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

(h) such Collateral Debt Obligation is a Participation in a loan or other debt security that would, if such
loan or other debt security were a Collateral Debt Obligation, constitute a "Defaulted Obligation" (a "Defaulted
Participation Security");
(i) such Collateral Debt Obligation is a Participation in a loan or in a security (other than a Defaulted
Participation Security) with respect to which the Selling Institution has defaulted in the performance of any of
its payment obligations under the related participation agreement; or
(j) there has been effected any distressed exchange or other distressed debt restructuring where the issuer
of such Collateral Debt Obligation has offered the holder or holders of such Collateral Debt Obligation a new
security or package of securities that, in the reasonable business judgment of the Collateral Manager, amounts
to a diminished financial obligation;
provided that Defaulted Obligations will not include Current Pay Obligations.
Notwithstanding the foregoing definition, the Collateral Manager may declare any Collateral Debt Obligation to
be a Defaulted Obligation if, in the Collateral Manager's reasonable business judgment, (i) the credit quality of the
issuer of such Collateral Debt Obligation (or, in the case of a Synthetic Security, the credit quality of the Reference
Obligor with respect thereto) has significantly deteriorated such that there is a reasonable expectation of payment
default as of the next scheduled payment date with respect to such Collateral Debt Obligation, (ii) the terms of such
Collateral Debt Obligation were amended while such Collateral Debt Obligation was in default and such
amendments resulted in a materially diminished value of such Collateral Debt Obligation or (iii) collateral received
in exchange for collateral securing a Collateral Debt Obligation that has been restructured has materially diminished
in value as compared to the value of the collateral surrendered in the restructuring.
"Deferred Interest Asset" means a PIK Security that has deferred payments of interest or other amounts in cash
and not reduced such deferred interest (or other amount) balance to zero and that:
(i) in the case of a PIK Security that has a Moody's Rating of "Baa3" or above, has either (a) deferred
any interest for a period of 12 months or more or (b) deferred payments of interest in an amount equal to (or
greater than) two periodic interest payments; or
(ii) in the case of a PIK Security that has a Moody's Rating of "Ba1" or below, has either (a) deferred any
interest for a period of six months or more or (b) deferred payments of interest in an amount equal to (or greater
than) one periodic interest payment.
Notwithstanding the foregoing definition, the Collateral Manager may declare any PIK Security a Deferred
Interest Asset if, in the Collateral Manager's commercially reasonable judgment, the credit quality of the issuer of
such asset has significantly deteriorated such that there is a reasonable expectation that such PIK Security will defer
interest on the next scheduled and future payment dates.
"Delayed Funding Advance Amount" means an amount, if greater than zero, by which (i) the sum of the
unfunded portions of all Collateral Debt Obligations that are Delayed Draw Term Loans or Revolving Credit
Facilities as of the last day of the Reinvestment Period exceeds (ii) the amount then on deposit in the Delayed
Funding Obligation Account.
"Deliverable Obligation" means a debt obligation or other security that is delivered to the Issuer upon an early
termination of a Swap Agreement as a result of a "Credit Event" (as defined in such Swap Agreement).
"DIP Loan" means any interest in a loan or financing facility explicitly rated by the Rating Agencies (including
any estimated rating by the Rating Agencies) that is acquired directly by way of assignment (i) which is an
obligation of a person (a "Debtor") (A) that is a debtor in possession as described in §1107 of the Bankruptcy Code
or any other applicable federal or state bankruptcy law, including, without limitation, any bankruptcy, insolvency,
reorganization or similar law enacted under the laws of the Cayman Islands or any other applicable jurisdiction or
(B) for which a trustee (if appointment of such trustee has been ordered pursuant to §1104 of the Bankruptcy Code
or any other applicable federal or state bankruptcy law, including, without limitation, any bankruptcy, insolvency,
reorganization or similar law enacted under the laws of the Cayman Islands or any other applicable jurisdiction)
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