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market conditions that may change. 13 As of September 30. 20t7. 14 As of December 31. 2017. 15 The Issuer will continue to use ratings assigned by the Rating Agencies to obligors on individual Collateral Obligations. Such ratings will primarily be public ratings and private ratings. A credit rating of an asset suc
the Collateral Obligations at any time in the future. Furthermore. a Rating Agency may retroactively apply any such new standards to the ratings of the Collateral Obligations. Any such action codd result in a substantial lowering or a withdrawal of any rating assigned to a Collateral Obligation. C 2018 Deutsche Asset Man
and S&P in writing and (b) which the Issuer has certified to the Trustee in writing is a Form-Approved Synthetic Security•: provided that either of the Rating Agencies may withdraw its approval of any such Form-Approved Synthetic Security at any time, effective (except in respect of uades executed and not terminat
Notes": The Regulation S Global Notes and the Rule I44A Global Notes. "Grid Test": A test that will be satisfied as of any date of determination if the Collateral Obligations in the aggregate have a Weighted Average Rating no greater than and a Diversity Score at least equal to the respective levels set forth in any appl
ations ("NRSROs") providing the requisite certification will have access to all information posted on such website. As a result, an NRSRO other than the Rating Agencies may issue ratings on the Notes (-Unsolicited Ratings-), which may be lower, and could be significantly lower, than the ratings assigned by the Rati
ally makes any payments to such holder. Considerations Relating to the Investment Manager; Dependence on Key Personnel. Because the composition of the Collateral Obligations will vary over time, the performance of the portfolio depends heavily on the skills of the Investment Manager and certain key personnel of the Inves
transferred to the Principal Collection Subaccount. (d) Within 20 Business Days after the Ramp-Up End Date, the Issuer shall provide a report to the Rating Agencies identifying the Collateral Obligations and requesting from the Rating Agencies confirmation of their respective Initial Ratings of the Senior Notes.
llection Subaccount. (d) Within 20 Business Days after the Ramp-Up End Date, the Issuer shall provide a report to the Rating Agencies identifying the Collateral Obligations and requesting from the Rating Agencies confirmation of their respective Initial Ratings of the Senior Notes. Within 20 Business Days after the Ram
market conditions that may change. 13 As of September 30. 20t7. 14 As of December 31. 2017. 15 The Issuer will continue to use ratings assigned by the Rating Agencies to obligors on individual Collateral Obligations. Such ratings will primarily be public ratings and private ratings. A credit rating of an asset suc
the Collateral Obligations at any time in the future. Furthermore. a Rating Agency may retroactively apply any such new standards to the ratings of the Collateral Obligations. Any such action codd result in a substantial lowering or a withdrawal of any rating assigned to a Collateral Obligation. C 2018 Deutsche Asset Man
s. Commencing in April 2007 pursuant to the Indenture, the Issuer will compile and provide or make available to the Trustee, the Collateral Manager. the Rating Agencies and the Holders of the Notes a monthly report (other than for a month in which a Payment Date occurs) containing certain information specified in t
ther than for a month in which a Payment Date occurs) containing certain information specified in the Indenture regarding sources and uses of funds, the Collateral Obligations, the Trust Accounts, the Coverage Tests. Eligible Investments and the Collateral. Payment Date Valuation Reports. For each Payment Date (including
and S&P in writing and (b) which the Issuer has certified to the Trustee in writing is a Form-Approved Synthetic Security•: provided that either of the Rating Agencies may withdraw its approval of any such Form-Approved Synthetic Security at any time, effective (except in respect of uades executed and not terminat
Notes": The Regulation S Global Notes and the Rule I44A Global Notes. "Grid Test": A test that will be satisfied as of any date of determination if the Collateral Obligations in the aggregate have a Weighted Average Rating no greater than and a Diversity Score at least equal to the respective levels set forth in any appl
ations ("NRSROs") providing the requisite certification will have access to all information posted on such website. As a result, an NRSRO other than the Rating Agencies may issue ratings on the Notes (-Unsolicited Ratings-), which may be lower, and could be significantly lower, than the ratings assigned by the Rati
ally makes any payments to such holder. Considerations Relating to the Investment Manager; Dependence on Key Personnel. Because the composition of the Collateral Obligations will vary over time, the performance of the portfolio depends heavily on the skills of the Investment Manager and certain key personnel of the Inves
be located, the Co-Issuers and the Trustee shall have power to appoint one or more Persons to act as co-trustee (subject to the written approval of the Rating Agencies), jointly with the Trustee, of all or any part of the Collateral, with the power to file such proofs of claim and take such other actions pursuant t
llection Subaccount. (d) Within 20 Business Days after the Ramp-Up End Date, the Issuer shall provide a report to the Rating Agencies identifying the Collateral Obligations and requesting from the Rating Agencies confirmation of their respective Initial Ratings of the Senior Notes. Within 20 Business Days after the Ram
Entities connected to both the Rating Agencies and the Collateral Obligations

Moody's
ORGANIZATIONRating Agency
ORGANIZATIONthe Portfolio Profile Test
ORGANIZATIONCollateral
ORGANIZATIONSecured Loan
ORGANIZATIONthe Collateral Quality Test
ORGANIZATIONthe Collateral Principal Amount
ORGANIZATIONthe Determination Date
ORGANIZATIONGrant
PERSONthe Initial Purchaser
ORGANIZATIONthe Reference Obligation or Reference Obligations
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
Eric Holder
PERSONEquity Security
ORGANIZATIONCDO Monitor
ORGANIZATIONNRSRO
ORGANIZATIONMoody's Approach to
ORGANIZATIONthe Holders of the Notes
ORGANIZATIONRIN II Ltd.
ORGANIZATIONthe American Society of Civil Engineers
ORGANIZATION