First Subsequent Fitch Rating Event Clause Samples

The 'First Subsequent Fitch Rating Event' clause defines the occurrence of the first change in a credit rating assigned by Fitch after a specified initial event or date. In practice, this clause typically applies to financial agreements where the creditworthiness of a party or instrument is monitored, and certain actions or consequences are triggered by a change in Fitch's rating, such as adjustments to interest rates or collateral requirements. Its core function is to establish a clear reference point for when contractual provisions tied to credit rating changes become operative, thereby ensuring predictability and transparency in managing credit risk.
First Subsequent Fitch Rating Event. If: (A) the long-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 "BBB+" (or its equivalent) by Fitch; or (B) the rating of 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 "F2" (or its equivalent) by Fitch (each a FIRST SUBSEQUENT FITCH RATING EVENT), Party A will at its own cost and expense use its best endeavours to: (1) provide collateral under the Credit Support Annex within 10 days of such First Subsequent Fitch Rating Event (provided that the mark-to-market calculations and the correct and t▇▇▇▇y posting of collateral thereunder are verified by an independent third party (with the costs of such independent verification being borne by Party A)); or (2) take any of the actions set out in subparagraphs 7.5(ii), 7.5(iii) or 7.5(iv) above within 30 days of the occurrence of such First Subsequent Fitch Rating Event. If any of the actions set out in subparagraph 7.6(ii) above is taken at any time, all collateral (or the equivalent thereof, as appropriate) transferred by Party A pursuant to subparagraph 7.5(i) or subparagraph 7.6(i) above will be transferred to Party A and Party A will not be required to transfer any additional collateral in respect of such First Subsequent Fitch Rating Event.
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First Subsequent Fitch Rating Event. In the event that (x) the long-term IDR of Party A (or its successor or assignee) or any Credit Support Provider from time to time in respect of Party A ceases to be rated at least as high as "BBB+" (or its equivalent) by Fitch or (y) the short-term IDR of Party A (or its successor or assignee) or any Credit Support Provider from time to time in respect of Party A ceases to be rated at least as high as "F2" (or its equivalent) by Fitch (each of (x) and (y) a "First Subsequent Fitch Rating Event") then Party A will, on a reasonable efforts basis and at its own cost and expense, either: (A) within 14 days of a First Subsequent Fitch Rating Event, post collateral in the form of cash or securities or both in support of its obligations under this Agreement in accordance with the terms of the Credit Support Annex (provided that the mark-to-market calculations and the correct and timely posting of collateral thereunder are verified by an independent third party on a weekly basis (with the costs of such independent verification being borne by Party A)); or (B) take any of the actions set out in subparagraphs (iii)(B)(I) or (iii)(B)(II) of this Part 5(f) within 30 calendar days of the occurrence of such First Subsequent Fitch Rating Event provided that, pending the taking of any such action, Party A will, on a reasonable efforts basis and at its own expense within 14 days of the occurrence of such First Subsequent Fitch Rating Event, post collateral as provided in sub- paragraph (A) above.
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First Subsequent Fitch Rating Event. If: (a) the long-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 “BBB+” (or its equivalent) by Fitch; or (b) the rating of 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 “F2” (or its equivalent) by Fitch (each a First Subsequent Fitch Rating Event), Party A will at its own cost and expense use its best endeavours to: (i) provide collateral under the Credit Support Annex within 30 days of such First Subsequent Fitch Rating Event (in accordance with Paragraph 11(h)(vii) of the Credit Support Annex); or Back to Contents (ii) take any of the actions set out in subparagraphs 7.5(ii), 7.5(iii) or 7.5(iv) above within 30 days of the occurrence of such First Subsequent Fitch Rating Event. If any of the actions set out in subparagraph 7.6(b)(ii) above is taken at any time, Party A will not be required to transfer any additional collateral in respect of such First Subsequent Fitch Rating Event.
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First Subsequent Fitch Rating Event. If at any time: (A) the long-term, unsecured and unsubordinated debt obligations of Party A and, if applicable, any Credit Support Provider of Party A, cease to be rated at least as high as "BBB+" (or its equivalent) by Fitch Ratings; or (B) the short-term, unsecured and unsubordinated debt obligations of Party A and, if applicable, any Credit Support Provider of Party A, cease to be rated at least as high as "F2" (or its equivalent) by Fitch Ratings, (each, a "FIRST SUBSEQUENT FITCH RATING EVENT"), then Party A will: (1) within 30 calendar days of the occurrence of such First Subsequent Fitch Rating Event on a reasonable efforts basis and at its own cost attempt either to:
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Related to First Subsequent Fitch Rating Event

