Investment Grade Manufacturer means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of at least “BBB(L)” from DBRS (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then, a DBRS Equivalent Rating of “BBB(L)”) as of such date; provided that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in the applicable FleetCo’s sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such DBRS Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any FleetCo Administrator, any FleetCo or any Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the FleetCo Security Trustee notifies the applicable FleetCo Administrator in writing of such withdrawal or downgrade (as applicable).
Investment Grade Manufacturer means, as of any date of determination, each Eligible Manufacturer that as of such date has a long-term unsecured debt rating of at least “BBB (low)” from DBRS (or, if an Eligible Manufacturer does not have a rating from DBRS, at least “Baa3” from Moody’s or at least “BBB-” from Standard & Poor’s); provided that if an Eligible Manufacturer does not have a rating from DBRS, Moody’s or Standard & Poor’s, then the rating of the entity specified by DBRS shall apply (or, if such entity is not rated by DBRS, the lowest rating by Moody’s and Standard & Poor’s of the entity specified by DBRS shall apply) for purposes of this definition; provided, further, that, unless such Manufacturer is a Bankrupt Manufacturer, if (a) the rating of a Manufacturer (or such affiliated entity) by DBRS (or Moody’s or Standard & Poor’s, as applicable) is withdrawn by DBRS (or Moody’s or Standard & Poor’s, as applicable) or a Manufacturer (or such affiliated entity) is downgraded by DBRS (or Moody’s or Standard & Poor’s, as applicable) to a rating that would require exclusion of such Manufacturer from this definition and (b) for the avoidance of doubt, prior to such withdrawal or downgrade, as the case may be, such Manufacturer was an “Investment Grade Manufacturer”, then for purposes of this definition and each instance in which this definition is used in this Supplement, such Manufacturer shall be deemed to be rated “BBB (low)” by DBRS (or “Baa3” or “BBB-”, as applicable, by Moody’s or Standard & Poor’s, respectively), for a period of 30 days following the earlier of (i) the date on which any of the Issuer or the Master Servicer obtains actual knowledge of such withdrawal or downgrade and (ii) the date on which the Trustee notifies the Master Servicer of such withdrawal or downgrade.
Investment Grade Manufacturer means, as of any date of determination, each Manufacturer that as of such date is both (i) a DBRS Category 1 Manufacturer or a DBRS Category 2 Manufacturer and (ii) a Moody’s Category 1 Manufacturer or a Moody’s Category 2 Manufacturer.
More Definitions of Investment Grade Manufacturer
Investment Grade Manufacturer means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating as of such date of at least “BBB(L)” from DBRS (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then, a DBRS Equivalent Rating of “BBB(L)”) as of such date; provided that, upon any withdrawal or downgrade of any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in the applicable FleetCo’s sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such DBRS Equivalent Rating) for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer of any FleetCo Administrator, any FleetCo or any Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the FleetCo Security Trustee notifies the applicable FleetCo Administrator in writing of such withdrawal or downgrade (as applicable). “Investment Grade Non-Program Vehicle” means, as of any date of determination, any Eligible Vehicle manufactured by an Investment Grade Manufacturer that is not an Investment Grade Program Vehicle as of such date. 49 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [*REDACTED*]. “Investment Grade Program Vehicle” means, as of any date of determination, any Program Vehicle that is:
Investment Grade Manufacturer means, as of any date of determination, each Manufacturer who as of such date has both (i) a long-term unsecured debt rating of at least “Baa3” from Xxxxx’x and (ii) a long-term unsecured debt rating of at least “BBB-” from Standard & Poor’s; provided that upon the withdrawal of the rating of a Manufacturer by Xxxxx’x or Standard & Poor’s or upon the downgrade of an Investment Grade Manufacturer to a rating below “Baa3” by Xxxxx’x or “BBB-” by Standard & Poor’s, such Manufacturer shall be deemed to be an Investment Grade Manufacturer for a period of 30 days following the earlier of (i) the date on which any of the Administrator, ZVF or the Servicer obtains actual knowledge of such withdrawal or downgrade and (ii) the date on which the Administrative Agent notifies the Administrator of such withdrawal or downgrade.
Investment Grade Manufacturer means, as of any date of determination, each Eligible Manufacturer who as of such date has both (i) a long-term unsecured debt rating of at least “Baa3” from Moody’s and (ii) a long-term unsecured debt rating of at least “BBB-” from Standard & Poor’s; provided that upon the withdrawal of the rating of a Manufacturer by Moody’s or Standard & Poor’s or upon the downgrade of an Investment Grade Manufacturer to a rating below “Baa3” by Moody’s or “BBB-” by Standard & Poor’s, for purposes of this definition and each instance in which this definition is used in this Series Supplement, such Manufacturer shall be deemed to be an Investment Grade Manufacturer for a period of 30 days following the earlier of (i) the date on which any of the Administrator, ZVF or the Servicer obtains actual knowledge of such withdrawal or downgrade and (ii) the date on which the Class A Administrative Agent or any Class B Noteholder notifies the Administrator of such withdrawal or downgrade.
Investment Grade Manufacturer means a Manufacturer that has, or whose Parent Company has, at least two of the following: (a) a long-term unsecured debt rating from Xxxxx’x of at least “Baa3”, if such Manufacturer or its Parent Company is rated by Xxxxx’x, (b) a long-term unsecured debt rating from S&P of at least “BBB-”, if such Manufacturer or its Parent Company is rated by S&P, or (c) a long-term issuer default rating from Fitch of at least “BBB-” if such Manufacturer or its Parent Company is rated by Fitch.”
Investment Grade Manufacturer means a Manufacturer that has, or whose Parent Company has, at least two of the following: (a) a long-term unsecured debt rating from Moody’s of at least “Baa3”, if such Manufacturer or its Parent Company is rated by Moody’s, (b) a long-term unsecured debt rating from S&P of at least “BBB-”, if such Manufacturer or its Parent Company is rated by S&P, or (c) a long-term issuer default rating from Fitch of at least “BBB-” if such Manufacturer or its Parent Company is rated by Fitch.
Investment Grade Manufacturer as of any date of determination, each manufacturer of Eligible Program Vehicles that, as of such date, has a long term unsecured debt rating of at least “Baa3” from Xxxxx’x and at least “BBB-” from S&P; provided that upon the withdrawal of the rating of a manufacturer by Xxxxx’x or S&P or upon the downgrade of a manufacturer by Xxxxx’x or S&P that would require exclusion of such manufacturer from this definition, for purposes of this definition and each instance in which this definition is used in this Credit Agreement, such manufacturer shall be deemed to be rated “Baa3” by Xxxxx’x and “BBB-” by S&P (and shall be an “Investment Grade Manufacturer” for purposes of this Agreement) for a period of 30 days following the earlier of (i) the date on which any Borrower obtains actual knowledge of such withdrawal or downgrade and (ii) the date on which the Administrative Agent or any Lender notifies the Borrowers of such withdrawal or downgrade.