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to all or a portion of the Synthetic Securities, which relationship may create certain conflicts of interest. See "-Certain Conflicts of Interest" Moody's or S&P may downgrade am• Class of Senior Notes then rated by it if a Synthetic Security Counterpart• to a material portion of the Synthetic Securiti
e benefit of the remedies that would normally be available to a holder of such Reference Obligation. In addition, in the event of the insolvency of the Synthetic Security Counterparty. the Issuer will be treated as a general creditor of such Synthetic Security Counterparty. and will not have any claim with respect to the Reference
"D" or "SD" to the issuer thereof or has withdrawn its rating after previously having assigned a rating of "D" or "SD" to the issuer thereof or (2) Moody's has assigned a rating of "D" or "PD" to the issuer hereof or has withdrawn its rating after previously having assigned a rating of "D" or "PD" to t
th respect to a Reference Obligation or Reference Entity. (b) an event described in clause (i) occurs with respect to the Reference Obligation, (c) the Synthetic Security Counterparty has defaulted in the performance of any of its payment obligations under such Synthetic Security or (d) such Synthetic Security Counterparty is rat
at is a participation in a Term Loan or Revolving Loan, the participation seller has an issuer credit rating (long-term senior unsecured rating) by Moody's of at least "A3" and an issuer credit rating (long-term senior unsecured rating) by S&P of at least "A". (n) The obligation does not constitute Ma
rgin Stock or a Margin Loan. (o) The obligation is not a Zero-Coupon Obligation or a Step-up Obligation. (p) In the case of a Synthetic Security, the Synthetic Security Counterparty or issuer, as the case may be, has a long-term senior unsecured rating by Moody's of at least "Al", and if rated "Al" by Moody's, such rating is no
to all or a portion of the Synthetic Securities, which relationship may create certain conflicts of interest. See "-Certain Conflicts of Interest" Moody's or S&P may downgrade am• Class of Senior Notes then rated by it if a Synthetic Security Counterpart• to a material portion of the Synthetic Securiti
e benefit of the remedies that would normally be available to a holder of such Reference Obligation. In addition, in the event of the insolvency of the Synthetic Security Counterparty. the Issuer will be treated as a general creditor of such Synthetic Security Counterparty. and will not have any claim with respect to the Reference
hat is a participation in a Term Loan or Revolving Loan, the participation seller has an issuer credit rating (long-term senior unsecured rating) by Moody's of at least "A3" and an issuer credit rating (long-term senior unsecured rating) by S&P of at least "A". 14. The obligation does not constitute Mar
Margin Stock or a Margin Loan. 15. The obligation is not a Zero-Coupon Obligation or a Step-up Obligation. 16. In the case of a Synthetic Security, the Synthetic Security Counterparty or issuer, as the case may be, has a long-term senior unsecured rating by Moody's of at least "Al", and if rated "Al" by Moody's, such rating is no
"D" or "SD" to the issuer thereof or has withdrawn its rating after previously having assigned a rating of "D" or "SD" to the issuer thereof or (2) Moody's has assigned a rating of "D" or "PD" to the issuer hereof or has withdrawn its rating after previously having assigned a rating of "D" or "PD" to t
th respect to a Reference Obligation or Reference Entity. (b) an event described in clause (i) occurs with respect to the Reference Obligation, (c) the Synthetic Security Counterparty has defaulted in the performance of any of its payment obligations under such Synthetic Security or (d) such Synthetic Security Counterparty is rat
he case of a waiver of Default relating to a breach of the representations contained in Section 3.4, written notice of such waiver must be given to Moody's. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every
alid first priority security interest in the Collateral (subject, in the case of a Synthetic Security Counterparty Account, to any lien in favor of the Synthetic Security Counterparty); (v) amend the Collateral Management Agreement except pursuant to the terms thereof and Article 15 of this Indenture; (vi) dissolve or liquidat
Entities connected to both Moody's and the Synthetic Security Counterparty
Rating Agency
ORGANIZATIONObligor
ORGANIZATION
the Cayman Islands
LOCATIONthe Collateral Obligations
ORGANIZATIONthe Reference Obligation
ORGANIZATIONthe Initial Purchaser
ORGANIZATIONthe Holders of Notes
ORGANIZATIONMoody's Rating of
ORGANIZATIONGrant
PERSON