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rom a Selling Institution that does not entitle the holder thereof to direct rights against the obligor on such Loan. For the avoidance of doubt, a Pre-Funded Letter of Credit that is structured as a participation will be treated as a Participation. "Paving Agent": Any Person authorized by the Applicable Issuer to make pay
missible Replacement Collateral Obligation": Any Collateral Obligation (a) that (i) in the case of a Caa Collateral Obligation (x) is purchased with the Sale Proceeds of a Caa Collateral Obligation, (y) has a Moody's Obligation Rating no lower than the Collateral Obligation that was sold or otherwise disposed of
from a Selling Institution that does not entitle the holder thereof to direct rights against the obligor on such Loan. For the avoidance of doubt, a Pre-Funded Letter of Credit that is structured as a participation will be treated as a Participation. "Permissible Replacement Collateral Obligation": Any Collateral Obligatio
missible Replacement Collateral Obligation": Any Collateral Obligation (a) that (i) in the case of a Caa Collateral Obligation (x) is purchased with the Sale Proceeds of a Caa Collateral Obligation, (v) has a Moody's Obligation Rating no lower than the Collateral Obligation that was sold or otherwise disposed of a
rom a Selling Institution that does not entitle the holder thereof to direct rights against the obligor on such Loan. For the avoidance of doubt, a Pre-Funded Letter of Credit that is structured as a participation will be treated as a Participation. "Paving Agent": Any Person authorized by the Applicable Issuer to make pay
missible Replacement Collateral Obligation": Any Collateral Obligation (a) that (i) in the case of a Caa Collateral Obligation (x) is purchased with the Sale Proceeds of a Caa Collateral Obligation, (y) has a Moody's Obligation Rating no lower than the Collateral Obligation that was sold or otherwise disposed of
from a Selling Institution that does not entitle the holder thereof to direct rights against the obligor on such Loan. For the avoidance of doubt, a Pre-Funded Letter of Credit that is structured as a participation will be treated as a Participation. "Permissible Replacement Collateral Obligation": Any Collateral Obligatio
missible Replacement Collateral Obligation": Any Collateral Obligation (a) that (i) in the case of a Caa Collateral Obligation (x) is purchased with the Sale Proceeds of a Caa Collateral Obligation, (v) has a Moody's Obligation Rating no lower than the Collateral Obligation that was sold or otherwise disposed of a
Entities connected to both Pre-Funded Letter of Credit and the Sale Proceeds
Partial PIK Securities
ORGANIZATIONMoody's Obligation Rating
ORGANIZATIONEligible Principal Investments
ORGANIZATIONthe Underlying Instrument
ORGANIZATIONthe Cu Collateral Obligation
ORGANIZATIONthe Credit Facility Reserve
ORGANIZATIONthe Caa Collateral Obligation
ORGANIZATIONjoint venture, association
ORGANIZATION
Moody's
ORGANIZATIONthe Pre-Funded Letter of Credit Reserve Amount
ORGANIZATION