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Collateral Recoveries; and<br />
(b) the product of (A) the Reference Obligation Notional Amount expressed<br />
as a percentage of all the Obligations of that Reference Entity (B) the<br />
Aggregate Collateral and (C) the Ratio of Aggregate Collateral<br />
Recoveries; and<br />
(c) the product of (A) the Ratio of Uncollateralised Recoveries and (B) the<br />
amount by which the Other Obligations in respect of which Aggregate<br />
Collateral was held exceeded that Aggregate Collateral;and<br />
(III) an Adjusted Impaired Reference Obligation, an amount equal to 100% less<br />
the Diminution Amount of that Adjusted Impaired Reference Obligation.<br />
In respect of each Impaired Reference Obligation (including each Adjusted<br />
Impaired Reference Obligation), the Final Value shall be expressed as a<br />
percentage of the relevant Reference Obligation Notional Amount and verified in<br />
accordance with the Trust Agreement, provided, however, that such sum shall be<br />
calculated no sooner than at the end of the Determination Period, the day on which<br />
a notice of Early Redemption or Optional Redemption is delivered or the Interest<br />
Payment Date immediately prior to the Final Maturity Date, as the case may be,<br />
and further provided that the Final Value shall at no time be less than 0%.<br />
"Ratio of Aggregate Collateral Recoveries" means the proportion of recoveries<br />
effected on or prior to the last day of the Determination Period in respect of the<br />
Aggregate Collateral held in respect of the relevant Reference Entity, relative to<br />
the amount of such Aggregate Collateral as at the date on which the Credit Event<br />
occurred.<br />
"Ratio of Dedicated Collateral Recoveries" means the proportion of recoveries<br />
effected on or prior to the last day of the Determination Period in respect of the<br />
Dedicated Collateral held in respect of the relevant Reference Obligation, relative<br />
to the amount of such Dedicated Collateral as at the date on which the Credit<br />
Event occurred.<br />
If the Ratio of Dedicated Collateral Recoveries is less than one, then to the extent<br />
there is Aggregate Collateral available for application in respect of that Reference<br />
Obligation, such Aggreagate Collateral (to the extent permitted by the terms on<br />
which it is held and law) shall then be applied towards that Reference Obligation.<br />
If the Ratio of Dedicated Collateral Recoveries is greater than one, then (to the<br />
extent permitted by the terms on which it is held and law) any excess Dedicated<br />
Collateral shall be allocated to the Aggregate Collateral.<br />
"Adjusted Impaired Reference Obligation" means, an Impaired Reference<br />
Obligation in respect of which some or all of the principal payable at its maturity,<br />
repayment or due date (or dates) has been unconditionally reduced, cancelled,<br />
voided or discharged with the agreement or approval of the Servicer, other than in<br />
accordance with the applicable terms of such Reference Obligation in effect on the<br />
date on which it became an Impaired Reference Obligation (each such reduction,<br />
cancellation, voiding or discharge a “Diminution”). For the avoidance of doubt,<br />
unless the context otherwise so admits, the term “Impaired Reference Obligations”<br />
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