S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of Notes: Table 1: S&P Recovery Rates for Collateral Obligations with S&P Recovery Ratings* S&P Recovery Rating of a Collateral Obligation Initial Liability Rating Recovery Point Estimate** “AAA” “AA” “A” “BBB” “BB” “B” “CCC” 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % Recovery rate * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.
S&P Recovery Rate Tables. (a) (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of Secured DebtNotes: Table 1: S&P Recovery Rates for Collateral Obligations with S&P Recovery Ratings* S&P Recovery Rating of a Collateral Obligation Initial Liability Rating Recovery
