Moody’s Downgrade. If the Counterparty (or another Relevant Entity) fails to satisfy the Moody’s First Trigger Required Ratings, the Counterparty shall promptly notify the Trust (and any permitted assignee or transferee of the Trust) and GMAC of such event and shall, within 30 Local Business Days after the occurrence of such event, at the Counterparty’s sole expense, either:
Appears in 4 contracts
Samples: Capital Auto Receivables Asset Trust 2008-1, Capital Auto Receivables LLC, Capital Auto Receivables LLC