determination will be deemed to be the higher of the rating assigned by S&P to such Current Pay Obligation and "CCC-". "S&P Weighted Average Recovery• Rate": The number obtained by (i) summing the products obtained by multiplying the Principal Balance of each Collateral Obligation (other than a Defaulted Obligation) by its respective S&P Recovery Rate. (ii) dividing such sum by the Aggregate Principal Balance of all such Collateral Obligations (other than Defaulted Obligations), (iii) multiplying the result by 100 and (iv) rounding up to the first decimal place. "S&P Weighted Average Recovery Rate Test": A test satisfied as of any Measurement Date if the S&P Weighted Average Recovery Rate for each Class of Rated Notes is greater than or equal to the applicable percentage set forth on the S&P Matrix based upon the applicable Recovery Rate Case chosen by the Investment Manager. "Sale Proceeds": All proceeds (excluding accrued interest) received as a result of sales of any Collateral Obligations and/or Equity Securities net of any expenses in connection with any such sale. "Second Lien Loan": Any Loan that (a) is not (and cannot by its terms become) subordinate in right of payment to any other obligation of the obligor of the Loan other than a Senior Secured Loan or a DIP Loan with respect to the liquidation of such obligor or the collateral for such Loan and (b) is secured by a valid second priority perfected security interest or lien to or on specified collateral securing the obligor's obligations under the Loan; provided, however, that any such right of payment, security interest or lien may be subordinate to customary permitted liens (including, without limitation, tax liens). "Securities Lending Agreement": A securities lending agreement that satisfies the requirements of the Indenture and is substantially in the form of the then-current standard Bond Market Association (or any successor thereto) master securities loan agreement or such other a