Common use of S&P Recovery Rate Tables Clause in Contracts

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) (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+ 100 100% 75.00 75.00% 85.00 85.00% 88.00 88.00% 90.00 90.00% 92.00 92.00% 95.00 95.00% 95.00 95.00% 1 95 95% 70.00 70.00% 80.00 80.00% 84.00 84.00% 87.50 87.50% 91.00 91.00% 95.00 95.00% 95.00 95.00% 1 90 90% 65.00 65.00% 75.00 75.00% 80.00 80.00% 85.00 85.00% 90.00 90.00% 95.00 95.00% 95.00 95.00% 2 85 85% 62.50 62.50% 72.50 72.50% 77.50 77.50% 83.00 83.00% 88.00 88.00% 92.00 92.00% 92.00 92.00% 2 80 80% 60.00 60.00% 70.00 70.00% 75.00 75.00% 81.00 81.00% 86.00 86.00% 89.00 89.00% 89.00 89.00% 2 75 75% 55.00 55.00% 65.00 65.00% 70.50 70.50% 77.00 77.00% 82.50 82.50% 84.00 84.00% 84.00 84.00% 2 70 70% 50.00 50.00% 60.00 60.00% 66.00 66.00% 73.00 73.00% 79.00 79.00% 79.00 79.00% 79.00 79.00% 3 65 65% 45.00 45.00% 55.00 55.00% 61.00 61.00% 68.00 68.00% 73.00 73.00% 74.00 74.00% 74.00 74.00% 3 60 60% 40.00 40.00% 50.00 50.00% 56.00 56.00% 63.00 63.00% 67.00 67.00% 69.00 69.00% 69.00 69.00% 3 55 55% 35.00 35.00% 45.00 45.00% 51.00 51.00% 58.00 58.00% 63.00 63.00% 64.00 64.00% 64.00 64.00% 3 50 50% 30.00 30.00% 40.00 40.00% 46.00 46.00% 53.00 53.00% 59.00 59.00% 59.00 59.00% 59.00 59.00% 4 45 45% 28.50 28.50% 37.50 37.50% 44.00 44.00% 49.50 49.50% 53.50 53.50% 54.00 54.00% 54.00 54.00% 4 40 40% 27.00 27.00% 35.00 35.00% 42.00 42.00% 46.00 46.00% 48.00 48.00% 49.00 49.00% 49.00 49.00% 4 35 35% 23.50 23.50% 30.50 30.50% 37.50 37.50% 42.50 42.50% 43.50 43.50% 44.00 44.00% 44.00 44.00% 4 30 30% 20.00 20.00% 26.00 26.00% 33.00 33.00% 39.00 39.00% 39.00 39.00% 39.00 39.00% 39.00 39.00% 5 25 25% 17.50 17.50% 23.00 23.00% 28.50 28.50% 32.50 32.50% 33.50 33.50% 34.00 34.00% 34.00 34.00% 5 20 20% 15.00 15.00% 20.00 20.00% 24.00 24.00% 26.00 26.00% 28.00 28.00% 29.00 29.00% 29.00 29.00% 5 15 15% 10.00 10.00% 15.00 15.00% 19.50 19.50% 22.50 22.50% 23.50 23.50% 24.00 24.00% 24.00 24.00% 5 10 10% 5.00 5.00% 10.00 10.00% 15.00 15.00% 19.00 19.00% 19.00 19.00% 19.00 19.00% 19.00 19.00% 6 5 5% 3.50 3.50% 7.00 7.00% 10.50 10.50% 13.50 13.50% 14.00 14.00% 14.00 14.00% 14.00 14.00% 6 0 0% 2.00 2.00% 4.00 4.00% 6.00 6.00% 8.00 8.00% 9.00 9.00% 9.00 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) (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 NotesDebt: 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) (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 NotesSecured Debt: 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) (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 S&PRecovery Ratingof a Collateral Obligation CollateralObligation Initial Liability Rating Recovery Point Estimate** “"AAA” “" "AA” “" "A” “" "BBB” “" "BB” “" "B” “" "CCC” " 1+ 100 100% 75.00 75.00% 85.00 85.00% 88.00 88.00% 90.00 90.00% 92.00 92.00% 95.00 95.00% 95.00 95.00% 1 95 95% 70.00 70.00% 80.00 80.00% 84.00 84.00% 87.50 87.50% 91.00 91.00% 95.00 95.00% 95.00 95.00% 1 90 90% 65.00 65.00% 75.00 75.00% 80.00 80.00% 85.00 85.00% 90.00 90.00% 95.00 95.00% 95.00 95.00% 2 85 85% 62.50 62.50% 