  • Required Notices to Rating Agency and Subservicer The Company, the Master Servicer or the Trustee, as applicable, shall notify each Rating Agency and the Subservicer at such time as it is otherwise required pursuant to this Agreement to give notice of the occurrence of, any of the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or provide a copy to each Rating Agency at such time as otherwise required to be delivered pursuant to this Agreement of any of the statements described in clauses (e) and (f) below: (a) a material change or amendment to this Agreement, (b) the occurrence of an Event of Default, (c) the termination or appointment of a successor Master Servicer or Trustee or a change in the majority ownership of the Trustee, (d) the filing of any claim under the Master Servicer's blanket fidelity bond and the errors and omissions insurance policy required by Section 3.12 or the cancellation or modification of coverage under any such instrument, (e) the statement required to be delivered to the Holders of each Class of Certificates pursuant to Section 4.03, (f) the statements required to be delivered pursuant to Sections 3.18 and 3.19, (g) a change in the location of the Custodial Account or the Certificate Account, (h) the occurrence of any monthly cash flow shortfall to the Holders of any Class of Certificates resulting from the failure by the Master Servicer to make an Advance pursuant to Section 4.04, (i) the occurrence of the Final Distribution Date, and (j) the repurchase of or substitution for any Mortgage Loan, provided, however, that with respect to notice of the occurrence of the events described in clauses (d), (g) or (h) above, the Master Servicer shall provide prompt written notice to each Rating Agency and the Subservicer of any such event known to the Master Servicer.

  • Change of Control of the Academy Trust 102A) The Secretary of State may at any time by notice in writing, subject to clause 102C) below, terminate this Agreement forthwith (or on such other date as he may in his absolute discretion determine) in the event that there is a change:

  • Terminating Event A “Terminating Event” shall mean any of the events provided in this Section 3:

  • Business Disruption; Condemnation There shall occur a cessation of a substantial part of the business of Borrowers and their Subsidiaries (taken as a whole) for a period which materially adversely affects the capacity of Borrowers and their Subsidiaries to continue their business on a profitable basis; or any Borrower, any of its Subsidiaries or any Guarantor shall suffer the loss or revocation of any material license or permit now held or hereafter acquired by such Borrower, such Subsidiary or such Guarantor which is necessary to the continued or lawful operation of a material portion of the business of Borrowers and their Subsidiaries (taken as a whole); or any Borrower, any of its Subsidiaries or any Guarantor shall be enjoined, restrained or in any way prevented by court, governmental or administrative order from conducting all or any material part of the business affairs of Borrowers and their Subsidiaries (taken as a whole); or any material lease or agreement pursuant to which any Borrower, any of its Subsidiaries or any Guarantor leases, uses or occupies any Property shall be canceled or terminated prior to the expiration of its stated term, except any such lease or agreement the cancellation or termination of which could not reasonably be expected to have a Material Adverse Effect; or any material portion of the Collateral shall be taken through condemnation or the value of such Property shall be materially impaired through condemnation, except for any such condemnation that would not reasonably be expected to have a Material Adverse Effect.

  • Rating Agency Downgrade In the event that DBAG’s short-term unsecured and unsubordinated debt rating is reduced below “A-1” by S&P or, if DBAG has both a long-term credit rating and a short-term credit rating from Moody’s, and either its long-term unsecured and unsubordinated debt rating is withdrawn or reduced below “A2” by Moody’s or its short-term credit rating is withdrawn or reduced below “P-1” by Moody’s (and together with S&P, the “Swap Rating Agencies”, and such rating thresholds, “Approved Rating Thresholds”), then within 30 days after such rating withdrawal or downgrade, DBAG shall, subject to the Rating Agency Condition and at its own expense, either (i) cause another entity to replace DBAG as party to this Agreement that meets or exceeds the Approved Rating Thresholds on terms substantially similar to this Agreement, (ii) obtain a guaranty of, or a contingent agreement of another person with the Approved Rating Thresholds, to honor, DBAG’s obligations under this Agreement, (iii) post collateral which will be sufficient to restore the immediately prior ratings of the Certificates and any Notes, or (iv) establish any other arrangement which will be sufficient to restore the immediately prior ratings of the Certificates and any Notes. In the event that DBAG’s long-term unsecured and unsubordinated debt rating is reduced below “BBB-” or its short-term unsecured and unsubordinated debt rating is reduced below “A-3” or is withdrawn by S&P or DBAG’s long-term unsecured and unsubordinated debt rating is withdrawn or reduced below “A3” by Moody’s or its short-term credit rating is reduced below “P-2” by Moody’s, then within 10 days after such rating withdrawal or downgrade, DBAG shall, subject to the Rating Agency Condition and at its own expense, either (i) cause another entity to replace DBAG as party to this Agreement that meets or exceeds the Approved Rating Thresholds on terms substantially similar to this Agreement or (ii) obtain a guaranty of, or a contingent agreement of another person with the Approved Rating Thresholds to honor, DBAG’s obligations under this Agreement. In either case, DBAG shall deliver collateral acceptable to the Swap Rating Agencies until DBAG has made such transfer or obtained a guaranty as set forth in (i) and (ii) above. For purposes of this provision, “Rating Agency Condition” means, with respect to any particular proposed act or omission to act hereunder that the party acting or failing to act must consult with each of the Swap Rating Agencies then providing a rating of the Certificates and any Notes and receive from each of the Swap Rating Agencies a prior written confirmation that the proposed action or inaction would not cause a downgrade or withdrawal of the then-current rating of the Certificates or any Note.