Untitled - Irish Stock Exchange

percentages resulting from such calculations shall be rounded, if necessary, to the nearest one hundred-thousandth of
a percentage point.
With respect to the first Interest Accrual Period, LIBOR shall be determined by interpolating linearly
between two rates calculated in accordance with clauses (i) and (ii) above, one of which shall be determined as if the
maturity of the Dollar deposits referred to therein were the period of time for which rates are available next shorter
than such Interest Accrual Period and the other of which shall be determined as if the maturity were the period of
time for which rates are available next longer than such Interest Accrual Period.
As used herein:
"Base Rate" means a fluctuating rate of interest determined by the Trustee as being the rate of interest most
recently announced by the Base Rate Reference Bank at its New York office as its base rate, prime rate, reference
rate or similar rate for U.S. dollar loans. The Base Rate is not necessarily intended to be the lowest rate of interest
offered by the Base Rate Reference Bank in connection with extensions of credit. Changes in the Base Rate will
take effect simultaneously with each change in the underlying rate.
"Base Rate Reference Bank" means JPMorgan Chase Bank, National Association, or if such bank ceases
to exist or is not quoting a base rate, prime rate or reference rate, such other major money center commercial bank in
New York City as is selected by the Trustee.
"Reference Banks" means four major banks in the London interbank market selected by the Trustee.
"Telerate Page 3750" means the display page currently so designated on the Bridge Telerate Market
Report (or such other page as may replace such page on such service for the purpose of displaying comparable rates).
Distributions on Income Notes
Distributions: The Income Notes will not bear a fixed rate of interest, but will be entitled to receive interest
which will be paid at the sole discretion of the Investment Manager (and which if not paid, as so determined by the
Investment Manager, will continue to be due to the Income Noteholder until it is actually paid), subject to, and in
accordance with, the terms of the Indenture, as described below. Any interest on the Income Notes, if and when
paid by the Issuer, will be payable in U.S. dollars on each Payment Date commencing on March 12, 2007, and at
maturity.
Interest shall accrue on and be paid on the Income Notes as more particularly described in this paragraph.
Commencing with the second Payment Date, the Issuer expects to make semi-annual cash payments, being interest
which will be payable rateably to the Noteholders of the Income Notes, of all of the Issuer's cumulative net income
less $5,000 from investment activities (net of the amounts for debt service, the Management Fees, amortized debt
issuance costs, and other amounts withheld by the Issuer for expenses of the Issuer or Other Investment Vehicles or
in accordance with the Credit Agreement or the Indenture) subject to, and in accordance with, the terms of the
Indenture (including the "Restricted Payments" covenant). For this purpose, cumulative net income will include all
interest income, dividends and realized and unrealized capital gains and losses. To the extent such payments are not
then made to the Noteholders of the Income Notes due to the Restricted Payments Test, or for any other reason, such
amounts will continue to accrue (without interest) and to be due to the Noteholders of the Income Notes until
actually paid. Amounts not paid, pending payment, may be reinvested in Fund Investments. Such semi-annual cash
payments will be generally based upon asset values as determined by the Investment Manager in accordance with
the transaction documents on the last Business Day of the Interest Accrual Period and will be made ratably to the
Income Noteholders.
While the Issuer will use its best efforts to make payments to Holders of Income Notes in cash, it is
permitted to make distributions in kind on a pro rata basis to all Holders of Income Notes. In the event that
payments to Holders of Income Notes are made in property other than cash, the amount of any such payment shall
be accounted for at the fair market value of such property as determined by the Investment Manager.
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