Common use of First Subsequent Fitch Rating Event Clause in Contracts

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.

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))Annex; or (B) take any of the actions set out in subparagraphs (iii)(B)(I), (iii)(B)(II) or (iii)(B)(IIiii)(B)(III) 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- sub-paragraph (A) above.