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ery Rate": With respect to a Collateral Obligation that is a (i) First Licn Loan. 57%, unless S&P shall have assigned a higher recovery rate to such Secured Loan, (ii) Subordinated Lien Loan or senior unsecured Loan, 40 %, unless S&P shall have assigned a higher recovery• rate to such Loan (provided that to t
regate Principal Balance of Defaulted Obligations (expressed as a percentage of the Aggregate Principal Balance of all Collateral Obligations) which the Current Portfolio or the Proposed Portfolio, as applicable. can sustain, as determined through application of the S&P CDO Monitor, which, after giving effect to S&P'
ery Rate": With respect to a Collateral Obligation that is a (i) First Licn Loan. 57%, unless S&P shall have assigned a higher recovery rate to such Secured Loan, (ii) Subordinated Lien Loan or senior unsecured Loan, 40 %, unless S&P shall have assigned a higher recovery• rate to such Loan (provided that to t
regate Principal Balance of Defaulted Obligations (expressed as a percentage of the Aggregate Principal Balance of all Collateral Obligations) which the Current Portfolio or the Proposed Portfolio, as applicable. can sustain, as determined through application of the S&P CDO Monitor, which, after giving effect to S&P'
nancial Asset": The meaning specified in the UCC. "Financing Statements": UCC financing statements relating to the Collateral. "First Lien Loan": A Secured Loan secured by a first priority security interest in the relevant collateral. "Form-Approved Synthetic Security": A Synthetic Security (a) the docume
regate Principal Balance of Defaulted Obligations (expressed as a percentage of the Aggregate Principal Balance of all Collateral Obligations) which the Current Portfolio or the Proposed Portfolio, as applicable, can sustain as determined through application of the CDO Monitor, which, after giving effect to assumpti
Entities connected to both Secured Loan and the Current Portfolio

Moody's
ORGANIZATIONCDO Monitor
ORGANIZATIONthe Collateral Obligations
ORGANIZATIONthe S&P CDO Monitor
ORGANIZATIONthe Current Portfolio or Proposed Portfolio
ORGANIZATIONFirst Licn Loan
ORGANIZATIONUnsecured Bond
ORGANIZATIONvi) Subordinated Bond
ORGANIZATION