Common use of Permitted Investments Clause in Contracts

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015-2) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015-2) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015A(2013-21) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015A(2013-21) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015A(2013-25) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015A(2013-25) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015A(2014-21) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015A(2014-21) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015A(2013-24) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015A(2013-24) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015-24) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015-24) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015A(2014-23) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015A(2014-23) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015-23) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015-23) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015A(2014-25) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015A(2014-25) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015A(2014-2) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015A(2014-2) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015A(2013-23) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015A(2013-23) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015A(2013-26) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015A(2013-26) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015A(2014-24) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015A(2014-24) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015A(2013-2) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015A(2013-2) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015-21) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015-21) Notes, as confirmed in writing by Standard & Poor’s.

Permitted Investments. Notwithstanding anything to the contrary in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015-21) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s: (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; (b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or (c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015-21) Notes, as confirmed in writing by Standard & Poor’s.. Table of Contents