Common use of Reference Obligation    Relevant Rating Clause in Contracts

Reference Obligation    Relevant Rating. The Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate The rating by S&P that is two rating subcategories above the rating assigned by S&P to the other obligation The Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate The rating by S&P that is one rating subcategory above the rating assigned by S&P to the other obligation The Reference Obligation is Subordinate The rating assigned by S&P to the other obligation

Reference Obligation    Relevant Rating. The Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate The rating by S&P that is two one rating subcategories subcategory above the rating assigned by S&P to the other obligation The Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate The rating by S&P that is one rating subcategory above the rating assigned by S&P to the other obligation The Reference Obligation is Subordinate The rating by S&P that is one rating subcategory below the rating assigned by S&P to the other obligation

Reference Obligation    Relevant Rating. The Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate The rating by S&P that is two rating subcategories above the rating assigned by S&P to the other obligation The Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate The rating by S&P that is one rating subcategory above below the rating assigned by S&P to the other obligation The Reference Obligation is Subordinate The rating by S&P that is two rating subcategories below the rating assigned by S&P to the other obligation

Reference Obligation    Relevant Rating. The Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate The rating by S&P that is two rating subcategories above the rating assigned by S&P to the other obligation The Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate The rating by S&P that is one rating subcategory above below the rating assigned by S&P to the other obligation The Reference Obligation is Subordinate The rating by S&P that is two rating subcategories below the rating assigned by S&P to the other obligationobligation Confirmation – Annex II