Common use of Mxxxx’x Downgrade Clause in Contracts

Mxxxx’x Downgrade. In the event that the Joint Probability is reduced below Aa3, in the case of Mxxxx’x, the Counterparty shall promptly notify the Trust (and any permitted assignee or transferee of the Trust) and GMAC of such event and (unless, within thirty (30) days after such reduction, the applicable Rating Agency has reconfirmed in writing the ratings of the Reference Note and the Other Securities that were in effect immediately prior to such reduction) the Counterparty shall at its own cost within thirty (30) days of such reduction, with the prior written confirmation of the applicable Rating Agency that such arrangement will not result in the reduction of the rating of any of the Reference Note or the Other Securities existing immediately prior to the reduction of the applicable Joint Probability, either: