provided that Current Pay Obligations representing no more than 7.5% of the Portfolio Principal Balance may be excluded from treatment as Defaulted Obligations on any Measurement Date. Notwithstanding the foregoing definition, the Investment Manager may declare any Collateral Obligation to be a Defaulted Obligation. "Definitive Security": Any Security issued in definitive, full• registered form without interest coupons. "Delayed Funding Loan": Any Loan that requires one or more future advances to be made to the borrower but which, once all such advances have been made, has the characteristics of a term loan; provided that each such Loan shall only be considered a Delayed Funding Loan for so long as there exists any Unfunded Amount and such future funding obligations remain in effect. "Designated Maturity": With respect to (a) the Rated Notes. three months (except that six months will apply for the calculation period related to the first Distribution Date) and (b) all references (other than with respect to the Rated Notes). such period as the context requires. "DIP Loan": Any interest in a loan or financing facility rated or assigned a credit estimate within the preceding twelve months by Moody's and S&P that is acquired by way of assignment, subject to the following requirements: (a) it is an obligation of a debtor-in-possession as described in Section 1107 of the Bankruptcy Code or a trustee (if appointment of such trustee has been ordered pursuant to Section 1104 of the Bankruptcy Code) (a "Debtor") organized under the laws of the United States or any State therein; (b) it is paying interest on a current basis; (c) its terms have been approved by an order of the U.S. Bankruptcy Court the U.S. District Court, or any other court of competent jurisdiction, the enforceability of which order is not subject to any pending contested matter or proceeding (as such terms are defined in the Federal Rules of Bankruptcy Procedure) and which order provid