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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
of any Collateral Obligation are only a preliminary indicator of investment quality and not a completely reliable assurance of investment quality. A Rating Agency may change its published ratings criteria or methodologies for loans and loan interests such as the Collateral Obligations at any time in the future
ired to seek recovery after a default or participate in the restructuring of an obligation. Even in the absence of a default with respect to any of the Collateral Obligations, the market value of the Collateral Obligation at any time will vary, and may vary substantially, from the price at which that Collateral Obligation
he realized value of such collateral could be less than the amount required to purchase the loaned Collateral Obligations in the open market. Either Rating Agency may downgrade the Rated Notes if the Issuer is no longer in compliance with the securities lending counterparty guidelines described herein. The lo
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
, the Issuer has and will cause to be posted on a password-protected Internet website, at or before the time that such information is provided to a Rating Agency, all information the Issuer provides to such Rating Agency for the purposes of determining its initial credit rating of the Notes or undertaking cre
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
of any Collateral Obligation are only a preliminary indicator of investment quality and not a completely reliable assurance of investment quality. A Rating Agency may change its published ratings criteria or methodologies for loans and loan interests such as the Collateral Obligations at any time in the future
ired to seek recovery after a default or participate in the restructuring of an obligation. Even in the absence of a default with respect to any of the Collateral Obligations, the market value of the Collateral Obligation at any time will vary, and may vary substantially, from the price at which that Collateral Obligation
he realized value of such collateral could be less than the amount required to purchase the loaned Collateral Obligations in the open market. Either Rating Agency may downgrade the Rated Notes if the Issuer is no longer in compliance with the securities lending counterparty guidelines described herein. The lo
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
, the Issuer has and will cause to be posted on a password-protected Internet website, at or before the time that such information is provided to a Rating Agency, all information the Issuer provides to such Rating Agency for the purposes of determining its initial credit rating of the Notes or undertaking cre
y the same percentage of noteholders that were required to direct it. so long as no irrevocable steps have been taken with respect to liquidation of the Collateral Obligations. In addition, if the Trustee does not receive the required certification from the Investment Manager under the Indenture, the Optional Redemption sh
cipal Payment Sequence if a Continuing Effective Date Ratings Confirmation Failure has occurred and is continuing, to the extent necessary to obtain Rating Agency Confirmation. Interest Proceeds will be diverted, in accordance with the Priority of Payments, during the Reinvestment Period. to purchase addition
Entities connected to both the Collateral Obligations and Rating Agency

Moody's
ORGANIZATION
Eric Holder
PERSONInterest Proceeds
ORGANIZATIONHedge Counterparty
PERSONthe Rating Agencies
ORGANIZATIONthe Initial Purchaser
ORGANIZATIONthe Portfolio Profile Test
ORGANIZATION
the Cayman Islands
LOCATIONthe Collateral Principal Amount
ORGANIZATIONCollateral
ORGANIZATIONthe Collateral Quality Test
ORGANIZATIONGrant
PERSONthe Requisite Noteholders
ORGANIZATIONthe Determination Date
ORGANIZATIONMoody's Rating
ORGANIZATIONRevolving Loan
ORGANIZATION
Cayman Islands
LOCATIONExcess Interest
ORGANIZATIONthe Moody's Recovery Rate
ORGANIZATIONthe Holders of the Income Notes
ORGANIZATION