“Tier 1 Obligor”: # With respect to First Lien Loans, Obligors for which the Net Senior Leverage Ratio of the applicable Obligor with respect to such First Lien Loan is less than 4.50 to 1.00, and # with respect to First Lien Last Out Loans and Second Lien Loans, Obligors for which the Net Total Obligor Leverage Ratio of the applicable Obligor with respect to such First Lien Last Out Loan and Second Lien Loan is less than 5.25 to 1.00.

“Tier 2 Obligor”: # With respect to First Lien Loans, Obligors for which the Net Senior Leverage Ratio of the applicable Obligor with respect to such First Lien Loan is less than 5.50 to 1.00, and # with respect to First Lien Last Out Loans and Second Lien Loans, Obligors for which the Net Total Obligor Leverage Ratio of the applicable Obligor with respect to such First Lien Last Out Loan and Second Lien Loan is less than 6.25 to 1.00.

“Tier 3 Obligor”: # With respect to First Lien Loans, Obligors for which the Net Senior Leverage Ratio of the applicable Obligor with respect to such First Lien Loan is less than 6.50 to 1.00, and # with respect to First Lien Last Out Loans and Second Lien Loans, Obligors for which the Net Total Obligor Leverage Ratio of the applicable Obligor with respect to such First Lien Last Out Loan and Second Lien Loan is less than 7.25 to 1.00.

if such Loan is a First Lien Loan, the applicable Obligor meets the Net Senior Leverage Ratio requirement to be a Tier 1 Obligor, Tier 2 Obligor or Tier 3 Obligor, as applicable (in each case as set forth in the definition of Tier 1 Obligor, Tier 2 Obligor or Tier 3 Obligor, as applicable);

if such Loan is a First Lien Last Out Loan or a Second Lien Loan, the applicable Obligor meets the Net Total Obligor Leverage Ratio requirement to be a Tier 1 Obligor, Tier 2 Obligor or Tier 3 Obligor, as applicable (in each case as set forth in the definition of Tier 1 Obligor, Tier 2 Obligor or Tier 3 Obligor, as applicable); provided, however, that, any portion of a First Lien Last Out Loan or Second Lien Loan that causes such Loan to be in excess of the leverage criteria set forth above shall have an Assigned Value of zero;