Epstein Secrets

the Obligor Principal Balances and dividing by the sum of the aggregate number of Obligors; (b) -Obligor Principal Balance" is calculated for each Obligor represented in the Collateral Obligations by summing the Principal Balances of all Collateral Obligations (excluding Defaulted Obligations) issued b

igations by summing the Principal Balances of all Collateral Obligations (excluding Defaulted Obligations) issued by such Obligor; provided that if a Collateral Obligation has been sold or is the subject of an optional redemption or offer, and the Sale Proceeds or unscheduled principal proceeds from such event have not

erating 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 of the relevant Collateral Obligation: provided, fiirther. that Collateral Obligations constituting no more than

Obligation, together with all information reasonably required by S&P to perform such credit estimate. Notwithstanding the foregoing, in the case of a Collateral Obligation that is a (A) DIP Loan• the S&P Rating shall be (1) the rating assigned thereto by S&P if the rating is public, (2) the rating assigned by S&P if t

for such Collateral Obligation, (h) the stated maturity date of such Collateral Obligation, (i) the S&P Rating of such Collateral Obligation or the Obligor thereof, as applicable, (j) the priority category assigned by S&P to such Collateral Obligation, if available, (k) the balance in Cash and Eligible

such Collateral Obligation is based (including, by way of example, fixed rate, step-up rate, zero coupon and LIBOR), (f) the coupon (in the case of a Collateral Obligation which bears interest at a fixed rate) or the spread over the applicable index (in the case of a Collateral Obligation which bears interest at a flo

mined in accordance with the following, in the following order of priority. (a) with respect to a Moody's Senior Secured Loan: (i) if the Loan's Obligor has a Corporate Family Rating (as defined by Moody's) from Moody's, such Corporate Family Rating; or (ii) if the preceding clause does not apply,

oody's Equivalent Senior Unsecured Rating; (c) thereof; with respect to a Synthetic Security, the Moody's Obligation Rating (d) with respect to a Collateral Obligation that is a DIP Loan, one rating subcategory below the Moody's Assigned Rating thereof; and (e) with respect to a Structured Finance Obligation, the

(B) if no other security or obligation of the Obligor or its guarantor is rated by S&P or Moody's, then the Collateral Manager may apply to S&P for a S&P credit rating estimate, which will be its S&P R

Obligation, together with all information reasonably required by S&P to perform such credit estimate. Notwithstanding the foregoing, in the case of a Collateral Obligation that is (A) a DIP Loan, the S&P Rating shall be (1) the rating assigned thereto by S&P if the rating is public, (2) the rating assigned by S&P if t

paid in cash on each payment date therefor and do not permit such portion to be deferred or capitalized, (ii) such Underlying Instruments permit the Obligor thereon to defer or capitalize the remaining portion of the interest due thereon, and (iii) (x) if such Collateral Obligation is a Fixed Rate Obliga

unt of Facility representing not less than 5% of the aggregate outstanding amount of the Facility from time to time. "Obligor" means, in respect of a Collateral Obligation, the borrower thereunder or borrower thereof or, in either case, any guarantor thereof (as determined by the Portfolio Advisor). "OECD": The Organi

o clause (i) in a Tax Advantaged Jurisdiction, the jurisdiction in which, in the reasonable business judgment of the Collateral Manager, the related Obligor directly or indirectly conducts a substantial portion of its business operations and in which the assets primarily responsible for generating its re

expect to each Collateral Obligation. (i) the jurisdiction of incorporation. organization or creation of the related Obligor or (ii) in the case of a Collateral Obligation that would otherwise be considered to be domiciled pursuant to clause (i) in a Tax Advantaged Jurisdiction, the jurisdiction in which, in the reason

erating 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 of the relevant Collateral Obligation: provided, fiirther. that Collateral Obligations constituting no more than

Obligation, together with all information reasonably required by S&P to perform such credit estimate. Notwithstanding the foregoing, in the case of a Collateral Obligation that is a (A) DIP Loan• the S&P Rating shall be (1) the rating assigned thereto by S&P if the rating is public, (2) the rating assigned by S&P if t