Credit Estimates Sample Clauses

Credit Estimates. For any Collateral Obligation which has an S&P Rating determined pursuant to clause (iii)(b) of the definition of “S&P Rating”, the Collateral Manager (on behalf of the Issuer) or the Obligor of such Collateral Obligation shall, prior to or within 30 days after the acquisition of such Collateral Obligation, apply (and concurrently submit all available Information in respect of such application) to S&P for a credit estimate.

Credit Estimates. (a) For any Collateral Obligation which has an S&P Rating determined pursuant to clause (iii)(b) of the definition of "S&P Rating", the Collateral Manager on behalf of the Issuer or the issuer of such Collateral Obligation shall, prior to or within 30 days after the acquisition of such Collateral Obligation, apply (and concurrently submit all available Information in respect of such application) to S&P for a credit estimate. So long as (i) the Collateral Manager acts in accordance with the procedures and requirements specified in the definition of "S&P Rating" relating to credit estimates and (ii) during the immediately preceding 12 calendar months, no more than five Collateral Obligations that were Deemed Rated Obligations have received credit estimates that have resulted in such Deemed Rated Obligations that were not deemed to be CCC Collateral Obligations to constitute CCC Collateral Obligations or Defaulted Obligations as a result of the receipt of an applicable credit estimate, clause (xviixviii) of Concentration Limitations shall not be breached if a Deemed Rated Obligation becomes a CCC Collateral Obligation due to such Collateral Obligation receiving a lower credit estimate than the rating determined by the Collateral Manager with respect to such Collateral Obligation pursuant to, and in accordance with, clause (iii)(b) of the definition of "S&P Rating". (b) With respect to any Collateral Obligation for so long as the Class A-1 Notes are Outstanding:

Credit Estimates. (i) The Collateral Manager shall apply for (and concurrently submit all available information for such application) a credit estimate from S&P within 30 days of the acquisition of any Loan. During such 30 day period and following submission of such application, the rating of such Loan shall be the applicable CM Assigned CE pending receipt of such credit estimate. (ii) The Borrower shall: (1) renew each such credit estimate at least annually, and (2) notify S&P within ten Business Days of the occurrence of: (A) any amendment to the Underlying Instruments of any Loan that, in the judgment of the Collateral Manager, could reasonably be expected to materially adversely impact the creditworthiness of such Loan, (B) and any Specified Event. (iii) Upon the expiration of any credit estimate from S&P with respect to a Loan, such Loan shall be deemed an Ineligible Loan until the Collateral Manager submits an application for a new credit estimate from S&P for such Loan. (iv) If the Collateral Manager has submitted an application prior to the expiration of the existing credit estimate from S&P for such Loan, then: (1) if no Specified Event has occurred with respect to such Loan since the expiring credit estimate was provided, then such credit estimate shall apply until the earlier of the receipt of the new credit estimate for such Loan and the occurrence of a Specified Event, or (2) if a Specified Event has occurred with respect to such Loan since the expiring credit estimate from S&P was provided, then (A) for the first 30 days following the expiration of such credit estimate, such Loan shall be deemed to have a rating equal to the lower of such expiring credit estimate and the applicable CM Assigned CE; (B) for the following 60 days, such Loan shall be deemed to have a rating equal to the lowest of CCC+, the expiring credit estimate and the applicable CM Assigned CE; and (C) thereafter, the Loan shall be deemed an Ineligible Loan.

Credit Estimates. For any Collateral Obligation which has an S&P Rating determined pursuant to clause (iii)(b) of the definition of “S&P Rating”, the Collateral Manager (on behalf of the Issuer) or the Obligor of such Collateral Obligation shall, prior to or within 30 days after the acquisition of such Collateral Obligation, apply (and concurrently submit all available Information in respect of such application) to S&P for a credit estimate. So long as (i) the Collateral Manager acts in accordance with the procedures and requirements specified in the definition of “S&P Rating” relating to credit estimates and (ii) during the immediately preceding 12 calendar months, no more than fivefour Collateral Obligations that were Deemed Rated Obligations have received credit estimates that have resulted are subject to the Deemed Rating Change Condition, Collateral Obligations (or any portion thereof) that are currently subject to the Deemed Rating Change Condition shall be excluded from the calculation of the numerator to clause (xix) of the Concentration Limitations to the extent that such Collateral Obligations (or any portion thereof) do not exceed 7.5% of the Total Capitalization. “Deemed Rating Change Condition” means a condition that is satisfied if any Deemed Rated Obligation receives a credit estimate which results in such Deemed Rated ObligationsObligation that werewas not deemed to be a CCC Collateral ObligationsObligation prior to such credit estimate to constitute a CCC Collateral Obligations orObligation or a Defaulted ObligationsObligation as a result of the receipt of an applicable credit estimate, clause (xix) of the Concentration Limitations shall not be breached if a Deemed Rated Obligation becomes a CCC Collateral Obligation due to such Collateral Obligation receiving a lower credit estimate than the rating determined by the Collateral Manager with respect to such Collateral Obligation pursuant to, and in accordance with, clause (iii)(b) of the definition of “S&P Rating”..

Credit Estimates. For any Collateral Obligation which has an S&P Rating determined pursuant to clause (iii)(b) of the definition of “S&P Rating”, the Collateral Manager (on behalf of the Issuer and/or the Issuer Subsidiaries) or the Obligor of such Collateral Obligation shall, prior to or within 30 days after the acquisition of such Collateral Obligation, apply (and concurrently submit all available Information in respect of such application) to S&P for a credit estimate. So long as the Collateral Manager acts in accordance with the procedures and requirements specified in the definition of “S&P Rating” relating to credit estimates. Issuer Subsidiaries’ Purchase of Assets. The Issuer Subsidiaries shall not acquire Assets from any Person other than the Issuer, and shall only be permitted to effect such acquisitions in connection with the First Static Date or the Second Static Date, as applicable.

Credit Estimates. (a) If the Borrower acquires a Collateral Obligation without a public rating from S&P, the Borrower (or the Collateral Manager on behalf of the Borrower) shall apply for a credit estimate from S&P. Until a credit estimate has been received, the S&P Rating of such Collateral Obligation shall be determined in accordance with the definition of “S&P Rating”. (b) For each Collateral Obligation with a credit estimate provided by S&P, the Borrower shall submit such information as is required by S&P to renew such credit estimate within the 12 month period following receipt of the most recent credit estimate provided by S&P for such Collateral Obligation.