or Deferring PIK Obligation or such higher amount as is approved by S&P. "S&P Recovery Rate": With respect to a Collateral Obligation that is a (i) First Licn Loan. 57%, unless S&P shall have assigned a higher recovery rate to such Secured Loan, (ii) Subordinated Lien Loan or senior unsecured Loan, 40 %, unles

or Deferring PIK Obligation or such higher amount as is approved by S&P. "S&P Recovery Rate": With respect to a Collateral Obligation that is a (i) First Licn Loan. 57%, unless S&P shall have assigned a higher recovery rate to such Secured Loan, (ii) Subordinated Lien Loan or senior unsecured Loan, 40 %, unles