Second Trigger Failure Condition Clause Samples
Second Trigger Failure Condition. So long as the Second Rating Trigger Requirements apply, Party A shall, at its own expense use commercially reasonable efforts, as soon as reasonably practicable, to either (i) furnish an Eligible Guarantee of Party A’s obligations under this Agreement from a guarantor that maintains the First Trigger Required Ratings and/or the Second Trigger Required Ratings or (ii) obtain an Eligible Replacement pursuant to Part 5(f) below that assumes the obligations of Party A under this Agreement (through a novation or other assignment and assumption agreement in form and substance reasonably satisfactory to Party B) or replaces the outstanding Transactions hereunder with transactions on identical terms, except that Party A shall be replaced as counterparty.
Second Trigger Failure Condition. So long as a Second Trigger Failure Condition has occurred and is continuing, Party A shall use commercially reasonable efforts to, as soon as reasonably practicable, either (i) furnish an Eligible Guarantee of Party A’s obligations under this Agreement from a guarantor that satisfies the Hedge Counterparty Ratings Requirement, or (ii) transfer its obligations under this Agreement in accordance with Part 5(e) below.
Second Trigger Failure Condition. So long as a Moody’s Second Trigger Downgrade Event has occurred, Party A shall, at its own expense use commercially reasonable efforts, as soon as reasonably practicable, to either (i) furnish an Eligible Guarantee of Party A’s obligations under this Agreement from a guarantor that maintains the First Trigger Required Ratings and/or the Moody’s Second Trigger Ratings Threshold or (ii) effect a transfer pursuant to Part 6(a).
Second Trigger Failure Condition. So long as a Second Trigger Failure Condition has occurred and is continuing (A) due to Party A's failure to satisfy the Moody's or Fitch component of the Second Trigger Required Ratings, Party A shall at its own expense use commercially reasonable efforts to, as soon as reasonably practicable, either (1) furnish an Eligible Guarantee of Party A’s obligations under this Agreement from a guarantor that satisfies the Hedge Counterparty Ratings Requirement, or (2) transfer its obligations under this Agreement in accordance with Part 5(e) below and/or (B) due to no Relevant Entity satisfying the S&P component of the Second Trigger Required Ratings, Party A shall at its own expense (1) within 10 Local Business Days of the occurrence of the Second Trigger Failure Condition, post collateral in accordance with the Credit Support Annex and (2) within 60 days of the occurrence of the Second Trigger Failure Condition, either (a) furnish an Eligible Guarantee of Party A’s obligations under this Agreement from a guarantor that satisfies the Hedge Counterparty Ratings Requirement, or (b) transfer its obligations under this Agreement in accordance with Part 5(e) below.