{"component": "clause", "props": {"groups": [{"size": 55, "snippet_links": [{"key": "required-ratings-downgrade-event", "type": "definition", "offset": [9, 41]}, {"key": "local-business-days", "type": "definition", "offset": [90, 109]}, {"key": "eligible-replacement", "type": "definition", "offset": [135, 155]}, {"key": "firm-offer", "type": "definition", "offset": [167, 177]}, {"key": "the-transferee", "type": "clause", "offset": [184, 198]}, {"key": "rights-and-obligations-under-this-agreement", "type": "clause", "offset": [219, 262]}, {"key": "binding-upon", "type": "clause", "offset": [326, 338]}, {"key": "acceptance-by-the", "type": "clause", "offset": [370, 387]}, {"key": "eligible-guarantor", "type": "definition", "offset": [412, 430]}, {"key": "to-provide", "type": "definition", "offset": [453, 463]}, {"key": "eligible-guarantee", "type": "definition", "offset": [467, 485]}, {"key": "immediately-upon", "type": "clause", "offset": [586, 602]}, {"key": "additional-termination-event", "type": "clause", "offset": [639, 667]}, {"key": "party-a-and-party", "type": "clause", "offset": [704, 721]}, {"key": "sole-affected-party", "type": "definition", "offset": [737, 756]}], "snippet": "If (A) a Required Ratings Downgrade Event has occurred and been continuing for 30 or more Local Business Days and (B) (i) at least one Eligible Replacement has made a Firm Offer to be the transferee of all of Party A\u2019s rights and obligations under this Agreement (and such Firm Offer remains an offer that will become legally binding upon such Eligible Replacement upon acceptance by the offeree) and/or (ii) an Eligible Guarantor has made a Firm Offer to provide an Eligible Guarantee (and such Firm Offer remains an offer that will become legally binding upon such Eligible Guarantor immediately upon acceptance by the offeree), then an Additional Termination Event shall have occurred with respect to Party A and Party A shall be the sole Affected Party with respect to such Additional Termination Event.", "samples": [{"hash": "cEg5Otxdyvf", "uri": "/contracts/cEg5Otxdyvf#second-rating-trigger-replacement", "label": "Novation Agreement", "score": 30.340862423, "published": true}, {"hash": "iM7mYA0AK5v", "uri": "/contracts/iM7mYA0AK5v#second-rating-trigger-replacement", "label": "Master Agreement (CWABS Asset-Backed Certificates Trust 2007-5)", "score": 21.0, "published": true}, {"hash": "hrnxMtvzFYe", "uri": "/contracts/hrnxMtvzFYe#second-rating-trigger-replacement", "label": "Pooling and Servicing Agreement (ACE Securities Corp. 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For the purpose of this Agreement:", "samples": [{"hash": "gD1p7VqBqzG", "uri": "/contracts/gD1p7VqBqzG#second-rating-trigger-replacement", "label": "Amendment and Restatement Agreement", "score": 20.434380612, "published": true}, {"hash": "9Nvp7J2BiK6", "uri": "/contracts/9Nvp7J2BiK6#second-rating-trigger-replacement", "label": "Amendment and Restatement Agreement", "score": 20.434380612, "published": true}], "hash": "72f3b4d05e089421015a7fa562e6070b", "id": 6}, {"size": 3, "snippet_links": [{"key": "additional-termination-event", "type": "clause", "offset": [80, 108]}, {"key": "party-a-and-party", "type": "clause", "offset": [125, 142]}, {"key": "sole-affected-party", "type": "definition", "offset": [158, 177]}, {"key": "second-trigger", "type": "definition", "offset": [243, 257]}, {"key": "local-business-days", "type": "definition", "offset": [321, 340]}, {"key": "eligible-replacement", "type": "definition", "offset": [437, 457]}, {"key": "firm-offer", "type": "definition", "offset": [469, 479]}, {"key": "an-early-termination-date", "type": "definition", "offset": [519, 544]}, {"key": "market-quotation", "type": "definition", "offset": [559, 575]}, {"key": "the-basis", "type": "clause", "offset": [580, 589]}, {"key": "capable-of", "type": "definition", "offset": [638, 648]}, {"key": "upon-acceptance", "type": "clause", "offset": [674, 689]}, {"key": "sp-required-ratings-downgrade-event", "type": "definition", "offset": [698, 734]}, {"key": "calendar-days", "type": "definition", "offset": [782, 795]}], "snippet": "The occurrence of any event described in this Part 5(c)(ii) shall constitute an Additional Termination Event with respect to Party A and Party A shall be the sole Affected Party with respect to such Additional Termination Event.\n(A) A Moody\u2019s Second Trigger Downgrade Event has occurred and is continuing and at least 30 Local Business Days have elapsed since such Moody\u2019s Second Trigger Downgrade Event first occurred, and at least one Eligible Replacement has made a Firm Offer that would, assuming the occurrence of an Early Termination Date, qualify as a Market Quotation (on the basis that Part 1(f)(i)(A) applies) and which remains capable of becoming legally binding upon acceptance.