Common use of Credit Improved Obligations Clause in Contracts

Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation either: (i) at any time if (A) the Sale Proceeds from such sale are at least equal to the Investment Criteria Adjusted Balance of such Credit Improved Obligation or (B) after giving effect to such sale, the Aggregate Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the anticipated net proceeds of such sale), plus Eligible Investments constituting Principal Proceeds, will be greater than the Reinvestment Target Par Balance; or (ii) solely during the Reinvestment Period, if the Collateral Manager reasonably believes prior to such sale that either (A) after giving effect to such sale and subsequent reinvestment, the Aggregate Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation), plus Eligible Investments constituting Principal Proceeds, will be greater than the Reinvestment Target Par Balance, or (B) it will be able to enter into one or more binding commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an Aggregate Principal Amount at least equal to the Investment Criteria Adjusted Balance of such Credit Improved Obligation within 20 Business Days after such sale.

Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation either: (i) at any time if (A) the Sale Proceeds from such sale are at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation or (B) after giving effect to such sale, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the anticipated net proceeds of such sale), plus Eligible Investments constituting Principal Proceeds, ) will be greater than the Reinvestment Target Par Balance; or (ii) solely during the Reinvestment Period, if the Collateral Manager reasonably believes prior to such sale that either (A) after giving effect to such sale and subsequent reinvestment, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation), plus Eligible Investments constituting Principal Proceeds, ) will be greater than the Reinvestment Target Par Balance, or (B) it will be able to enter into one or more binding commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an Aggregate Principal Amount Balance at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation within 20 Business Days after of such sale.

Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation either: (i) at any time if (A) the Sale Proceeds from such sale are at least equal to the Investment Criteria Adjusted Principal Balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest expressed as a percentage of par and multiplied by the Principal Balance thereof) of such Credit Improved Obligation or (B) after giving effect to such sale, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the anticipated net proceeds of such sale), plus Eligible Investments constituting Principal Proceeds, ) will be greater than the Reinvestment Target Par Balance; or (ii) solely during the Reinvestment Period, if the Collateral Manager reasonably believes prior to such sale that either (A) after giving effect to such sale and subsequent reinvestment, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation), plus Eligible Investments constituting Principal Proceeds, ) will be greater than the Reinvestment Target Par Balance, or (B) it will be able to enter into one or more binding commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an Aggregate Principal Amount Balance at least equal to the Investment Criteria Adjusted Principal Balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied by the Principal Balance thereof) of such Credit Improved Obligation within 20 Business Days after of such sale.

Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation either: (i) at any time if (A) the Sale Proceeds from such sale are at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation or (B) after giving effect to such sale, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the anticipated net proceeds of such sale), plus Eligible Investments constituting Principal Proceeds, ) will be greater than at least equal to the Reinvestment Target Par Balance; or (ii) solely during the Reinvestment Period, if the Collateral Manager reasonably believes prior to such sale that either (A) after giving effect to such sale and subsequent reinvestment, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation), plus Eligible Investments constituting Principal Proceeds, ) will be greater than at least equal to the Reinvestment Target Par Balance, or (B) it will be able to enter into one or more binding commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an Aggregate Principal Amount aggregate outstanding principal balance at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation within 20 Business Days after of such sale.

Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation either: (i) at any time if (A) the Sale Proceeds from such sale are at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation or (B) after giving effect to such sale, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the anticipated net proceeds of such sale), plus Eligible Investments constituting Principal Proceeds, ) will be greater than or equal to the Reinvestment Target Par Balance; or (ii) solely during the Reinvestment Period, if the Collateral Manager reasonably believes prior to such sale that either (A) after giving effect to such sale and subsequent reinvestment, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation), plus Eligible Investments constituting Principal Proceeds, ) will be greater than or equal to the Reinvestment Target Par Balance, or (B) it will be able to enter into one or more binding commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an Aggregate Principal Amount aggregate outstanding principal balance at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation within 20 Business Days after of such sale.

Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation either: (i) at any time if (A) the Sale Proceeds from such sale are at least equal to the Investment Criteria Adjusted Balance of such Credit Improved Obligation Obligation, or (B) after giving effect to such sale, the Aggregate Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation Obligations being sold but including, without duplication, the anticipated net proceeds Sale Proceeds of such sale), plus Eligible Investments constituting Principal Proceeds, will Sale) shall be greater than at least equal to the Reinvestment Target Par Balance; or (ii) solely during the Reinvestment Period, Period if the Collateral Manager reasonably believes prior to such sale that either (A) after giving effect to such sale and subsequent reinvestment, the Aggregate Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation Obligations being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale disposition that are not applied to the purchase of such additional Collateral Obligation), plus Eligible Investments constituting and provided that the Principal ProceedsBalance in respect of any Defaulted Obligation that has been a Defaulted Obligation for less than three years shall be deemed to be the Moody's Collateral Value thereof) plus, will without duplication, amounts on deposit in the Issuer's transaction accounts (excluding the Interest Collection Subaccount) shall be greater than at least equal to the Reinvestment Target Par Balance, or (B) after such sale, it will shall be able to enter into one or more binding commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an Aggregate Principal Amount aggregate Investment Criteria Adjusted Balance at least equal to the Investment Criteria Adjusted Balance of such Credit Improved Obligation within 20 30 Business Days after of such sale.

