Common use of S&P's First Rating Trigger Clause in Contracts

S&P's First Rating Trigger. If no Relevant Entity (provided that such Relevant Entity is a Financial Institution) has a short term unsecured debt rating of "A-1" or better by S&P or, if no Relevant Entity (provided that such Relevant Entity is a Financial Institution) has a short term unsecured debt rating by S&P, a long term unsecured debt rating of "A+" or better by S&P (such rating thresholds, the "S&P First Rating Thresholds" and such failure to satisfy the S&P First Rating Threshold, the "S&P First Rating Trigger") and the S&P Second Rating Trigger has not occurred, then within 10 Local Business Days of such failure (or on the date of this Agreement, if no Relevant Entity has the S&P First Rating Thresholds as of the date of this Agreement), Party A will, at its own cost, either (A) post collateral in the amount and manner as set forth in the Credit Support Annex, (B) procure an Eligible Guarantee in respect of all of Party A's present and future obligations under this Agreement to be provided by a guarantor having the S&P First Rating Thresholds and which procurement will not be effective without the prior written confirmation of S&P that such procurement will not cause S&P to reduce or withdraw its then current rating on the Notes or (C) transfer its obligations to a Financial Institution that satisfies the S&P First Rating Threshold in accordance with Part 5(p)(ii) above.

S&P's First Rating Trigger. If no Relevant Entity (provided that such Relevant Entity is a Financial Institution) has a short term unsecured debt rating of "“A-1" ” or better by S&P or, if no Relevant Entity (provided that such Relevant Entity is a Financial Institution) has a short term unsecured debt rating by S&P, a long term unsecured debt rating of "“A+" ” or better by S&P (such rating thresholds, the "“S&P First Rating Thresholds" ” and such failure to satisfy the S&P First Rating Threshold, the "“S&P First Rating Trigger"”) and the S&P Second Rating Trigger has not occurred, then within 10 Local Business Days of such failure (or on the date of this Agreement, if no Relevant Entity has the S&P First Rating Thresholds as of the date of this Agreement), Party A will, at its own cost, either (A) post collateral in the amount and manner as set forth in the Credit Support Annex. At any time following a S&P First Rating Trigger, Party A may (BA) procure an Eligible Guarantee in respect of all of Party A's present and future obligations under this Agreement to be provided by a guarantor having the S&P First Rating Thresholds and which procurement will not be effective without the prior written confirmation of S&P that such procurement will not cause S&P to reduce or withdraw its then current rating on the Notes or (CB) transfer its obligations to a Financial Institution that satisfies the S&P First Rating Threshold in accordance with Part 5(p)(ii) above.