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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
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
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
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
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
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
Entities connected to both the Sale Proceeds and Partial PIK Securities