Limitation on Certain Maturity Amendments. (a) The Issuer (or the Collateral Manager on the Issuer’s behalf) may agree to any amendment, waiver or other modification to any Collateral Obligation that would extend the stated maturity date thereof; provided, that neither the Issuer nor the Collateral Manager on the Issuer’s behalf may agree to any Maturity Amendment unless, as determined by the Collateral Manager, (1) the stated maturity of the related Collateral Obligation is not extended beyond the earliest Stated Maturity and (2) the Weighted Average Life Test will be satisfied or, if not satisfied, maintained or improved after giving effect to such Maturity Amendment; provided further that the Issuer may enter into any Maturity Amendment that does not meet the requirements described in the proviso above if (x) in the Collateral Manager’s reasonable judgment such Maturity Amendment is necessary (i) to prevent the related Collateral Obligation from becoming a Defaulted Obligation or (ii) due to the materially adverse financial condition of the related Obligor, to minimize material losses on the related Collateral Obligation (any such Maturity Amendment described in this clause (x), a “Credit Amendment”), (y) the stated maturity of any Collateral Obligation subject to a Credit Amendment is not extended to more than 12 months beyond the earliest Stated Maturity, and (z) immediately following such amendment or modification, not more than 5.0% of the Collateral Principal Amount consists of Collateral Obligations subject to a Credit Amendment that does not meet the requirements described in the first proviso above; provided further that, the Issuer shall not agree to any Maturity Amendment unless, immediately following such amendment or modification, not more than 10.0% of the Collateral Principal Amount consists of Collateral Obligations that have been subject to a Maturity Amendment that has increased the Weighted Average Life but that has not extended the stated maturity of the related Collateral Obligation beyond the Stated Maturity.
