Octagon Investment Partners IX, Ltd. JPMorgan - Irish Stock Exchange

denominated in the same Permitted Currency, (y) the Collateral Manager, on behalf of the Issuer, has not entered
into a separate Currency Hedge with a notional amount equal to its entire Principal Balance (without giving effect to
the proviso to such definition) and (z) the Collateral Manager elects to hedge such additional Non-USD Debt
Obligation under such Currency Hedge.
The Indenture requires that if at any time a Currency Hedge becomes subject to early termination due to the
occurrence of an event of default or a termination event, the Issuer and the Trustee (subject to the terms of the
Indenture and in consultation with the Collateral Manager) will take such actions (following the expiration of any
applicable grace period) to enforce the rights of the Issuer and the Trustee under such Currency Hedge as may be
permitted by the terms of such Currency Hedge and consistent with the terms of the Indenture, and will apply the
proceeds of any such actions (including, without limitation, the proceeds of the liquidation of any collateral pledged
by the Hedge Counterparty thereunder) to enter into a replacement Currency Hedge on such terms as satisfy the
Currency Hedge Requirements (unless such early termination is due to an additional termination event caused by an
Optional Redemption). No Currency Hedge entered into by the Issuer may include an additional termination event
resulting from an Optional Redemption unless such additional termination event is not effective until the notice of
such Optional Redemption given by the Co-Issuers has become irrevocable.
Securities Lending
Provided that no Event of Default has occurred and is continuing, the Collateral Manager on behalf of the Issuer
may from time to time instruct the Trustee to lend (pursuant to Securities Lending Agreements with maturity dates
not greater than 90 days) Collateral Debt Obligations to banks, broker-dealers and other financial institutions (other
than insurance companies) (each, a "Securities Lending Counterparty") that (i) in the case of a loan with a term of at
least 90 days but less than a year, have short-term debt ratings or a guarantor with such ratings of "P-1" from
Moody's and at least "A-1" from Standard & Poor's and (ii) in the case of a loan for a one-year term or more, a longterm
senior unsecured debt rating or counterparty rating that, individually and together with all other Securities
Lending Counterparties ratings, is consistent with the limits set forth in the tables below. At the time a Securities
Lending Agreement for a term of one year or more is entered into by the Issuer, the percentage of the Principal
Collateral Value loaned to a single counterparty shall not exceed the individual percentage set forth on Table 1
below (as long as any Class of Notes is rated by Moody's) and Table 2 below (as long as any Class of Notes is rated
by Standard & Poor's) for the credit rating of such counterparty, and the percentage of the Principal Collateral
loaned by the Issuer to counterparties having the same credit rating shall not exceed the aggregate percentage set
forth on Table 1 below (as long as any Class of Notes is rated by Moody's) and Table 2 below (as long as any Class
of Notes is rated by Standard & Poor's) for such credit rating:
Moody's Long-Term
Senior Unsecured Debt
Rating of Securities
Lending Counterparty*
Table 1
Individual
Securities Lending
Counterparty Limit
Aggregate
Securities Lending
Counterparty Limit
Aaa 15% 20%
Aa1 15% 20%
Aa2 15% 20%
Aa3 15% 20%
A1 15% 15%
A2** 10% 10%
* If the actively-monitored Moody's long-term senior unsecured debt rating of a Securities Lending
Counterparty has been put on a watch list for possible downgrade, such rating will be one
subcategory below its then current Moody's rating or, if such rating has been put on a watch list for
possible upgrade, one sub-category above its then current Moody's rating.
** The percentages in this row apply only if such Securities Lending Counterparty also has a shortterm
debt rating of "P-1" by Moody's. If such Securities Lending Counterparty does not also have a
short-term debt rating of "P-1" by Moody's, both the individual and the aggregate percentage limits
are zero.
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