ral 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 Overcollateralization Ratio (i) the Princi

ral 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 Overcollateralization Ratio (i) the Princi

ed to be the all-in rate minus LIBOR as in effect for the current Interest Period for which the Weighted Average Spread is being determined; (b) any Partial P1K Security, the spread shall be deemed to be that portion of the spread that may not be deferred (without defaulting) under the Underlying Insuuments: (c) any