Epstein Secrets

such date would otherwise fall on a day that is not a Business Day. the relevant Measurement Date will be the immediately following Business Day. "Moody's": Moody's Investors Service, Inc. or any successor thereto. "Moody's Adjusted Rating Factor": With respect to a Structured Finance Obligation. an am

ctor": With respect to a Structured Finance Obligation. an amount equal to (i) the Expected Loss for such Structured Finance Obligation based on its Moody's Rating divided by (ii) 100% minus the Moody's Recovery Rate for such Structured Finance Obligation, where "Expected Loss" is determined as follows: Ratin

ns). "Rating": The S&P Rating or Moody's Rating thereof, as the case may be (and with the correlative meaning "Rated"). "Rating Agency": Either of Moody's or Standard & Poor's: "Rating Agencies" shall mean Moody's and Standard & Poor's. collectively. "Rating Confirmation": With respect to any specifi

e proceeds of Collateral Obligations that in either case have not yet been reinvested in other Collateral Obligations). "Rating": The S&P Rating or Moody's Rating thereof, as the case may be (and with the correlative meaning "Rated"). "Rating Agency": Either of Moody's or Standard & Poor's: "Rating Agencies"

Group": Any of the Moody's classification groups set forth in Schedule A, and/or any classification groups that may be subsequently established by Moody's and provided to the Investment Manager, the Issuer and the Trustee. "Moody's Obligation Rating": The meaning specified on the Moody's Rating Schedul

provided to the Investment Manager, the Issuer and the Trustee. "Moody's Obligation Rating": The meaning specified on the Moody's Rating Schedule. "Moody's Rating": The meaning specified on the Moody's Rating Schedule. "Moody's Rating Factor": The meaning specified on the Moody's Rating Schedule. "Moody's Rat

r has a senior unsecured obligation with an Assigned Moody's Rating, such Assigned Moody's Rating; (b) if the preceding clause does not apply, the Moody's "Issuer Rating" for the Obligor, (c) if the preceding clauses do not apply, but the Obligor has a subordinated obligation with an Assigned Moody's

rmined in accordance with the following. in the following order of priority: (a) if the Obligor has a senior unsecured obligation with an Assigned Moody's Rating, such Assigned Moody's Rating; (b) if the preceding clause does not apply, the Moody's "Issuer Rating" for the Obligor, (c) if the preceding cla

Moody's Rating Moody's Rating Factor Moody's Rating Moody's Rating Factor "Aaa" 1 "Bal" 940 "Aa I" 10 "Ba2" 1350 "Aa2" 20 "Ba3" 1766 40

g Factor for any Structured Finance Obligation shall be its Moody's Adjusted Rating Factor and (iii) any Collateral Obligation that does not have a Moody's Rating at the date of acquisition shall promptly be submitted to Moody's to obtain an estimate and pending such estimate shall be deemed to have a Moody's

such date would otherwise fall on a day that is not a Business Day. the relevant Measurement Date will be the immediately following Business Day. "Moody's": Moody's Investors Service, Inc. or any successor thereto. "Moody's Adjusted Rating Factor": With respect to a Structured Finance Obligation. an am

ctor": With respect to a Structured Finance Obligation. an amount equal to (i) the Expected Loss for such Structured Finance Obligation based on its Moody's Rating divided by (ii) 100% minus the Moody's Recovery Rate for such Structured Finance Obligation, where "Expected Loss" is determined as follows: Ratin

the foregoing. if the Moody's rating or ratings used to determine the Moody's Obligation Rating or Ratings arc on watch for downgrade or upgrade by Moody's, such rating or ratings will be adjusted down one subcategory. (if on watch for downgrade) or up one subcategory (if on watch for upgrade). -Moody'

ng Factor for any Structured Finance Obligation shall be its Moody's Adjusted Rating Factor and (iii) any Collateral Obligation that does not have a Moody's Rating at the date of acquisition shall promptly be submitted to Moody's to obtain an estimate and pending such estimate shall be deemed to have a Moody's

hen the S&P Rating may be determined using any one of the methods below: (A) if an obligation of the Obligor or its guarantor is publicly rated by Moody's, then the S&P Rating will be determined in accordance with the methodologies for establishing the Moody's Rating set forth above, except that the S

gor or its guarantor is publicly rated by Moody's, then the S&P Rating will be determined in accordance with the methodologies for establishing the Moody's Rating set forth above, except that the S&P Rating of such obligation will be (I) one subcategory' below the S&P equivalent of the rating assigned by Moody

r has a senior unsecured obligation with an Assigned Moody's Rating, such Assigned Moody's Rating; (b) if the preceding clause does not apply, the Moody's "Issuer Rating" for the Obligor, (c) if the preceding clauses do not apply, but the Obligor has a subordinated obligation with an Assigned Moody's

rmined in accordance with the following. in the following order of priority: (a) if the Obligor has a senior unsecured obligation with an Assigned Moody's Rating, such Assigned Moody's Rating; (b) if the preceding clause does not apply, the Moody's "Issuer Rating" for the Obligor, (c) if the preceding cla

Secured Loan": Am• Loan (other than (a) a Senior Secured Loan or (b) a Senior Secured Note or a Second Lien Loan that has an obligation rating from Moody's that is equal to or greater than its Obligor's Corporate Family Rating). 113 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0056423 CO

(without any postscripts, asterisks or other qualifying notations. that addresses the full amount of principal and interest promised). the Assigned Moody's Rating shall be deemed to be: (i) one rating subcategoiy below the Moody's equivalent of such S&P rating if it is "BBB—" or higher, or (ii) two rating