expect to each Collateral Obligation. (i) the jurisdiction of incorporation. organization or creation of the related Obligor or (ii) in the case of a Collateral Obligation that would otherwise be considered to be domiciled pursuant to clause (i) in a Tax Advantaged Jurisdiction, the jurisdiction in which, in the reason

Moody's Equivalent Senior Unsecured Rating; (c) with respect to a Synthetic Security, the Moody's Obligation Rating thereof; (d) with respect to a Collateral Obligation that is a DIP Loan, one rating subcategory below the Moody's Assigned Rating thereof: and (e) with respect to a Structured Finance Obligation, the

pal Investments after giving effect to the proposed sale, maturity or other disposition of a Pledged Collateral Obligation or a proposed purchase of a Collateral Obligation, as the case may be. "Protected Purchaser: The meaning specified in Article 8 of the UCC. "Purchase Agreement": The Purchase Agreement dated as of

or damage and regardless of the form of action; (s) neither the Trustee nor the Collateral Administrator will have any obligation to determine if a Collateral Obligation is an Appreciated Obligation or a Credit Risk Obligation; and (t) in order to comply with laws, rules and regulations applicable to banking insti

Obligation, together with all information reasonably required by S&P to perform such credit estimate. Notwithstanding the foregoing, in the case of a Collateral Obligation that is a (A) DIP Loan• the S&P Rating shall be (1) the rating assigned thereto by S&P if the rating is public, (2) the rating assigned by S&P if t

ing, as applicable, the release of any Collateral Obligation to be delivered pursuant to such Securities Lending Agreement. (c) Whenever a loan of a Collateral Obligation is made by the Issuer to a Securities Lending Counterparty under a Securities Lending Agreement pursuant to this Section 12.4, the lien of the Trus

ination, in the aggregate, the Collateral Obligations owned (or, if the Collateral Quality Test is applied in connection with a proposed purchase of a Collateral Obligation, proposed to be owned) by the Issuer comply with all of the requirements set forth below: (i) The Grid Test is satisfied; (ii) The Weighted Aver

Moody's Equivalent Senior Unsecured Rating; (c) with respect to a Synthetic Security, the Moody's Obligation Rating thereof; (d) with respect to a Collateral Obligation that is a DIP Loan, one rating subcategory below the Moody's Assigned Rating thereof: and (e) with respect to a Structured Finance Obligation, the

Obligation, together with all information reasonably required by S&P to perform such credit estimate. Notwithstanding the foregoing, in the case of a Collateral Obligation that is a (A) DIP Loan• the S&P Rating shall be (1) the rating assigned thereto by S&P if the rating is public, (2) the rating assigned by S&P if t

or damage and regardless of the form of action; (s) neither the Trustee nor the Collateral Administrator will have any obligation to determine if a Collateral Obligation is an Appreciated Obligation or a Credit Risk Obligation; and (t) in order to comply with laws, rules and regulations applicable to banking insti

ing, as applicable, the release of any Collateral Obligation to be delivered pursuant to such Securities Lending Agreement. (c) Whenever a loan of a Collateral Obligation is made by the Issuer to a Securities Lending Counterparty under a Securities Lending Agreement pursuant to this Section 12.4, the lien of the Trus

such Collateral Obligation is based (including, by way of example, fixed rate, step-up rate, zero coupon and LIBOR), (f) the coupon (in the case of a Collateral Obligation which bears interest at a fixed rate) or the spread over the applicable index (in the case of a Collateral Obligation which bears interest at a flo

oody's Equivalent Senior Unsecured Rating; (c) thereof; with respect to a Synthetic Security, the Moody's Obligation Rating (d) with respect to a Collateral Obligation that is a DIP Loan, one rating subcategory below the Moody's Assigned Rating thereof; and (e) with respect to a Structured Finance Obligation, the

Obligation, together with all information reasonably required by S&P to perform such credit estimate. Notwithstanding the foregoing, in the case of a Collateral Obligation that is (A) a DIP Loan, the S&P Rating shall be (1) the rating assigned thereto by S&P if the rating is public, (2) the rating assigned by S&P if t

ons to borrowing or drawing. "Unregistered Securities": The meaning specified in Section 5.17(c). "Unscheduled Principal Payments": With respect to a Collateral Obligation, any principal payments received during the relevant Collection Period as a result of redemptions, optional redemptions, exchange offers, tender of

nagement Agreement. (b) Notwithstanding anything to the contrary herein, the Issuer will not purchase or acquire (whether as part of a "unit" with a Collateral Obligation, in exchange for a Collateral Obligation or otherwise) any asset that constitutes an equity interest for U.S. federal income tax purposes unless su

igations by summing the Principal Balances of all Collateral Obligations (excluding Defaulted Obligations) issued by such Obligor; provided that if a Collateral Obligation has been sold or is the subject of an optional redemption or offer, and the Sale Proceeds or unscheduled principal proceeds from such event have not

unt of Facility representing not less than 5% of the aggregate outstanding amount of the Facility from time to time. "Obligor" means, in respect of a Collateral Obligation, the borrower thereunder or borrower thereof or, in either case, any guarantor thereof (as determined by the Portfolio Advisor). "OECD": The Organi

amended from time to time. "Underlying Instrument" means the Initial Facility Agreement, Refinancing indenture or other agreement pursuant to which a Collateral Obligation has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Collateral Obligation o