Credit Improved Obligations. The Subject to the satisfaction of the Portfolio Acquisition and Sale Requirements, the Collateral Manager may direct the Trustee to sell any Credit Improved Obligation either: (i) at any time if (A) the Sale Proceeds from such sale are at least equal to the Investment Criteria Adjusted Principal Balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied by the Principal Balance thereof) of such Credit Improved Obligation or (B) after giving effect to such sale, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the anticipated net proceeds of such sale), plus Eligible Investments constituting Principal Proceeds, ) will be greater than the Reinvestment Target Par Balance; or (ii) solely during the Reinvestment Period, if the Collateral Manager reasonably believes prior to such sale that either (A) after giving effect to such sale and subsequent reinvestment, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation), plus Eligible Investments constituting Principal Proceeds, ) will be greater than the Reinvestment Target Par Balance, or (B) it will be able to enter into one or more binding commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an Aggregate Principal Amount Balance at least equal to the Investment Criteria Adjusted Principal Balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied by the Principal Balance thereof) of such Credit Improved Obligation within 20 Business Days after of such sale.;

Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation either: (i) at any time if (A) the Sale Proceeds from such sale are at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation or (B) after giving effect to such sale, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the anticipated net proceeds of such sale), plus Eligible Investments constituting Principal Proceeds, ) will be greater than the Reinvestment Target Par Balance; or (ii) solely during the Reinvestment Period, if the Collateral Manager reasonably believes prior to such sale that either (A) after giving effect to such sale and subsequent reinvestment, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation), plus Eligible Investments constituting Principal Proceeds, ) will be greater than the Reinvestment Target Par Balance, or (B) it will be able to enter into one or more binding commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an Aggregate Principal Amount aggregate outstanding principal balance at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation within 20 Business Days after of such sale.

Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation either: (i) at any time if (A) the Sale Proceeds from such sale are at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation or (B) after giving effect to such sale, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the anticipated net proceeds of such sale), plus Eligible Investments constituting Principal Proceeds, ) will be greater than or equal to the Reinvestment Target Par Balance; or (ii) solely during the Reinvestment Period, if the Collateral Manager reasonably believes prior to such sale that either (A) after giving effect to such sale and subsequent reinvestment, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation), plus Eligible Investments constituting Principal Proceeds, ) will be greater than or equal to the Reinvestment Target Par Balance, or (B) it will be able to enter into one or more binding commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an Aggregate Principal Amount aggregate outstanding principal balance at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation within 20 Business Days after of such sale.

Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation either: (i) at any time if (A) the Sale Proceeds from such sale are at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation or (B) after giving effect to such sale, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the anticipated net proceeds of such sale), plus Eligible Investments constituting Principal Proceeds, ) will be greater than the Reinvestment Target Par Balance; or (ii) solely during the Reinvestment Period, if the Collateral Manager reasonably believes prior to such sale that either (A) after giving effect to such sale and subsequent reinvestment, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation), plus Eligible Investments constituting Principal Proceeds, ) will be greater than or equal to the Reinvestment Target Par Balance, or (B) it will be able to enter into one or more binding commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an Aggregate Principal Amount aggregate outstanding principal balance at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation within 20 Business Days after of such sale.;

Credit Improved Obligations. The Collateral Portfolio Manager on behalf of the Issuer may direct the Trustee to sell any Credit Improved Obligation either: (i) at any time if (A) the Sale Proceeds from such sale are at least equal to the Investment Criteria Adjusted Balance of such Credit Improved Obligation or (B) after giving effect to such salesale (including, without duplication, any Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation), the Aggregate Principal Amount Balance of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the anticipated net proceeds of such sale)) plus, plus without duplication, the amounts on deposit in the Collection Account, the Reinvestment Amount Account and the Ramp-Up Account (including Eligible Investments constituting therein) representing Principal Proceeds, will be greater than the Reinvestment Target Par Balance; or (ii) solely during the Reinvestment Period, if the Collateral Portfolio Manager reasonably believes prior to such sale that either (A) after giving effect to such sale and subsequent reinvestment, the Aggregate Principal Amount Balance of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation)) plus, plus without duplication, the amounts on deposit in the Collection Account, the Reinvestment Amount Account and the Ramp-Up Account (including Eligible Investments constituting therein) representing Principal Proceeds, will be greater than the Reinvestment Target Par Balance, or (B) after such sale, it will be able to enter into one or more binding commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an Aggregate Principal Amount Investment Criteria Adjusted Balance at least equal to the Investment Criteria Adjusted Balance of such Credit Improved Obligation within 20 Business Days after such sale.;

Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation either: (i) at any time if (A) the Sale Proceeds from such sale are at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation or (B) after giving effect to such sale, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the anticipated net proceeds of such sale), plus Eligible Investments constituting Principal Proceeds, ) will be greater than the Reinvestment Target Par Balance; or (ii) solely during the Reinvestment Period, if the Collateral Manager reasonably believes prior to such sale that either (A) after giving effect to such sale and subsequent reinvestment, the Aggregate Adjusted Collateral Principal Amount of all Collateral Obligations (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation), plus Eligible Investments constituting Principal Proceeds, ) will be greater than or equal to the Reinvestment Target Par Balance, or (B) it will be able to enter into one or more binding commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an Aggregate Principal Amount aggregate outstanding principal balance at least equal to the Investment Criteria Adjusted Balance outstanding principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation within 20 Business Days after of such sale.