, the Collateral Management Agreement and the Collateral Administration Agreement and (iv) certain payments or distributions received in respect of the Collateral Obligations and Eligible Investments. See "Security for the Notes—Collateral Obligations.'• "--The Collateral Quality Test." "—The Portfolio Profile Test" and

suer and the Class A Notes, Class B Notes and Class C Notes will be non-rccoursc obligations of the Co-Issuer. The Notes will be payable solely from the Collateral Obligations and the other assets pledged by the Issuer pursuant to the Indenture. None of the Trustcc. the Collateral Manager. the Initial Purchaser, the Place

re the Collateral Manager to liquidate positions more rapidly than would otherwise be desirable, which could adversely affect the realized value of the Collateral Obligations sold. Payments will be made in accordance with the Principal Priority of Payments and the Senior Notes may be redeemed as a Special Redemption duri

ther than for a month in which a Payment Date occurs) containing certain information specified in the Indenture regarding sources and uses of funds, the Collateral Obligations, the Trust Accounts, the Coverage Tests. Eligible Investments and the Collateral. Payment Date Valuation Reports. For each Payment Date (including

pect of the Collateral Obligations and Eligible Investments: provided that the Collateral will not include the Excluded Property. The composition of the Collateral Obligations will be determined by the Collateral Manager. subject to the limitations of the Indenture and the Collateral Management Agreement. Collateral Obli

lculating any Interest Coverage Ratio, scheduled interest payments on the Collateral Obligations will not include any scheduled interest payments on the Collateral Obligations which the Issuer or the Collateral Manager reasonably believes will not be made. Ramp-Up Period The Issuer will be required to use commercially re

Portfolio Profile Test" will be satisfied if, as of any date of determination at, or subsequent to. the end of the Ramp-Up Period, in the aggregate. the Collateral Obligations owned (or. if the Portfolio Profile Test is applied in connection with a proposed purchase of a Collateral Obligation, proposed to be owned) by the

Notes": The Regulation S Global Notes and the Rule I44A Global Notes. "Grid Test": A test that will be satisfied as of any date of determination if the Collateral Obligations in the aggregate have a Weighted Average Rating no greater than and a Diversity Score at least equal to the respective levels set forth in any appl

&P CDO Monitor at such time. -S&P CDO Monitor" means a dynamic, analytical computer program developed by S&P and used to estimate defaulted risk of the Collateral Obligations, as it may be modified by S&P from time to time. "S&P Collateral Value": With respect to any Defaulted Obligation or Deferring P1K Obligation and a

ction with the offering of the Securities rather than to make investments in Collateral Obligations. As a result. the aggregate principal balance of the Collateral Obligations will be less than the initial Aggregate Outstanding Amount of the Securities. In addition, during the lifetime of the transaction, except as descri

ired to seek recovery after a default or participate in the restructuring of an obligation. Even in the absence of a default with respect to any of the Collateral Obligations, the market value of the Collateral Obligation at any time will vary, and may vary substantially, from the price at which that Collateral Obligation

nts pending reinvestment in Collateral Obligations, which will further reduce the yield on the Collateral Obligations. Any decrease in the yield on the Collateral Obligations will have the effect of reducing the amounts available to make distributions on the Securities, especially the Subordinated Securities. There can be

iety of factors, including future market conditions and is difficult to predict. In addition, there will be a mismatch between the payment dates of the Collateral Obligations and the Distribution Dates with respect to the Securities. Accordingly. interest that has accrued on Collateral Obligations during a Due Period may

cant adverse effect on the Issuer, the Collateral and the Securities. Below Investment Grade Debt Obligations. It is expected that primarily all of the Collateral Obligations will be rated below investment grade. Such debt obligations have greater credit and liquidity risk than investment grade obligations. The lower rat

ally makes any payments to such holder. Considerations Relating to the Investment Manager; Dependence on Key Personnel. Because the composition of the Collateral Obligations will vary over time, the performance of the portfolio depends heavily on the skills of the Investment Manager and certain key personnel of the Inves

y the same percentage of noteholders that were required to direct it. so long as no irrevocable steps have been taken with respect to liquidation of the Collateral Obligations. In addition, if the Trustee does not receive the required certification from the Investment Manager under the Indenture, the Optional Redemption sh

that it manages for itself and for others in accordance with its existing practices and procedures relating to assets of the nature and character of the Collateral Obligations and in a manner consistent with the degree of skill and attention exercised by reasonable and prudent institutional managers of assets of the natur

llateral Obligations. The first Grant pursuant to the Granting Clauses of this Indenture of all of the Issuer's right, title and interest in and to the Collateral Obligations pledged to the Trustee for inclusion in the Collateral on the Closing Date securing the Notes and delivery of such Collateral Obligations (includin

the Collateral Obligations at any time in the future. Furthermore. a Rating Agency may retroactively apply any such new standards to the ratings of the Collateral Obligations. Any such action codd result in a substantial lowering or a withdrawal of any rating assigned to a Collateral Obligation. C 2018 Deutsche Asset Man

hases and sales of Collateral (including the sales of Defaulted Obligations), and the amount of gains and losses resulting therefrom with respect to the Collateral Obligations. Gains or losses from any sales of Collateral Obligations will in turn depend on the market value of Collateral Obligations at the time of their sal