (c) and (d), unless another Initial DBRS Rating Event occurs.