rom a Selling Institution that does not entitle the holder thereof to direct rights against the obligor on such Loan. For the avoidance of doubt, a Pre-Funded Letter of Credit that is structured as a participation will be treated as a Participation. "Paving Agent": Any Person authorized by the Applicable Issuer to make pay

from a Selling Institution that does not entitle the holder thereof to direct rights against the obligor on such Loan. For the avoidance of doubt, a Pre-Funded Letter of Credit that is structured as a participation will be treated as a Participation. "Permissible Replacement Collateral Obligation": Any Collateral Obligatio

ss Day prior to the Distribution Date following receipt by the Trustee of an Issuer Order to the effect that the last sentence of the definition of Pre-Funded Letter of Credit has been satisfied, any related funds in the Pm-Funded Letter of Credit Reserve Account will be transferred to the Interest Collection Account as I

rom a Selling Institution that does not entitle the holder thereof to direct rights against the obligor on such Loan. For the avoidance of doubt, a Pre-Funded Letter of Credit that is structured as a participation will be treated as a Participation. "Paving Agent": Any Person authorized by the Applicable Issuer to make pay

ss Day prior to the Distribution Date following receipt by the Trustee of an Issuer Order to the effect that the last sentence of the definition of Pre-Funded Letter of Credit has been satisfied, any related funds in the Pm-Funded Letter of Credit Reserve Account will be transferred to the Interest Collection Account as I

e Issuer) may direct the Trustee to disburse funds in the Pre-Funded Letter of Credit Reserve Account from time to time for payment of taxes on any Pre-Funded Letter of Credit fee with respect to which funds were deposited into the Pre-Funded Letter of Credit Reserve Account. ING IM CLO 2011-1 CONFIDENTIAL - PURSUANT TO

xes are imposed and not paid through withholding. the Issuer may be directly liable to the taxing authority to pay such taxes. If the Issuer owns a Pre-Funded Letter of Credit and withholding tax is not being withheld with respect to the Pre-Funded Letter of Credit fee, the amount required to cover the full amount of withh

from a Selling Institution that does not entitle the holder thereof to direct rights against the obligor on such Loan. For the avoidance of doubt, a Pre-Funded Letter of Credit that is structured as a participation will be treated as a Participation. "Permissible Replacement Collateral Obligation": Any Collateral Obligatio