Replacement Framework Sample Clauses

Replacement Framework. Party A may, by notice in substantially the form set out in the Exhibit to this Schedule (a "S&P Classification Switch Notice"), inform Party B, the Issuer Security Trustee and S&P that it wishes to elect (A) that S&P Strong, S&P Adequate, S&P Moderate or S&P Weak, as applicable (the “New S&P Framework”), shall apply, and (B) any previous election in respect of an S&P Framework shall cease to apply. With effect from the Local Business Day following S&P’s confirmation that the New S&P Framework will not adversely impact the rating of the Covered Bonds (such date, the "Substitution Effective Date"), the definitions of “Initial S&P Required Rating” and “Subsequent S&P Required Rating” shall be deemed to have been amended to the equivalent definitions as set out below corresponding to the relevant New S&P Framework elected. The right of Party A to make an election pursuant to this Part 5(f)(i)(1) (Replacement Framework) is subject to the following conditions being satisfied on the Substitution Effective Date: (a) no Event of Default or Termination Event has occurred with respect to which Party A is the Defaulting Party or the sole Affected Party, as the case may be; and (b) the Substitution Effective Date may not occur during any extension to the Collateral Remedy Period pursuant to sub-paragraph (B) of the definition thereof.