any time, an amount equal to the aggregate Issuer Par Amounts divided by the number of Industry Issuers; provided that, for purposes of calculating the Average Par Amount, any Affiliated Industry Issuers will be considered one Industry Issuer. "Balance": On any date, with respect to Eligible Investments in any accoun

dustry Issuer. "Issuer Score": With respect to each Industry Issuer, the lesser of (a) one and (b) the Issuer Par Amount for such issuer divided by the Average Par Amount. "Knowledgeable Employee": Any "knowledgeable employee" as defined in Rule 3c-5 under the Investment Company Act. 33 ING IM CLO 2011-1 CONFIDENT

d for each issuer (other than the issuers of Defaulted Obligations) as the lesser of (A) one and (B) the Issuer Par Amount for such issuer divided the Average Par Amount. (d) An "Aggregate Industry Equivalent Unit Score" (as defined in the definition of the "Diversity Score" herein) is then calculated for each of t

any time, an amount equal to the aggregate Issuer Par Amounts divided by the number of Industry Issuers; provided that, for purposes of calculating the Average Par Amount, any Affiliated Industry Issuers will be considered one Industry Issuer. "Balance": On any date, with respect to Eligible Investments in any accoun

dustry Issuer. "Issuer Score": With respect to each Industry Issuer, the lesser of (a) one and (b) the Issuer Par Amount for such issuer divided by the Average Par Amount. "Knowledgeable Employee": Any "knowledgeable employee" as defined in Rule 3c-5 under the Investment Company Act. 33 ING IM CLO 2011-1 CONFIDENT

d for each issuer (other than the issuers of Defaulted Obligations) as the lesser of (A) one and (B) the Issuer Par Amount for such issuer divided the Average Par Amount. (d) An "Aggregate Industry Equivalent Unit Score" (as defined in the definition of the "Diversity Score" herein) is then calculated for each of t

or each issuer (other than the issuers of Defaulted Obligations) as the lesser of (A) one and (B) the Issuer Par Amount for such issuer divided lay the Average Par Amount. (d) An "Aggregate Industry Equivalent Unit Score" (as defined in the definition of the "Diversity Score" herein) is then calculated for each of t