chased on or before the Closing Date (the "Initial Collateral Obligations"), satisfy as of the end of the Ramp-Up Period the Portfolio Profile Test, the Collateral Quality Test and the Coverage Tests and have an Aggregate Principal Balance of at least $450,000,000 (including any prepayments on Collateral Obligations and sal

eighted Average Fixed Coupon is at least equal to 7.25% per annum; and (vi) The S&P CIX) Monitor Test is satisfied. Notwithstanding the foregoing, the Collateral Quality Test will not apply during the Ramp-Up Period. Except as otherwise described herein or in the Indenture. Defaulted Obligations will not be included in th

foregoing, any failure to meet any Coverage Test, the Collateral Quality Test or the Portfolio Profile Test is not an Event of Default except to the extent provided in clause 7 below), or the failure of any material represent

a Collateral Obligation) in additional Collateral Obligations if the following conditions arc satisfied: (i) after giving effect to such purchase. the Collateral Quality Test. Portfolio Profile Test and Coverage Tests will be satisfied (or, if any test or criterion therein is not satisfied, such test or criterion will be

l, by reference to such sources as shall be specified therein, (B) providing calculations of each of the criteria of the Portfolio Profile Test and the Collateral Quality Test and (C) specifying the procedures undertaken by them to review data and computations relating to the foregoing statement. (ix) Collateral Managre

ch such test pursuant to this Indenture; (xi) a calculation in reasonable detail necessary to determine compliance with each test or criterion of the Collateral Quality Test (other than the S&P CDO Monitor Test) and the levels required for each such test pursuant to this Indenture; and (xii) the Break-Even Default Rat

xed Coupon is at least equal to 7.25% per annum; and (vi) The S&P CDO Monitor Test is satisfied. Notwithstanding anything to the contrary herein, the Collateral Quality Test shall not apply during the Ramp-Up Period. "Collection Account": The trust account established pursuant to Section 10.2(a). "Collection Period": (

chased on or before the Closing Date (the "Initial Collateral Obligations"), satisfy as of the end of the Ramp-Up Period the Portfolio Profile Test, the Collateral Quality Test and the Coverage Tests and have an Aggregate Principal Balance of at least $450,000,000 (including any prepayments on Collateral Obligations and sal

giving effect to clause (iv) of the definition thereof) over the applicable minimum Weighted Average Fixed Rate Coupon specified in clause (iv) of the Collateral Quality Test and (b) the Aggregate Principal Balance of all Collateral Obligations that bear interest at a fixed rate. "Gross Excess Spread": As of any date of

"Ramp-Up Period Criteria": (A) The Portfolio Profile Test, the Collateral Quality Test and the Coverage Tests, collectively and (B) the Aggregate Principal Balance of Collateral Obligations as of the Ramp-Up End Date being equal to or

l, by reference to such sources as shall be specified therein, (B) providing calculations of each of the criteria of the Portfolio Profile Test and the Collateral Quality Test and (C) specifying the procedures undertaken by them to review data and computations relating to the foregoing statement. (ix) Collateral Managre

er the Indenture (provided that, without limiting the generality of the foregoing, any failure to meet any criterion or test of the Coverage Tests, the Collateral Quality Test or the Portfolio Profile Test is not an Event of Default except to the extent provided in subclause (h) below), or the failure of any material repre

Collateral Obligation) in additional Collateral Obligations if the following conditions are satisfied: (i) after giving effect to such purchase, the Collateral Quality Test, Portfolio Profile Test and Coverage Tests will be satisfied (or, if any test or criterion therein is not satisfied, such test or criterion will be

Fixed Coupon is at least equal to 7.25% per annum; and (vi) The CDO Monitor Test is satisfied. Notwithstanding anything to the contrary herein, the Collateral Quality Test shall not apply during the Ramp-Up Period. "Collection Account": The trust account established pursuant to Section 10.2(a). "Collection Period": (

er the Indenture (provided that, without limiting the generality of the foregoing, any failure to meet any criterion or test of the Coverage Tests, the Collateral Quality Test or the Portfolio Profile Test is not an Event of Default except to the extent provided in subclause (h) below), or the failure of any material repre