. Securities Lending Collateral will not be included as Collateral Obligations for purposes of making any determination based on the composition or Aggregate Principal Balance of the Collateral Obligations nor will such funds be available to make payments on the Notes until the occurrence of an "event of default" (as defin

ears. the Moody's Equivalent Senior Unsecured Rating will be "Ca." Notwithstanding the foregoing, no more than 10% of the Collateral Obligations, by Aggregate Principal Balance, may be given a Moody's Equivalent Senior Unsecured Rating based on a rating given by S&P as provided in clauses (f). (g) and (h) above. "Moody's

y Moody's if such Structured Finance Obligation is rated "Bah" or lower by Moody's; provided that no mom than 15% of the Collateral Obligations, by Aggregate Principal Balance. may be given an S&P Rating based on a rating given by Moody's as provided in this subclause (B): or (C) if neither clause (A) nor (B) applies, th

. Securities Lending Collateral will not be included as Collateral Obligations for purposes of making any determination based on the composition or Aggregate Principal Balance of the Collateral Obligations nor will such funds be available to make payments on the Notes until the occurrence of an "event of default" (as defin