spect to such Collateral Obligation; (b) the Principal Balance of any Equity Security will be deemed to be zero; (c) the Principal Balance of any PIK Security and any Partial P1K Security will not include deferred and capitalized interest; (d) for purposes of calculating clause (a) of the Overcollaterali

unt Obligation (other than any Discount Obligation that comprises all or a portion of the Caa Excess Amount) will be its purchase price; (iv) any PIK Security that has a Moody's Rating of "Baa3" or higher will be treated as a Defaulted Obligation if it has not resumed the payment of interest in cash and/o

the spread shall be deemed to be that portion of the spread that may not be deferred (without defaulting) under the Underlying Instruments; (c) any PIK Security that is deferring interest on the Measurement Date, the spread will be deemed to be that portion of the spread that is not being deferred; and (d) a

tee to violate applicable U.S. margin regulations; (xiv) does not provide for conversion into or exchange for an Equity Security: (xv) if it is a PIK Security, is not deferring interest payments and. in the reasonable business judgment of the Investment Manager, no deferred interest will be outstanding as

spect to such Collateral Obligation; (b) the Principal Balance of any Equity Security will be deemed to be zero; (c) the Principal Balance of any PIK Security and any Partial P1K Security will not include deferred and capitalized interest; (d) for purposes of calculating clause (a) of the Overcollaterali

the spread shall be deemed to be that portion of the spread that may not be deferred (without defaulting) under the Underlying Instruments; (c) any PIK Security that is deferring interest on the Measurement Date, the spread will be deemed to be that portion of the spread that is not being deferred; and (d) a