Epstein Secrets

(ii) with respect to any Structured Finance Obligation that has not been rated by S&P pursuant to clause (i) above but has been publicly rated by Moody's or Fitch. then the S&P Rating of such Structured Finance Obligation may be determined using the applicable method below: (A) with respect to any S

d economic conditions that default in its financial or other obligations is foreseeable in the near term if current operating trends continue. then the S&P Rating will be "CCC-": provided that the Collateral Manager must request from S&P an S&P credit rating on such Obligor within 30 days after the addition o

espect to any Structured Finance Obligation issued on or after August 1. 2001. (1) if such Structured Finance Obligation is rated at least "Baa3" by Moody's or at least "BBB-" by Fitch, then the S&P Rating thereof will be two rating subcategories below the S&P equivalent rating of the lower of such Mood

at is a Form- Approved Synthetic Security will be deemed to have the characteristics of the related Reference Obligation (other than for purposes of the S&P Rating and the S&P Recovery• Rate for such Synthetic Security)); provided...limber, that (i) no Synthetic Security may include Restructuring (as defined in

en 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

ured obligation of the Obligor or its guarantor, but there is a rating by S&P on a senior unsecured obligation of the Obligor or its guarantor, then the S&P Rating will be such rating; and (c) if there is not a rating by S&P on a senior unsecured obligation of the Obligor or its guarantor, but there is a ratin

(ii) with respect to any Structured Finance Obligation that has not been rated by S&P pursuant to clause (i) above but has been publicly rated by Moody's or Fitch. then the S&P Rating of such Structured Finance Obligation may be determined using the applicable method below: (A) with respect to any S

d economic conditions that default in its financial or other obligations is foreseeable in the near term if current operating trends continue. then the S&P Rating will be "CCC-": provided that the Collateral Manager must request from S&P an S&P credit rating on such Obligor within 30 days after the addition o

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

red obligation of the Obligor or its guarantor, but there is a rating by S&P on a senior unsecured obligation of the Obligor or its guarantor. then the S&P Rating will be such rating; and (c) if there is not a rating by S&P on a senior unsecured obligation of the Obligor or its guarantor, but there is a rating