GoldenTree Loan Opportunities III, Limited - Irish Stock Exchange

An obligation will be eligible for purchase by the Issuer and will be
eligible to be pledged by the Issuer to the Trustee as a Collateral
Obligation if it is a debt obligation (including, but not limited to, highyield
debt securities and interests in bank loans acquired by way of a
purchase or assignment), Participation Interest, Synthetic Security or
Structured Finance Obligation that as of the date of acquisition by the
Issuer (or the date the Issuer commits to acquire):
(i) is U.S. Dollar denominated and is not convertible by the issuer
thereof into any other currency;
(ii) is not a Defaulted Obligation (other than a Permitted Purchased
Defaulted Obligation) or a Credit Risk Obligation;
(iii) is not a lease;
(iv) if a Deferrable Security, is not currently deferring payment of any
accrued and unpaid interest which would have otherwise been due and
continues to remain unpaid; provided if such Deferrable Security is a
Partial Deferrable Security, a default has not occurred and is continuing
with respect to the portion of the interest due thereon to be paid in cash
on each payment date with respect thereto;
(v) provides for a fixed amount of principal payable on scheduled
payment dates and/or at maturity (or a fixed notional amount in the case
of a Synthetic Security) and does not by its terms provide for earlier
amortization or prepayment at a price of less than par;
(vi) does not constitute Margin Stock;
(vii) has payments that do not subject the Issuer to withholding tax
unless the related obligor is required to make "gross-up" payments that
cover the full amount of any such withholding tax on an after tax basis
(for the avoidance of doubt, this clause shall not apply to commitment
fees, letter of credit fees which the Issuer is permitted to receive or fees
that by their nature are commitment fees);
(viii) has a Moody's Rating and an S&P Rating;
(ix) is not a debt obligation whose repayment is subject to substantial
non-credit related risk as determined by the Portfolio Manager;
(x) is not acquired for the purpose of accommodating a request from a
Securities Lending Counterparty to borrow such Collateral Obligation;
(xi) except for Delayed Drawdown Collateral Obligations and
Revolving Collateral Obligations, is not an obligation pursuant to which
any future advances or payments, other than Excepted Advances, to the
borrower or the obligor thereof may be required to be made by the
Issuer;
(xii) does not have an "r", "p", "pi", "q" or "t" subscript assigned by
S&P;
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