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

Intermediary; and (ii) all other accrued and unpaid Administrative Expenses (including in respect of any
indemnities) (in the order set forth in the definition of such term) including amounts payable by the Issuer to the
Collateral Manager under the Collateral Management Agreement or the Indenture and expenses of the Trustee,
the Preferred Share Paying Agent, the Collateral Administrator and the Securities Intermediary not paid
pursuant to clause (i) of this clause (2); provided that such payments pursuant to clauses (i) and (ii) above shall
be in aggregate limited to payments not to exceed on any Distribution Date the sum of 0.05% per annum
(prorated for the related Interest Accrual Period) of the Principal Collateral Value on the related Determination
Date plus U.S.$220,000 per annum (the limit imposed on clauses (i) and (ii) of this clause (2), the
"Administrative Expense Cap");
(3) on and after the second Distribution Date, for deposit into the Expense Account, at the Collateral
Manager's discretion, up to an amount equal to an amount, if greater than zero, by which (i) the Administrative
Expense Cap on such Distribution Date exceeds (ii) the aggregate payments pursuant to clauses (i) and (ii) of
clause (2) above on such Distribution Date;
(4) to the payment of all accrued and unpaid Hedge Payment Amounts (in the case of any Currency
Hedge, to the extent that there are no funds available in the subaccount applicable to such Currency Hedge
within the Currency Account) (other than amounts due as a result of the termination (or partial termination) of
such Hedge Agreement);
(5) first, to the payment of all accrued and unpaid Base Collateral Management Fees; and second, to the
payment of all accrued and unpaid Base Collateral Management Fee Interest;
(6) to the payment of accrued and unpaid interest on the Class A-1 Notes;
(7) to the payment of accrued and unpaid interest on the Class A-2 Notes;
(8) to the pro rata payment of Hedge Payment Amounts that are due as a result of the termination (or
partial termination) of such Hedge Agreement (in the case of any Currency Hedge, to the extent there are no
funds available in the subaccount applicable to such Currency Hedge within the Currency Account on or prior
to such Distribution Date in connection with such termination) (other than Specified Hedge Termination
Payments, if any);
(9) in the event that any of the Class A Coverage Tests are not satisfied on the related Determination Date,
to make payments in accordance with the Note Payment Sequence, to the extent necessary to cause both
Class A Coverage Tests to be satisfied as of such Determination Date on a pro forma basis after giving effect to
any payments made through this clause (9);
(10) to the payment of accrued and unpaid interest on the Class B Notes and any Class B Deferred Interest;
(11) in the event that any of the Class B Coverage Tests are not satisfied on the related Determination Date,
to make payments in accordance with the Note Payment Sequence, to the extent necessary to cause both
Class B Coverage Tests to be satisfied as of such Determination Date on a pro forma basis after giving effect to
any payments made through this clause (11);
(12) to the payment of accrued and unpaid interest on the Class C Notes and any Class C Deferred Interest;
(13) in the event that any of the Class C Coverage Tests are not satisfied on the related Determination Date,
to make payments in accordance with the Note Payment Sequence, to the extent necessary to cause both
Class C Coverage Tests to be satisfied as of such Determination Date on a pro forma basis after giving effect to
any payments made through this clause (13);
(14) first, to the payment of the Subordinated Collateral Management Fee Interest; and second, to the
payment of the Subordinated Collateral Management Fees, including Subordinated Collateral Management Fees
not paid on any previous Distribution Date;
(15) during the Reinvestment Period, in the event that the Reinvestment Overcollateralization Test is not
satisfied as of the related Determination Date, for deposit into the Principal Collection Account as Principal
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