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

Subsequent S&P Rating Event. In the event that neither Party A (or its successor or permitted transferee) nor any Credit Support Provider from time to time in respect of Party A has the Subsequent S&P Required Rating (a Subsequent S&P Rating Event) then Party A will, at its own cost and expense: (a) within the Replacement Option 3 Collateral Remedy Period if Replacement Option 3 applies or otherwise as required by the Credit Support Annex post collateral under the provisions of the Credit Support Annex (or if, at the time such Subsequent S&P Rating Event occurs, Party A has provided collateral (and Party B has not transferred the same amount of equivalent collateral back to Party A) under the Credit Support Annex pursuant to Part 5(f)(i)(a) of this Schedule following an Initial S&P Rating Event, continue to provide collateral if required under the provisions of the Credit Support Annex); and (b) within the Subsequent Remedy Period use reasonable efforts to: