; and (VIII) at the time of purchase of any asset, comply with the requirements of subclauses (I) and (VII) and clause (ii) of this subparagraph, or, if not in compliance with any such requirement, maintain or improve the level of compliance after giving effect to such purchase. (ii) Asset portfolio protections (I) No more than 3.5 percent of the assets of the collateralized loan obligation may relate to any single borrower. (II) No more than 15 percent of the assets of the collateralized loan obligation may relate to any single industry. (iii) Structural protections (I) The collateralized loan obligation’s equity shall be at least 8 percent of the value of its assets. (II) The governing transaction documents of the collateralized loan obligation specify over-collateralization and interest coverage tests, and if any such test falls below the required level specified for the collateralized loan obligation in such documents, available interest collections (and if necessary, available principal collections) must be applied to repay the collateralized loan obligation’s debt in order of seniority until compliance with the applicable test is restored. (iv) Requirement to maintain alignment of manager and investor interests (I) The collateralized loan obligation shall be an open market collateralized loan obligation. (II) The holders of the equity of the collateralized loan obligation (excluding the risk retention equity held as required by subparagraph (A)) shall have the right to remove by vote the manager for cause. (III) A majority of the manager’s fees, including any incentive fee, shall be subordinated to payments then due in relation to the collateralized loan obligation’s debt securities. (IV) The manager’s discretionary sales of assets on behalf of the issuer of the collateralized loan obligation shall be limited each year to not more than 30 percent of the principal amount of the assets of the collateralized loan obligation (other than sales of defaulted or credit-deteriorated, credit-risk, or credit-improved