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llateral Obligation that is a Structured Finance Obligation and a PIK Obligation (other than a Partial PIK Obligation) (a) rated "Baa3" or higher by Moody's, in respect of which interest has been deferred or capitalized for at least two or more interest periods or one year, whichever is less (and not su
teral Manager has certified in writing to the Trustee that it believes such default is not due to credit-related causes); (b) such obligation has a Moody's Rating of "Ca" or "C" or is rated "CC", "D" or "SD" by S&P or S&P has withdrawn its rating after previously having assigned a rating of "CC", "D" or "SD", or (
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
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 Rating of "Caal" (or, in the case of a Form-Approved Synthetic Security, will be assigned a Moody's Rating Factor based on the Moody's Rating Factor of the Refe
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'
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 Rating of "Caal" (or, in the case of a Form-Approved Synthetic Security, will be assigned a Moody's Rating Factor based on the Moody's Rating Factor of the Refe
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 not on watch for downgrade, and a long-term senior unsecured rating by. of at least
ateral Manager has certified in writing to the Trustee that it believes such default is not due to credit-related causes); (b) such obligai n has a Moody's Rating of "Ca" or "C" or is rated "CC", "D" or "SD" by III or has withdrawn its rating after previously having assigned a rating of "CC", "D" or "SD", or (c)
Entities connected to both Moody's and Moody's Rating of "

Moody
PERSONMoody's Non Senior Secured Loan
ORGANIZATION
Eric Holder
PERSONMoody's Rating
ORGANIZATIONthe Reference Obligation
ORGANIZATIONthe Moody's Assigned Rating
ORGANIZATIONMoody's Adjusted Rating Factor
ORGANIZATIONthe Weighted Average Rating
ORGANIZATIONthe Moody's Rating Factor for any
ORGANIZATIONthe Moody's Obligation
ORGANIZATIONthe "Moody's Recovery Amount
ORGANIZATIONMoody's Rating Factor of 1
ORGANIZATION