Xxxxx’x Default Probability Rating definition

Xxxxx’x Default Probability Rating means with respect to any Asset, the rating determined pursuant to Schedule E-1 hereto.

Xxxxx’x Default Probability Rating means, with respect to any date of determination, the rating as determined in accordance with the following, in the following order of priority; provided that, with respect to the Loan Assets generally, if at any time Xxxxx’x or any successor to it ceases to provide rating services, references to rating categories of Xxxxx’x shall be deemed instead to be references to the equivalent categories of any other nationally recognized investment rating agency selected by the Borrower (with written notice to the Administrative Agent), as of the most recent date on which such other rating agency and Xxxxx’x published ratings for the type of security in respect of which such alternative rating agency is used:

Xxxxx’x Default Probability Rating means, with respect to any Portfolio Asset, as of any date of determination, the rating determined in accordance with the following methodology:

Examples of Xxxxx’x Default Probability Rating in a sentence

• With respect to a Collateral Obligation whose Xxxxx’x Rating or Xxxxx’x Default Probability Rating cannot otherwise be determined pursuant to the definitions thereof, such Xxxxx’x Rating or Xxxxx’x Default Probability Rating shall be determined as set forth below.

• With respect to any Annual Period, from and after the Third Restatement Effective Date, a test that is satisfied so long as no more than two Rating Pending Loans either (i) received a Xxxxx’x Rating Factor higher than the Xxxxx’x Rating Factor assigned to such Rating Pending Loan under clause (C)(I) of the definition of Xxxxx’x Default Probability Rating or (ii) failed to receive a Xxxxx’x Credit Estimate within 90 days following the date the Borrower acquired such Loan.

• With respect to a Collateral Loan whose Xxxxx’x Rating or Xxxxx’x Default Probability Rating cannot otherwise be determined pursuant to the definitions thereof, such Xxxxx’x Rating or Xxxxx’x Default Probability Rating shall be determined as set forth below.

More Definitions of Xxxxx’x Default Probability Rating

Xxxxx’x Default Probability Rating means, with respect to any Collateral Loan, as of any date of determination, the rating determined in accordance with the following methodology: (i) If the obligor of such Collateral Loan has a CFR, then such CFR; (ii) If not determined pursuant to clause (i) above, if such Collateral Loan has an Assigned Xxxxx’x Rating, then (x) in the case of a First Lien Loan or participation interest in a First Lien Loan with respect to which the Assigned Xxxxx’x Rating is the monitored publicly available rating thereof, the Xxxxx’x rating that is one subcategory lower than such monitored publicly available rating, and (y) in all other cases, such Assigned Xxxxx’x Rating; (iii) If not determined pursuant to clause (i) or (ii) above, (A) if the obligor of such Collateral Loan has one or more senior unsecured obligations with an Assigned Xxxxx’x Rating, then the Assigned Xxxxx’x Rating on any such obligation as selected by the Servicer in its sole discretion or, if no such rating is available, (B) if the obligor of such Collateral Loan has one or more senior secured obligations with an Assigned Xxxxx’x Rating, then the Xxxxx’x rating that is one subcategory lower than the Assigned Xxxxx’x Rating on any such obligation as selected by the Servicer in its sole discretion; and (iv) If not determined pursuant to clause (i) through (iii) above, the Xxxxx’x Derived Rating; provided that, for purposes of calculating a Xxxxx’x Weighted Average Rating Factor, each applicable rating, at the time of calculation, on credit watch by Xxxxx’x with positive or negative implication will be treated as having been upgraded or downgraded by one rating subcategory, as the case may be.