\n(B) An S&P Required Ratings Downgrade Event has occurred and is continuing and at least 60 calendar days have elapsed since such S&P Required Ratings Downgrade Event first occurred.", "samples": [{"hash": "lpaJofYUwJa", "uri": "/contracts/lpaJofYUwJa#second-rating-trigger-replacement", "label": "Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-He5)", "score": 21.0, "published": true}, {"hash": "gi2IXOvaNW1", "uri": "/contracts/gi2IXOvaNW1#second-rating-trigger-replacement", "label": "Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2007-He2)", "score": 21.0, "published": true}], "hash": "fc94c700f25180701bc05a5fc2540107", "id": 7}, {"size": 3, "snippet_links": [{"key": "second-rating-trigger-requirements", "type": "definition", "offset": [4, 38]}, {"key": "local-business-days", "type": "definition", "offset": [60, 79]}, {"key": "eligible-replacement", "type": "definition", "offset": [188, 208]}, {"key": "firm-offer", "type": "definition", "offset": [220, 230]}, {"key": "an-early-termination-date", "type": "definition", "offset": [270, 295]}, {"key": "market-quotation", "type": "definition", "offset": [310, 326]}, {"key": "the-basis", "type": "clause", "offset": [331, 340]}, {"key": "part-5", "type": "definition", "offset": [374, 380]}, {"key": "capable-of", "type": "definition", "offset": [417, 427]}, {"key": "upon-acceptance", "type": "clause", "offset": [453, 468]}], "snippet": "The Second Rating Trigger Requirements apply and 30 or more Local Business Days have elapsed since the last time the Second Rating Trigger Requirements did not apply and (ii) at least one Eligible Replacement has made a Firm Offer that would, assuming the occurrence of an Early Termination Date, qualify as a Market Quotation (on the basis that paragraphs (i) and (iii) in Part 5 (16 below)) apply and which remains capable of becoming legally binding upon acceptance.", "samples": [{"hash": "gN8Fq57bVM3", "uri": "/contracts/gN8Fq57bVM3#second-rating-trigger-replacement", "label": "Isda Master Agreement (Holmes Master Issuer)", "score": 21.0, "published": true}], "hash": "a0f6f1e2645fc6f4c4102f5aebcffce5", "id": 8}, {"size": 2, "snippet_links": [{"key": "second-rating-trigger-requirements", "type": "definition", "offset": [8, 42]}, {"key": "local-business-days", "type": "definition", "offset": [64, 83]}, {"key": "eligible-replacement", "type": "definition", "offset": [195, 215]}, {"key": "firm-offer", "type": "definition", "offset": [227, 237]}, {"key": "capable-of", "type": "definition", "offset": [253, 263]}, {"key": "upon-acceptance", "type": "clause", "offset": [289, 304]}, {"key": "the-transferee", "type": "clause", "offset": [312, 326]}, {"key": "transfer-to", "type": "definition", "offset": [332, 343]}, {"key": "in-accordance-with", "type": "definition", "offset": [352, 370]}, {"key": "first-trigger-required-ratings", "type": "definition", "offset": [427, 457]}, {"key": "second-trigger-required-ratings", "type": "definition", "offset": [469, 500]}, {"key": "acceptance-by-the", "type": "clause", "offset": [579, 596]}, {"key": "to-provide", "type": "definition", "offset": [606, 616]}, {"key": "eligible-guarantee", "type": "definition", "offset": [620, 638]}, {"key": "in-respect-of", "type": "clause", "offset": [639, 652]}, {"key": "party-a", "type": "definition", "offset": [660, 667]}, {"key": "obligations-under-this-agreement", "type": "clause", "offset": [689, 721]}, {"key": "with-respect-to", "type": "clause", "offset": [723, 738]}, {"key": "the-foregoing", "type": "definition", "offset": [739, 752]}, {"key": "additional-termination-event", "type": "clause", "offset": [753, 781]}, {"key": "sole-affected-party", "type": "definition", "offset": [804, 823]}, {"key": "all-transactions", "type": "clause", "offset": [828, 844]}, {"key": "affected-transactions", "type": "definition", "offset": [854, 875]}], "snippet": "(1) The Second Rating Trigger Requirements apply and 30 or more Local Business Days have elapsed since the last time the Second Rating Trigger Requirements did not apply and (2) (x) at least one Eligible Replacement has made a Firm Offer (which remains capable of becoming legally binding upon acceptance) to be the transferee of a transfer to be made in accordance with Part 6(a) below and/or (y) at least one entity with the First Trigger Required Ratings and/or the Second Trigger Required Ratings has made a Firm Offer (which remains capable of becoming