Untitled - Irish Stock Exchange

(i)
(ii)
(iii)
(iv)
with respect to Fund Investments that are Preferred Stock, if such Preferred Stock does
not have a public rating by S&P, then such Preferred Stock shall be assigned a rating for
purposes hereof that is (a) two rating sub-categories below the S&P OC Test Rating of
the issuer if rated above "BB+" and (b) one rating category (i.e., three rating subcategories)
below the S&P OC Test Rating if the issuer is rated below "BBB-";
Fund Investments that are CDO Debt Securities will be assigned to an Asset Category for
High Yield Securities using a rating that is (i) one rating category (i.e., three rating
subcategories) below the S&P rating, if such CDO Debt Security is rated by S&P, and (ii)
two rating categories (i.e., six rating subcategories) below the actual public Moody's
rating (and not the rating assigned pursuant to the S&P OC Test Rating), if such CDO
Debt Security is not rated by S&P but is publicly rated by Moody's;
Fund Investments that are High Yield Securities or Mezzanine Investments that are
Performing but not priced by an Approved Source, will be assigned a rating for purposes
hereof that is one rating category (i.e., three rating subcategories) below the S&P OC
Test Rating assigned to such High Yield Security or Mezzanine Investment;
Fund Investments that are Busted Convertible Bonds will be assigned to an Asset
Category into which such Fund Investments would otherwise fall if they were not
convertible securities; provided that the Market Value of any Busted Convertible Bonds
shall be 95% of the Market Value thereof otherwise determined in accordance with the
valuation procedures set forth herein;
(v) for the purpose of determining the S&P Advance Rate applicable to a Fully
Collateralized Structured Product Transaction, such Fully Collateralized Structured
Product Transaction shall be deemed to fall into the Asset Category of its reference
obligation; for the purpose of determining the Asset Category of any Structured Product
Transaction (other than a Fully Collateralized Structured Product Transaction), such
Structured Product Transaction shall be deemed to be in the Asset Category for High
Yield Securities having a rating that is (i) one rating category (i.e., three rating subcategories)
below the S&P rating if such Structured Product Transaction is rated by S&P,
and (ii) two rating categories (i.e., six rating sub-categories) below Moody's actual public
rating (and not the rating assigned pursuant to the S&P OC Test Rating), if such
Structured Product Transaction is not rated by S&P but is publicly rated by Moody's; all
other Structured Product Transactions shall be Asset Category J-2 Investments;
(vi)
(vii)
(viii)
for the purpose of determining the S&P Advance Rate applicable to Fund Investments in
Bank Loan Participations, at any time during the 60-day time period described in clause
(viii) of the definition of Excluded Investments in Section 2 below, the S&P Advance
Rate will be 90% of the S&P Advance Rate calculated for such Fund Investment pursuant
to the S&P Advance Rate table in the definition of S&P Advance Rate in this Section 1;
for the purpose of determining the S&P Advance Rate applicable to Fund Investments in
any Foreign Issuer, at any time during the 45-day time period described in clause (x) of
the definition of Excluded Investments below, the S&P Advance Rate will be 85% of the
S&P Advance Rate calculated for such Fund Investment pursuant to the S&P Advance
Rate table in the definition of S&P Advance Rate in this Section 1; and
Fund Investments that are Asset-Backed Securities will be assigned to an Asset Category
for High Yield Securities using a rating that is (i) one rating category (i.e., three rating
sub-categories) below the S&P rating if such Asset-Backed Security is rated by S&P, and
(ii) two rating categories (i.e., six rating sub-categories) below the actual public Moody's
rating (and not the rating assigned pursuant to the S&P OC Test Rating), if such Asset-
Backed Security is not rated by S&P but is publicly rated by Moody's.
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