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the Aggregate Outstanding Amount of the Rated Notes multiplied by (y) 108.5%. "Effective Date Ratings Confirmation Failure": The failure to obtain Rating Agency Confirmation prior to the first Distribution Date in connection with the Effective Date; provided, that if the Effective Date Moody's Condition is
date is not a Business Day, the next Business Day), and (b) the date specified by the Investment Manager pursuant to Section 3.3. "Effective Date Moody's Condition": A condition satisfied if the Investment Manager has provided to Moody's an accountants' letter confirming that each Collateral Quality Test (othe
ria indicating whether such criteria are satisfied, and if any of the Ramp-Up Criteria is not satisfied, the Investment Manager will submit to each Rating Agency a proposal for satisfying it by the Effective Date. (d) In connection with the Effective Date, the Investment Manager (on behalf of the Issuer) wi
he Effective Date, the Investment Manager (on behalf of the Issuer) will request Rating Agency Confirmation from S&P and, unless the Effective Date Moody's Condition is satisfied, Moody's. (e) In connection with the Effective Date, the Excel Default Model Input File will be delivered to S&P in accordance with t
price of at least 65% and that was equal to or greater than the sale price of the sold Collateral Obligation. and (d) its rating (if any) from each Rating Agency is equal to or greater than such rating of the sold Collateral Obligation. For purposes of this definition, a Collateral Obligation, portions of whi
ch conuninnents), is at least equal to the Effective Date Target Par and all applicable Indenture requirements have been satisfied. "Effective Date Moody's Condition": A condition satisfied if the Investment Manager has provided to Moody's an accountants' letter confirming that each Collateral Quality Test (other
ria indicating whether such criteria are satisfied, and if any of the Ramp-Up Criteria is not satisfied, the Investment Manager will submit to each Rating Agency a proposal for satisfying it by the Effective Date. (d) In connection with the Effective Date, the Investment Manager (on behalf of the Issuer) wi
he Effective Date, the Investment Manager (on behalf of the Issuer) will request Rating Agency Confirmation from S&P and, unless the Effective Date Moody's Condition is satisfied, Moody's. (e) In connection with the Effective Date, the Excel Default Model Input File will be delivered to S&P in accordance with t
price of at least 65% and that was equal to or greater than the sale price of the sold Collateral Obligation. and (d) its rating (if any) from each Rating Agency is equal to or greater than such rating of the sold Collateral Obligation. For purposes of this definition. a Collateral Obligation. portions of whi
ch conuninnents), is at least equal to the Effective Date Target Par and all applicable Indenture requirements have been satisfied. "Effective Date Moody's Condition": A condition satisfied if the Investment Manager has provided to Moody's an accountants' letter confirming that each Collateral Quality Test (other
Entities connected to both Rating Agency and Moody's Condition

Moody's
ORGANIZATIONEligible Principal Investments
ORGANIZATIONPledged Collateral Obligations
ORGANIZATIONthe Determination Date
ORGANIZATIONCollateral Matrix
ORGANIZATIONthe "Diversity Score
ORGANIZATIONCollateral Obligation
ORGANIZATIONthe Rule 17g-5 Procedures
ORGANIZATIONRepresentations and Warranties Concerning Collateral
ORGANIZATION