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

Proceeds, the lesser of (i) 75% of the remaining Interest Proceeds and (ii) the amount necessary to cause the
Reinvestment Overcollateralization Test to be satisfied as of such Determination Date;
(16) for deposit into the Principal Collection Account as Principal Proceeds, at the Collateral Manager's
discretion, up to an amount equal to the aggregate amount of Principal Proceeds previously applied pursuant to
"—Distributions of Principal Proceeds" below to make payments specified in clauses (1), (2), (4)-(8), (10) and
(12) above less the aggregate amount of Interest Proceeds previously applied pursuant to this clause (16);
(17) to the payment of any amounts described in clause (2) above, in the sequence stated therein and only
to the extent not previously paid thereunder whether due to the Administrative Expense Cap or otherwise;
(18) to the payment of any Specified Hedge Termination Payments (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);
(19) to pay to the Preferred Share Paying Agent (for payment to holders of the Preferred Shares pursuant to
the Preferred Share Documents to the extent legally permitted) until the Preferred Shares have realized an
Internal Rate of Return of 10%;
(20) to the payment of the Collateral Management Incentive Fees, if any; and
(21) any remaining funds shall be distributed to the Preferred Share Paying Agent (for payment to holders
of the Preferred Shares pursuant to the Preferred Share Documents to the extent legally permitted).
Distributions of Principal Proceeds
On each Distribution Date, Principal Proceeds (other than Principal Proceeds reinvested or intended to be
reinvested by the Collateral Manager in Substitute Collateral Debt Obligations) will be distributed in the following
order of priority:
(1) first, to the payment of the amounts referred to in clauses (1), (2) and (4) through (8) of "—
Distributions of Interest Proceeds" above, in the sequence stated therein and only to the extent not paid in full
thereunder, and second, to the payment of the amounts referred to in clause (9) of "—Distributions of Interest
Proceeds" above but only to the extent not paid in full thereunder and to the extent necessary to cause the
Class A Coverage Tests to be met as of the related Determination Date on a pro forma basis after giving effect
to any payments made through this clause (1);
(2) to the payment of the amounts referred to in clause (11) of "—Distributions of Interest Proceeds"
above but only to the extent not paid in full thereunder and to the extent necessary to cause the Class B
Coverage Tests to be met as of the related Determination Date on a pro forma basis after giving effect to any
payments made through this clause (2);
(3) to the payment of the amounts referred to in clause (13) of "—Distributions of Interest Proceeds"
above but only to the extent not paid in full thereunder and to the extent necessary to cause the Class C
Coverage Tests to be met as of the related Determination Date on a pro forma basis after giving effect to any
payments made through this clause (3);
(4) to the payment of the amounts referred to in clause (10) of "—Distributions of Interest Proceeds"
above but only to the extent not paid in full thereunder and only to the extent that all of the Coverage Tests
would be satisfied on a pro forma basis after giving effect to any payments made through this clause (4);
(5) to the payment of the amounts referred to in clause (12) of "—Distributions of Interest Proceeds"
above but only to the extent not paid in full thereunder and only to the extent that all of the Coverage Tests
would be satisfied on a pro forma basis after giving effect to any payments made through this clause (5);
(6) (i) if such Distribution Date is a Redemption Date, to make payments in accordance with the Note
Payment Sequence, and (ii) on any other Distribution Date, to make payments in the amount of the Special
Redemption Amount, if any, at the election of the Collateral Manager, either (x) in accordance with the Note
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