GoldenTree Loan Opportunities III, Limited - Irish Stock Exchange

The "Minimum Fixed Coupon Test" will be satisfied on any date of
determination if the Weighted Average Fixed Coupon equals or exceeds
the Minimum Fixed Coupon.
The "Minimum Floating Spread Test" will be satisfied on any date of
determination if the Weighted Average Floating Spread equals or
exceeds the Minimum Floating Spread.
"Minimum Fixed Coupon" as of any date of determination means
7.5%.
"Minimum Floating Spread" means the number set forth in the
column entitled "Minimum Weighted Average Spread" in the Minimum
Diversity/Maximum Rating/Minimum Spread Matrix set forth below
based upon the applicable "row/column combination" chosen by the
Portfolio Manager (or the interpolating between two adjacent rows
and/or two adjacent columns, as applicable) in accordance with the
Indenture.
The "Maximum Moody's Rating Factor Test" will be satisfied on
any date of determination if the Weighted Average Moody's Rating
Factor (determined as described herein) of the Collateral Obligations is
less than or equal to the sum of (i) the number set forth in the column
entitled "Maximum Weighted Average Moody's Rating Factor" in the
Minimum Diversity/Maximum Rating/Minimum Spread Matrix set
forth below based upon the applicable "row/column combination"
chosen by the Portfolio Manager (or the interpolating between two
adjacent rows and/or two adjacent columns, as applicable) in
accordance with the Indenture plus (ii) the Rating Factor Adjustment.
"Rating Factor Adjustment" means, as of any date of determination,
the greater of:
(a) zero; and
(b) the product of (i) (x) the Weighted Average Moody's Recovery Rate
as of such date of determination multiplied by 100, minus (y) 45 and (ii)
60; provided, however, if the Weighted Average Moody's Recovery
Rate for purposes of determining the Rating Factor Adjustment is
greater than 60%, then such Weighted Average Moody's Recovery Rate
shall equal 60% for such purposes unless the Moody's Rating Condition
is satisfied.
The "Moody's Diversity Test" will be satisfied on any date of
determination if the Diversity Score (rounded to the nearest whole
number) equals or exceeds the number set forth in the column entitled
"Minimum Diversity Score" in the Minimum Diversity/Maximum
Rating/Minimum Spread Matrix set forth below based upon the
applicable "row/column combination" chosen by the Portfolio Manager
(or the interpolating between two adjacent rows and/or two adjacent
columns, as applicable) in accordance with the Indenture.
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