Common use of Shadow Ratings Clause in Contracts

Shadow Ratings. Ambac shall have received confirmation, satisfactory to it, that the risk secured by the Preferred Shares Insurance Policy constitutes an "AA" risk by S&P and the risk securing Ambac's obligations under the Loans Insurance Policy and the Preferred Shares Insurance Policy, collectively, constitutes an "Aa2" risk by Moody's.

Shadow Ratings. Ambac shall have received confirmation, satisfactory to it, that the risk secured by the Preferred Shares Loans Insurance Policy constitutes an "AA" risk by S&P and the risk securing Ambac's obligations under the Loans Insurance Policy and the Preferred Shares Insurance Policy, collectively, constitutes an "Aa2" risk by Moody's.