Test. a Synthetic Security will be deemed to have the characteristics of the related Reference Obligation (except that the Moody's Assigned Rating, the Moody's Recovery Rate and the S&P Recovoy Rate for the Synthetic Security will be used). The Coverage Tests The Coverage Tests will be used primarily to determine wheth

Obligation. an amount equal to (i) the Expected Loss for such Structured Finance Obligation based on its Moody's Rating divided by (ii) 100% minus the Moody's Recovery Rate for such Structured Finance Obligation, where "Expected Loss" is determined as follows: Rating Exnccted Loss Aaa 0.55 Aa I 5.50 Aa2 11.00 A

ncy issuer rating of at least "AA" from S&P, and any other country for which Rating Agency Confirmation is obtained. "Recovery Rate": The lesser of the Moody's Recovery Rate and the S&P Recovery Rate. "Redeemed Notes": The meaning specified in Section 9.1(c). "Redemption Date": Any Distribution Date on which an Optional

Test. a Synthetic Security will be deemed to have the characteristics of the related Reference Obligation (except that the Moody's Assigned Rating, the Moody's Recovery Rate and the S&P Recover Rate for the Synthetic Security will be used). The Coverage Tests The Coverage Tests will be used primarily to determine wheth

Obligation. an amount equal to (i) the Expected Loss for such Structured Finance Obligation based on its Moody's Rating divided by (ii) 100% minus the Moody's Recovery Rate for such Structured Finance Obligation, where "Expected Loss" is determined as follows: Rating Exnccted Loss Aaa 0.55 Aa I 5.50 Aa2 11.00 A

ncy issuer rating of at least "AA" from S&P, and any other country for which Rating Agency Confirmation is obtained. "Recovery Rate": The lesser of the Moody's Recovery Rate and the S&P Recovery Rate. "Redeemed Notes": The meaning specified in Section 9.1(c). "Redemption Date": Any Distribution Date on which an Optional

Obligation, an amount equal to (i) the Expected Loss for such Structured Finance Obligation based on its Moody's Rating divided by (ii) 100% minus the Moody's Recovery Rate for such Structured Finance Obligation, where "Expected Loss" is determined as follows: Rating Expected Loss Aaa 0.55 Aal 5.50 Aa2 11.00 Aa