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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 rating
Moody's Equivalent Senior Unsecured Rating; (c) with respect to a Synthetic 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
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
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
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
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
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 rating
Moody's Equivalent Senior Unsecured Rating; (c) with respect to a Synthetic 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
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
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
Entities connected to both Moody and a Collateral Obligation

Moody's
ORGANIZATIONObligor
ORGANIZATIONCorporate Family Rating
ORGANIZATIONMoody's Non Senior Secured Loan
ORGANIZATIONthe Moody's Assigned Rating
ORGANIZATION
Fitch
ORGANIZATIONthe Collateral Principal Amount
ORGANIZATIONMoody's Collateral Value
ORGANIZATIONthe Moody's Obligation Rating
ORGANIZATIONthe S&P Rating
ORGANIZATIONS&P Rating
ORGANIZATIONObligor•
ORGANIZATIONthe Moody's Default Probability, Rating
ORGANIZATIONthe Moody's Obligation Rating of such Loan
ORGANIZATIONthe Moody's Recovery
ORGANIZATIONthe applicable Collateral Obligation
ORGANIZATIONthe Moody's "Issuer Rating
ORGANIZATIONPrincipal Balance
ORGANIZATION