Text extracted via OCR from the original document. May contain errors from the scanning process.
(iii)
The S&P Weighted Average Recovery• Rate is at least 54.50%;
(iv)
The Moody's Weighted Average Recovery Rate is at least 44.25%.
(v)
The Weighted Average Fixed Coupon is at least equal to 7.25% per annum; and
(vi)
The S&P CIX) Monitor Test is satisfied.
Notwithstanding the foregoing, the Collateral Quality Test will not apply during the Ramp-Up Period.
Except as otherwise described herein or in the Indenture. Defaulted Obligations will not be included in the
calculation of the Collateral Quality Test.
The Portfolio Profile Test
The "Portfolio Profile Test" will be satisfied if, as of any date of determination at, or subsequent to. the end
of the Ramp-Up Period, in the aggregate. the Collateral Obligations owned (or. if the Portfolio Profile Test is
applied in connection with a proposed purchase of a Collateral Obligation, proposed to be owned) by the Issuer
comply with all of the requirements set forth below:
(i)
The Aggregate Principal Balance of Collateral Obligations that are Caa Collateral Obligations
may not exceed 7.5 % of the Collateral Principal Amount and the Aggregate Principal Balance of
Collateral Obligations that arc CCC Collateral Obligations may not exceed 7.5% of the Collateral
Principal Amount:
(ii)
The Aggregate Principal Balance of the Collateral Obligations of a single Obligor may not exceed
2 % of the Collateral Principal Amount:
(iii)
The Aggregate Principal Balance of the Collateral Obligations with Obligors with a Domicile in
(i) Canada or airy• single country that is a Moody's Group I Country may not exceed 10% of the
Collateral Principal Amount: (ii) any single country that is a Moody's Group II Country may not
exceed 5% of the Collateral Principal Amount; (iii) any single country that is a Moody's Group III
Country or Group IV Country may not exceed 2.5% of the Collateral Principal Amount: (iv) a
Moody's Group 11 County or Moody's Group III Country in the aggregate may not exceed 10%
of the Collateral Principal Amount and (v) a Moody's Group IV Country in the aggregate may
not exceed 5% of the Collateral Principal Amount:
(iv)
The Aggregate Principal Balance of the Collateral Obligations with Obligors with a Domicile
other than in the United States may not exceed 20% of the Collateral Principal Amount; and the
Aggregate Principal Balance of Collateral Obligations with Obligors organized in a Tax
Advantaged Jurisdiction may not exceed 5% of the Collateral Principal Amount:
(v)
The Aggregate Principal Balance of the Collateral Obligations that arc Revolving Loans may not
exceed 10% of the Collateral Principal Amount;
(vi)
The Aggregate Principal Balance of the Collateral Obligations that are First Lien Loans is at least
90% of the Collateral Principal Amount (with amounts on deposit in the Ramp-Up Account and
the Principal Collection Subaccount deemed to be invested in First Lien Loans for purposes of this
requirement);
(vii)
The Aggregate Principal Balance of the Collateral Obligations that bear interest at a fixed rate may
not exceed 5% of the Collateral Principal Amount;
(viii)
The Aggregate Principal Balance of Collateral Obligations that am Synthetic Securities, Collateral
Obligations that are participations and Collateral Obligations of Obligors with a Domicile in a
country rated below "AA'• by S&P may not exceed 20% of the Collateral Principal Amount;
(ix)
The Aggregate Principal Balance of the Collateral Obligations that do not pay interest at least as
frequently as quarterly may not exceed 5% of the Collateral Principal Amount;
(x)
The Aggregate Principal Balance of the Collateral Obligations of Obligors in any single Moody's
Industry Classification Group may not exceed 8% of the Collateral Principal Amount: provided
44
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0055948
CONFIDENTIAL
SONY GM_00202132
EFTA01365262