events, so that the current financial condition of an obligor at any given time may be better or worse than what the current rating indicates. Consequently, credit ratings of the obligors and Collateral Obligations included in the Collateral cannot be definitive indicators of investment quality. See also "Ratings of the Notes" for a discussion of the ratings of the Senior Notes. Collateral Manager; Past Performance Not Indicative. The past performance of the Collateral Manager in other portfolios or investment vehicles may not be indicative of the results that the Collateral Manager may be able to achieve with the Collateral Obligations. Similarly, the past performance of the Collateral Manager over a particular period may not necessarily be indicative of the results that may be expected in future periods. Furthermore, the nature of, and risks associated with, the Issuer's investments may differ substantially from those investments and strategies undertaken historically by the Collateral Manager. There can be no assurance that the Issuer's investments will perform as well as past investments of the Collateral Manager, that the Issuer will be able to avoid losses or that the Issuer will be able to make investments similar to the past investments of the Collateral Manager. In addition, such past investments may have been made utilizing a leveraged capital structure, an asset mix and fee arrangements that are different from the anticipated capital structure. asset mix and fee arrangements of the Issuer. Moreover, because the investment criteria that govern investments in the Issuer's portfolio do not govern the Collateral Managers' investments and investment strategies generally, such investments conducted in accordance with such criteria, and the results they yield. are not directly comparable with, and may differ substantially from, other investments undertaken by the Collateral Manager. Dependence on Key Personnel; Replacement of Key Personnel; Rep