Epstein Secrets

least "Caa2", the Market Value of the obligation is at least equal to 85% of the principal balance thereof (and, for the avoidance of doubt. if such Moody's rating is less than -Caa2", the obligation may not be treated as a Current Pay Obligation), provided that if the Moody's rating of the obligation

ion has been withdrawn but the obligation had a Moody's rating (including an estimated or private rating, and subject to adjustment as provided in "Moody's Rating" for obligations on "watchlist" for upgrade or downgrade) of at least "Caa2" at the time of default, such obligation may be treated as a Current Pay

ated in writing by the Investment Manager on behalf of the Issuer (with a copy to the Trustee). "Moody's Industry Classification Group": Any of the Moody's classification groups set forth in Schedule A, and/or any classification groups that may be subsequently established by Moody's and provided to t

provided to the Investment Manager, the Issuer and the Trustee. "Moody's Obligation Rating": The meaning specified on the Moody's Rating Schedule. "Moody's Rating": The meaning specified on the Moody's Rating Schedule. "Moody's Rating Factor": The meaning specified on the Moody's Rating Schedule. "Moody's Rat

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

rmined 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 Moody's "Issuer Rating" for the Obligor, (c) if the preceding cla

least "Caa2", the Market Value of the obligation is at least equal to 85% of the principal balance thereof (and, for the avoidance of doubt. if such Moody's rating is less than -Caa2", the obligation may not be treated as a Current Pay Obligation), provided that if the Moody's rating of the obligation

ion has been withdrawn but the obligation had a Moody's rating (including an estimated or private rating, and subject to adjustment as provided in "Moody's Rating" for obligations on "watchlist" for upgrade or downgrade) of at least "Caa2" at the time of default, such obligation may be treated as a Current Pay

ating thereof; and (e) With respect to a Structured Finance Obligation, the Moody's Assigned Rating thereof: Notwithstanding 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 rati

ng Factor for any Structured Finance Obligation shall be its Moody's Adjusted Rating Factor and (iii) any Collateral Obligation that does not have a Moody's 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

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

rmined 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 Moody's "Issuer Rating" for the Obligor, (c) if the preceding cla

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

(without any postscripts, asterisks or other qualifying notations. that addresses 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