Common use of Ratings Event I Clause in Contracts

Ratings Event I. A. Actions upon Ratings Event 1: Not later than: (i) 30 calendar days in the case of a Ratings Event I with respect to ▇▇▇▇▇’▇ only; and (ii) ten Business Days in the case of a Ratings Event I with respect to S&P: after a Ratings Event I has occurred and is continuing, ▇▇▇▇▇▇ shall, at its own expense deliver Eligible Collateral to Counterparty in accordance with the terms of the Approved Credit Support Document and, following such delivery, maintain Eligible Collateral as required under the Approved Credit Support Document; ▇▇▇▇▇▇’▇ obligations under this Part 6(1)(I) shall cease, solely with respect to such occurrence, if (A) there is no Ratings Event I or (B) ▇▇▇▇▇▇ has, at its own expense, either provided an Eligible Guarantee in respect of all ▇▇▇▇▇▇’▇ present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in accordance with the terms of this Schedule.

Ratings Event I. A. Actions upon Ratings Event 1: Not later than: (i) 30 calendar days in the case of a Ratings Event I with respect to ▇▇▇▇▇’▇ Moody’s only; and (ii) ten Business Days in the case of a Ratings Event I with respect to S&P: after a Ratings Event I has occurred and is continuing, ▇▇▇▇▇▇ shall, at its own expense deliver Eligible Collateral to Counterparty in accordance with the terms of the Approved Credit Support Document and, following such delivery, maintain Eligible Collateral as required under the Approved Credit Support Document; ▇▇▇▇▇▇’▇ obligations under this Part 6(1)(I) shall cease, solely with respect to such occurrence, if (A) there is no Ratings Event I or (B) ▇▇▇▇▇▇ has, at its own expense, either provided an Eligible Guarantee in respect of all ▇▇▇▇▇▇’▇ present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in accordance with the terms of this Schedule.