72.50 72.50% 77.50 77.50% 83.00 83.00% 88.00 88.00% 92.00 92.00% 92.00 92.00% 2 80 80% 60.00 60.00% 70.00 70.00% 75.00 75.00% 81.00 81.00% 86.00 86.00% 89.00 89.00% 89.00 89.00% 2 75 75% 55.00 55.00% 65.00 65.00% 70.50 70.50% 77.00 77.00% 82.50 82.50% 84.00 84.00% 84.00 84.00% 2 70 70% 50.00 50.00% 60.00 60.00% 66.00 66.00% 73.00 73.00% 79.00 79.00% 79.00 79.00% 79.00 79.00% 3 65 65% 45.00 45.00% 55.00 55.00% 61.00 61.00% 68.00 68.00% 73.00 73.00% 74.00 74.00% 74.00 74.00% 3 60 60% 40.00 40.00% 50.00 50.00% 56.00 56.00% 63.00 63.00% 67.00 67.00% 69.00 69.00% 69.00 69.00% 3 55 55% 35.00 35.00% 45.00 45.00% 51.00 51.00% 58.00 58.00% 63.00 63.00% 64.00 64.00% 64.00 64.00% 3 50 50% 30.00 30.00% 40.00 40.00% 46.00 46.00% 53.00 53.00% 59.00 59.00% 59.00 59.00% 59.00 59.00% 4 45 45% 28.50 28.50% 37.50 37.50% 44.00 44.00% 49.50 49.50% 53.50 53.50% 54.00 54.00% 54.00 54.00% 4 40 40% 27.00 27.00% 35.00 35.00% 42.00 42.00% 46.00 46.00% 48.00 48.00% 49.00 49.00% 49.00 49.00% 4 35 35% 23.50 23.50% 30.50 30.50% 37.50 37.50% 42.50 42.50% 43.50 43.50% 44.00 44.00% 44.00 44.00% 4 30 30% 20.00 20.00% 26.00 26.00% 33.00 33.00% 39.00 39.00% 39.00 39.00% 39.00 39.00% 39.00 39.00% 5 25 25% 17.50 17.50% 23.00 23.00% 28.50 28.50% 32.50 32.50% 33.50 33.50% 34.00 34.00% 34.00 34.00% 5 20 20% 15.00 15.00% 20.00 20.00% 24.00 24.00% 26.00 26.00% 28.00 28.00% 29.00 29.00% 29.00 29.00% 5 15 15% 10.00 10.00% 15.00 15.00% 19.50 19.50% 22.50 22.50% 23.50 23.50% 24.00 24.00% 24.00 24.00% 5 10 10% 5.00 5.00% 10.00 10.00% 15.00 15.00% 19.00 19.00% 19.00 19.00% 19.00 19.00% 19.00 19.00% 6 5 5% 3.50 3.50% 7.00 7.00% 10.50 10.50% 13.50 13.50% 14.00 14.00% 14.00 14.00% 14.00 14.00% 6 0 0% 2.00 2.00% 4.00 4.00% 6.00 6.00% 8.00 8.00% 9.00 9.00% 9.00 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) (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 NotesSecured Debt: 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+ 100 100% 75.00 75.00% 85.00 85.00% 88.00 88.00% 90.00 90.00% 92.00 92.00% 95.00 95.00% 95.00 95.00% 1 95 95% 70.00 70.00% 80.00 80.00% 84.00 84.00% 87.50 87.50% 91.00 91.00% 95.00 95.00% 95.00 95.00% 1 90 90% 65.00 65.00% 75.00 75.00% 80.00 80.00% 85.00 85.00% 90.00 90.00% 95.00 95.00% 95.00 95.00% 2 85 85% 62.50 62.50% 72.50 72.50% 77.50 77.50% 83.00 83.00% 88.00 88.00% 92.00 92.00% 92.00 92.00% 2 80 80% 60.00 60.00% 70.00 70.00% 75.00 75.00% 81.00 81.00% 86.00 86.00% 89.00 89.00% 89.00 89.00% 2 75 75% 55.00 55.00% 65.00 65.00% 70.50 70.50% 77.00 77.00% 82.50 82.50% 84.00 84.00% 84.00 84.00% 2 70 70% 50.00 50.00% 60.00 60.00% 66.00 66.00% 73.00 73.00% 79.00 79.00% 79.00 79.00% 79.00 79.00% 3 65 65% 45.00 45.00% 55.00 55.00% 61.00 61.00% 68.00 68.00% 73.00 73.00% 74.00 74.00% 74.00 74.00% 3 60 60% 40.00 40.00% 50.00 50.00% 56.00 56.00% 63.00 63.00% 67.00 67.00% 69.00 69.00% 69.00 69.00% 3 55 55% 35.00 35.00% 45.00 45.00% 51.00 51.00% 58.00 58.00% 63.00 63.00% 64.00 64.00% 64.00 64.00% 3 50 50% 30.00 30.00% 40.00 40.00% 46.00 46.00% 53.00 53.00% 59.00 59.00% 59.00 59.00% 59.00 59.00% 4 45 45% 28.50 28.50% 37.50 37.50% 44.00 44.00% 49.50 49.50% 53.50 