NIG Foreign Obligor Proxy

NIG Foreign Obligor Proxy. Means the ratio, expressed as a percentage, equal to (a) the aggregate amount of Eligible Receivables as of the most recent Quarterly Report Date owing from Foreign Obligors domiciled in countries with foreign currency obligations rated lower than BBB- by S&P or lower than Baa3 by Moody's, divided by (b) the aggregate outstanding balance of all Eligible Receivables as of the most recent Quarterly Report Date.