S&P Collateralization Event Clause Samples
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S&P Collateralization Event. It shall be a collateralization event if either (A) the unsecured, short-term debt obligations of the Relevant Entity are rated below “A-1” by S&P or (B) if the Relevant Entity does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of a Relevant Entity are rated below “A” by S&P (“S&P Collateralization Event”). For the avoidance of doubt, the parties hereby acknowledge and agree that notwithstanding the occurrence of an S&P Collateralization Event, this Agreement and each Transaction hereunder shall continue to be a Swap Agreement for purposes of the Transaction Documents.
S&P Collateralization Event. An S&P Collateralization Event has occurred and is continuing and Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the "Downgrade Provisions" as set forth in Part 5(f)(ii) and a Ratings Event has neither occurred nor is continuing. Any event which constitutes an Additional Termination Event pursuant to this Section 1(h)(i)(B)(I) shall not constitute an Event of Default.