Epstein Secrets

oody's or at least "BBB-" by Fitch, then the S&P Rating thereof will be one rating subcategory below the S&P equivalent rating of the lower of such Moody's rating or Fitch rating and (2) if such Structured Finance Obligation is rated below "Baa3" by Moody's or below "BBB:* by Fitch, then the S&P Rati

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

ull amount of principal and interest promised). then the Moody's Equivalent Senior Unsecured Rating shall be: (i) one rating subcategory below the Moody's equivalent of such S&P rating if it is "BOB—" or higher, or (ii) two rating subcategories below the Moody's equivalent of such S&P rating if it

thereof as of any dale of determination, is the rating determined in accordance with the following. in the following order of priority: (a) if the Obligor has a senior unsecured obligation with an Assigned Moody's Rating, such Assigned Moody's Rating; (b) if the preceding clause does not apply, the M

y, the Moody's Default Probability Rating shall be determined based on the applicable Collateral Obligation. Notwithstanding the foregoing, if the Moody's rating or ratings used to determine the Moody's Default Probability Rating are on watch for downgrade or upgrade by Moody's, such rating or ratin

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,

ull amount of principal and interest promised). then the Moody's Equivalent Senior Unsecured Rating shall be: (i) one rating subcategory below the Moody's equivalent of such S&P rating if it is - 88B—" or higher, or two rating subcategories below the Moody's equivalent of such S&P rating if it is"BB

(d) if the preceding clauses do not apply, but the Obligor has a senior secured obligation with a Moody's Assigned Rating, then: (i) if such Moody's Assigned Rating is at least "Caa3" (and, if rated "Caa3,

oody's or at least "BBB-" by Fitch, then the S&P Rating thereof will be one rating subcategory below the S&P equivalent rating of the lower of such Moody's rating or Fitch rating and (2) if such Structured Finance Obligation is rated below "Baa3" by Moody's or below "BBB:* by Fitch, then the S&P Rati

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

ull amount of principal and interest promised). then the Moody's Equivalent Senior Unsecured Rating shall be: (i) one rating subcategory below the Moody's equivalent of such S&P rating if it is "BOB—" or higher, or (ii) two rating subcategories below the Moody's equivalent of such S&P rating if it

thereof as of any dale of determination, is the rating determined in accordance with the following. in the following order of priority: (a) if the Obligor has a senior unsecured obligation with an Assigned Moody's Rating, such Assigned Moody's Rating; (b) if the preceding clause does not apply, the M

esses the full amount of principal and interest promised). the Assigned Moody's Rating shall be deemed to be: (i) one rating subcategoiy below the Moody's equivalent of such S&P rating if it is "BBB—" or higher, or (ii) two rating subcategories below the Moody's equivalent of such S&P rating if it

(h) if the preceding clauses do not apply, but the Obligor has a senior secured obligation with a monitored public rating from S&P (without any postscripts, asterisks or other qualifying notations. that addr

pect to a DIP Loan. the rating that is one rating subcategory below the Moody's Obligation Rating thereof. Notwithstanding the foregoing (x) if the Moody's rating or the S&P rating used to determine the Moody's Default Probability Rating is on review for possible downgrade or upgrade by Moody's or S&P

ot apply. the Moody's Obligation Rating of such Collateral Obligation; (b) with respect to a Moody's Non Senior Secured Loan or Bond: (i) if the Obligor has a senior unsecured obligation with an Assigned Moody's Rating, such rating; and (ii) if the preceding clause does not apply, the Moody's Equiv