Common use of Subsequent S&P Rating Event Clause in Contracts

Subsequent S&P Rating Event. In the event that the short-term, unsecured and unsubordinated debt obligations of Party A (or its successor or permitted transferee) or any Credit Support Provider from time to time in respect of Party A cease to be rated at least as high as “A-2” by S&P (or, if Party A or such Credit Support Provider is not a Financial Institution, “A-1”) (such event, a Subsequent S&P Rating Event), then Party A will:

Subsequent S&P Rating Event. In the event that the short-term, unsecured and unsubordinated debt obligations of Party A (or its successor or permitted transferee) or any Credit Support Provider from time to time in respect of Party A cease to be rated at least as high as “A-2” by S&P (or, if Party A or such Credit Support Provider is not a Financial Institution, “A-1”) (such event, a Subsequent S&P Rating EventRatingEvent), then Party A will: