regate Principal Balance of the Collateral Obligations; and (ii) the Aggregate Principal Balance of any Eligible Principal Investments (other than Eligible Principal Investments in the Credit Facility Reserve Account); by (b) the Aggregate Outstanding Amount of the Class A-1 Notes. "Excel Default Model Input File": An ele

incipal Balance of the Pledged Collateral Obligations; and (ii) the Aggregate Principal Balance of any Eligible Principal Investments (other than Eligible Principal Investments in the Credit Facility Reserve Account); by (b) the Aggregate Outstanding Amount of the Applicable Notes. LNG IM CLO 2011-1 38 CONFIDENTIAL - PU

s with an Aggregate Principal Balance that, together with up to $10 million of Eligible Principal Investments of the Issuer (not including any such Eligible Principal Investments required to fund such commitments), is at least equal to the Effective Date Target Par; provided, further, that the Effective Date shall be Novembe

y dividing: (a) the sum of: (i) the Aggregate Principal Balance of the Collateral Obligations: and (ii) the Aggregate Principal Balance of any Eligible Principal Investments (other than Eligible Principal Investments in the Credit Facility Reserve Account): by (b) the Aggregate Outstanding Amount of the Class A-I Notes

chased (or entered into commitments to purchase) Collateral Obligations with an Aggregate Principal Balance that, together with up to S10 million of Eligible Principal Investments of the Issuer (not including any such Eligible Principal Investments required to fund such conuninnents), is at least equal to the Effective Date Ta

l Balance": The Aggregate Principal Balance of the Collateral Obligations and Eligible Principal Investments (without duplication. and excluding any Eligible Principal Investments in the Credit Facility Reserve Account) on the date of determination. "Pre-Funded Letter of Credit": An interest bearing deposit of funds at an age

e portfolio, the obligor and industry concentrations in the portfolio and the remaining weighted average maturity of the Collateral Obligations and Eligible Principal Investments and calculates a cumulative default rate based on the statistical probability of distributions or defaults on the Collateral Obligations and Eligibl

hased (or entered into commitments to purchase) Collateral Obligations with an Aggregate Principal Balance that, together with up to $10 million of Eligible Principal Investments of the Issuer (not including any such Eligible Principal Investments required to fund such commitments), was at least equal to the Effective Date Ta

incipal Balance of the Pledged Collateral Obligations; and (ii) the Aggregate Principal Balance of any Eligible Principal Investments (other than Eligible Principal Investments in the Credit Facility Reserve Account); by (b) the Aggregate Outstanding Amount of the Applicable Notes. LNG IM CLO 2011-1 38 CONFIDENTIAL - PU

s with an Aggregate Principal Balance that, together with up to $10 million of Eligible Principal Investments of the Issuer (not including any such Eligible Principal Investments required to fund such commitments), is at least equal to the Effective Date Target Par; provided, further, that the Effective Date shall be Novembe

chased (or entered into commitments to purchase) Collateral Obligations with an Aggregate Principal Balance that, together with up to S10 million of Eligible Principal Investments of the Issuer (not including any such Eligible Principal Investments required to fund such conuninnents), is at least equal to the Effective Date Ta

y dividing: (a) the sum of: (i) the Aggregate Principal Balance of the Collateral Obligations: and (ii) the Aggregate Principal Balance of any Eligible Principal Investments (other than Eligible Principal Investments in the Credit Facility Reserve Account): by (b) the Aggregate Outstanding Amount of the Applicable Note

l Balance": The Aggregate Principal Balance of the Collateral Obligations and Eligible Principal Investments (without duplication. and excluding any Eligible Principal Investments in the Credit Facility Reserve Account) on the date of determination. "Pre-Funded Letter of Credit": An interest bearing deposit of funds at an age