Moody’s Shadow Rating definition
Moody’s Shadow Rating. A corporate credit estimate applied for by the Borrower within 10 days of (a) the Cut-Off Date of any Loan that does not have an Assigned ▇▇▇▇▇’▇ Rating or (b) any amendment to the related Loan Documents that is deemed material in the Servicer’s reasonable judgment.
Moody’s Shadow Rating. The monitored privately-issued corporate family rating expressly assigned to an issuer, or if no corporate family rating exists, then the privately issued facility rating assigned to a facility by Moody’s that addresses the full amount of the principal and interest promised; provided that such Moody’s Shadow Rating with respect to any Loan shall be equivalent to the Moody’s shadow rating such Loan would receive in a Term Securitization.
Moody’s Shadow Rating means a corporate credit estimate from Moody’s, applied for by the Borrower within 10 days of the Purchase Date of any Collateral Debt Obligation that does not have an Assigned ▇▇▇▇▇’▇ Rating, provided, that, (i) prior to the receipt of the initial corporate credit estimate from Moody’s, the Moody’s Shadow Rating assigned to such Collateral Debt Obligation shall be (A) for the first 60 days following the Purchase Date, the ▇▇▇▇▇’▇ rating assigned to such Collateral Debt Obligation by the Servicer in its reasonable judgment, not to exceed B3 and (B) for the period from 61 days to 180 days following the Purchase Date, Caa2, (ii) such Moody’s Shadow Rating shall be refreshed at least annually or upon any amendment to the related Collateral Debt Obligation Documents that is deemed to be a material amendment in the Servicer’s reasonable judgment and (iii) if it has been more than a year since the corporate credit estimate from Moody’s shall have been refreshed, the Moody’s Shadow Rating assigned to such Collateral Debt Obligation shall be (A) for the first 30 days following the anniversary of the receipt of the most recent corporate credit estimate from Moody’s, the lower of (x) the last ▇▇▇▇▇’▇ rating received in respect of such Collateral Debt Obligation and (y) the rating assigned to such Collateral Debt Obligation by the Servicer in its reasonable judgment, not to exceed B3 and (B) for the period from 31 days to 180 days following the annual request date, Caa2.
Examples of Moody’s Shadow Rating in a sentence
The Borrower shall re-apply at least once every 12 months for a new Moody’s Shadow Rating with respect to each Collateral Debt Obligation having a Moody’s Shadow Rating and shall pay all expenses associated with such application.