legally binding upon acceptance by the offeree) to provide an Eligible Guarantee in respect of all of Party A\u2019s present and future obligations under this Agreement. With respect to the foregoing Additional Termination Event, Party A shall be the sole Affected Party and all Transactions shall be Affected Transactions.", "samples": [{"hash": "hfu6HGCsZts", "uri": "/contracts/hfu6HGCsZts#second-rating-trigger-replacement", "label": "Master Agreement (Wachovia Auto Loan Owner Trust 2007-1)", "score": 19.0, "published": true}, {"hash": "cjpqYkVUSjY", "uri": "/contracts/cjpqYkVUSjY#second-rating-trigger-replacement", "label": "Master Agreement (Santander Drive Auto Receivables Trust 2007-1)", "score": 19.0, "published": true}], "hash": "921cfeb783c965be43668b3dd8b1d5ba", "id": 9}, {"size": 2, "snippet_links": [{"key": "additional-termination-event", "type": "clause", "offset": [80, 108]}, {"key": "party-a-and-party", "type": "clause", "offset": [125, 142]}, {"key": "sole-affected-party", "type": "definition", "offset": [158, 177]}, {"key": "sp-required-ratings-downgrade-event", "type": "definition", "offset": [236, 272]}, {"key": "calendar-days", "type": "definition", "offset": [320, 333]}, {"key": "second-trigger", "type": "definition", "offset": [425, 439]}, {"key": "local-business-days", "type": "definition", "offset": [503, 522]}, {"key": "eligible-replacement", "type": "definition", "offset": [619, 639]}, {"key": "firm-offer", "type": "definition", "offset": [651, 661]}, {"key": "an-early-termination-date", "type": "definition", "offset": [701, 726]}, {"key": "market-quotation", "type": "definition", "offset": [741, 757]}, {"key": "the-basis", "type": "clause", "offset": [762, 771]}, {"key": "capable-of", "type": "definition", "offset": [820, 830]}, {"key": "upon-acceptance", "type": "clause", "offset": [856, 871]}], "snippet": "The occurrence of any event described in this Part 5(c)(ii) shall constitute an Additional Termination Event with respect to Party A and Party A shall be the sole Affected Party with respect to such Additional Termination Event.\n(A) An S&P Required Ratings Downgrade Event has occurred and is continuing and at least 60 calendar days have elapsed since such S&P Required Ratings Downgrade Event first occurred.\n(B) A Moody\u2019s Second Trigger Downgrade Event has occurred and is continuing and at least 30 Local Business Days have elapsed since such Moody\u2019s Second Trigger Downgrade Event first occurred, and at least one Eligible Replacement has made a Firm Offer that would, assuming the occurrence of an Early Termination Date, qualify as a Market Quotation (on the basis that Part 1(f)(i)(A) applies) and which remains capable of becoming legally binding upon acceptance.", "samples": [{"hash": "fweQmQsKTvM", "uri": "/contracts/fweQmQsKTvM#second-rating-trigger-replacement", "label": "Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Amc4)", "score": 21.0, "published": true}], "hash": "b674e645a17cb50fe4733894f141d745", "id": 10}], "next_curs": "CmoSZGoVc35sYXdpbnNpZGVyY29udHJhY3RzckYLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IipzZWNvbmQtcmF0aW5nLXRyaWdnZXItcmVwbGFjZW1lbnQjMDAwMDAwMGEMogECZW4YACAA", "clause": {"parents": [["additional-termination-events", "Additional Termination Events"], ["termination-provisions", "Termination Provisions"], ["agreement-to-deliver-documents", "Agreement to Deliver Documents"], ["definitions", "Definitions"], ["local-business-day", "Local Business Day"]], "size": 132, "children": [], "title": "Second Rating Trigger Replacement", "id": "second-rating-trigger-replacement", "related": [["required-ratings", "Required Ratings", "Required Ratings"], ["industry-ratings", "Industry Ratings", "Industry Ratings"], ["priority-rating", "PRIORITY RATING", "PRIORITY RATING"], ["ratings-event", "Ratings Event", "Ratings Event"], ["moodys", "Moody\u2019s", "Moody\u2019s"]], "related_snippets": [], "updated": "2025-07-07T12:36:18+00:00", "also_ask": [], "drafting_tip": "", "explanation": "The Second Rating Trigger Replacement clause establishes the procedure for replacing a party or entity when a second credit rating downgrade or trigger event occurs. In practice, this clause typically outlines the steps to be taken if a party's credit rating falls below a specified threshold for a second time, such as requiring the affected party to find a suitable replacement or provide additional credit support. Its core function is to protect the other party from increased credit risk by ensuring that appropriate measures are taken if a party's creditworthiness deteriorates further."}, "json": true, "cursor": ""}}