Epstein Secrets

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

ity company, unincorporated association or government or an agency or political subdivision thereof. "PIK Securities": Debt obligations (other than Partial PIK Securities) that provide for periodic payments of interest to be deferred or capitalized (without defaulting). 39 ING IM CLO 2011-1 CONFIDENTIAL - PURSUANT

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

ity company, unincorporated association or government or an agency or political subdivision thereof. "PIK Securities": Debt obligations (other than Partial PIK Securities) that provide for periodic payments of interest to be deferred or capitalized (without defaulting). "Portfolio Principal Balance": The Aggregate Pr

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

ity company, unincorporated association or government or an agency or political subdivision thereof. "PIK Securities": Debt obligations (other than Partial PIK Securities) that provide for periodic payments of interest to be deferred or capitalized (without defaulting). 39 ING IM CLO 2011-1 CONFIDENTIAL - PURSUANT