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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

, 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 Loan or a Bond, (i) if the Obligor has a senior unsecured obligation with a Moody's Assigned Rating, such rating; or (ii) if the preceding clause dots no

dy's Rating; or (ii) if the preceding clause does not apply, the Moody's Equivalent Senior Unsecured Rating. Notwithstanding the foregoing. if the Moody's rating or ratings used to determine the Moody's Obligation Rating are on review for possible downgrade or upgrade by Moody's. such rating or ratin

is the rating determined in accordance with the following. in the following order of priority: (a) Loan): any Collateral Obligation (other than a Moody's Non Senior Secured Loan, a Bond or a DIP (i) if it has an Assigned Moody's Rating. such Assigned Moody's Rating; (ii) if the preceding clause does not apply, its Corpora

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

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 Loan or a Bond , (i) if the Obligor has a senior unsecured obligation with a Moody's Assigned Rating, such rating; or (ii) if the preceding clause does

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

, 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 Loan or a Bond, (i) if the Obligor has a senior unsecured obligation with a Moody's Assigned Rating, such rating; or (ii) if the preceding clause dots no

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

Balance, may be given a Moody's Equivalent Senior Unsecured Rating based on a rating given by S&P as provided in clauses (f). (g) and (h) above. "Moody's Non Senior Secured Loan": Am• Loan (other than (a) a Senior Secured Loan or (b) a Senior Secured Note or a Second Lien Loan that has an obligation rating from Moody's that

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

ermination, the rating determined in accordance with the following, in the following ogler of priority: (a) any Collateral Obligation (other than a Moody's Non Senior Secured Loan, a Bond or a DIP Loan): (i) if the Collateral Obligation's Obligor has a Corporate Family Rating from Moody's. such Corporate Family Rating; and

to the payment of principal or interest is then continuing, (iii) no interest has been deferred or capitalized under the terms thereof, (iv) if the Moody's rating (including an estimated or private rating, and subject to adjustment as provided in "Moody's Rating" (or the definitions referenced therei

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 Loan or a Bond , (i) if the Obligor has a senior unsecured obligation with a Moody's Assigned Rating, such rating; or (ii) if the preceding clause does