Epstein Secrets

ion 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 Moody's Assigned Rating thereof; provided that in the case of a Form-Approved Synthetic Security, the Moody's Default Probability, Rating shall be determined based on the

(a) with 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, the Moody's Obligation Rating of such Loan: (b) with respect to a Moody's Non Senior Secured Loa

o 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 Moody's Assigned Rating thereof; provided that in the case of a Form-Approve

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, the Moody's Obligation Rating of such Loan; (b) with respect to a Moody's Non Senior Secured Lo

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

orate Family Rating (as defined by Moody's) from Moody's. the Moody's Equivalent Senior Unsecured Rating shall be one rating subcategory below such Corporate Family Rating; (f) if the preceding clauses do not apply but the Obligor has a senior unsecured obligation (other than a bank loan) with a public rating from S&

ion 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 Moody's Assigned Rating thereof; provided that in the case of a Form-Approved Synthetic Security, the Moody's Default Probability, Rating shall be determined based on the

(a) with 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, the Moody's Obligation Rating of such Loan: (b) with respect to a Moody's Non Senior Secured Loa

tic Security, the Moody's Obligation Rating thereof; (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 Moody's Assigned Rating thereof; provided that in the case of a Form-Approve

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, the Moody's Obligation Rating of such Loan; (b) with respect to a Moody's Non Senior Secured Lo