53.50% 54.00 54.00% 54.00 54.00% 4 40 40% 27.00 27.00% 35.00 35.00% 42.00 42.00% 46.00 46.00% 48.00 48.00% 49.00 49.00% 49.00 49.00% 4 35 35% 23.50 23.50% 30.50 30.50% 37.50 37.50% 42.50 42.50% 43.50 43.50% 44.00 44.00% 44.00 44.00% 4 30 30% 20.00 20.00% 26.00 26.00% 33.00 33.00% 39.00 39.00% 39.00 39.00% 39.00 39.00% 39.00 39.00% 5 25 25% 17.50 17.50% 23.00 23.00% 28.50 28.50% 32.50 32.50% 33.50 33.50% 34.00 34.00% 34.00 34.00% 5 20 20% 15.00 15.00% 20.00 20.00% 24.00 24.00% 26.00 26.00% 28.00 28.00% 29.00 29.00% 29.00 29.00% 5 15 15% 10.00 10.00% 15.00 15.00% 19.50 19.50% 22.50 22.50% 23.50 23.50% 24.00 24.00% 24.00 24.00% 5 10 10% 5.00 5.00% 10.00 10.00% 15.00 15.00% 19.00 19.00% 19.00 19.00% 19.00 19.00% 19.00 19.00% 6 5 5% 3.50 3.50% 7.00 7.00% 10.50 10.50% 13.50 13.50% 14.00 14.00% 14.00 14.00% 14.00 14.00% 6 0 0% 2.00 2.00% 4.00 4.00% 6.00 6.00% 8.00 8.00% 9.00 9.00% 9.00 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) (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 NotesSecured Debt: 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 EstimateEstimate by S&P** “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 % S&P Recovery Rating of a Collateral Obligation Initial Liability Rating 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) (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 NotesDebt: 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) (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+ 100 100% 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 95% 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 90% 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 85% 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 80% 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 75% 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 70% 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 65% 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 60% 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 55% 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 50% 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 45% 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 40% 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 35% 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 30% 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 25% 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 20% 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 15% 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 10% 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 5% 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 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) (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) (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 NotesSecured Debt: Table 1: S&P Recovery Rates for Collateral Obligations with S&P Recovery Ratings* Initial Liability Rating S&P Recovery Rating of a Collateral Obligation Initial Liability Rating Recovery Point EstimateEstimate by S&P** “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.