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

compliance with the Collateral Quality Tests will be required as of the Effective Date and thereafter as of each
Measurement Date and as part of the Reinvestment Criteria.
The Class A Overcollateralization Test
The "Class A Overcollateralization Ratio" is equal, as of any Measurement Date, to the ratio (expressed as a
percentage) obtained by dividing: (1) the Principal Collateral Value (as of such Measurement Date) by (2) the
Aggregate Outstanding Amount of the Class A Notes (as of such Measurement Date).
The "Class A Overcollateralization Test" is a test (i) that will be deemed satisfied as of any Measurement Date
before the Effective Date; and (ii) that will be satisfied as of any Measurement Date on or after the Effective Date if
on such Measurement Date the Class A Overcollateralization Ratio is equal to or greater than 111.8%.
The Class A Interest Coverage Test
The "Class A Interest Coverage Ratio" is, as of any Measurement Date, the ratio (expressed as a percentage)
obtained by dividing:
(a) the sum (without duplication), with respect to the Due Period in which such Measurement Date occurs,
of the Interest Proceeds received in cash or, in the Collateral Manager's judgment, scheduled to be received
between such Measurement Date and the end of the related Due Period minus the amounts, if any, scheduled to
be applied on the Distribution Date relating to such Due Period in accordance with clauses (1) through (5) of the
allocation of payments described above under "Application of Funds—Priority of Payments—Distributions of
Interest Proceeds"; by
(b) with respect to the next Distribution Date, the sum (without duplication) of amounts payable in respect
of interest on the Class A Notes pursuant to clauses (6) and (7) of the allocation of payments described above
under "Application of Funds—Priority of Payments—Distributions of Interest Proceeds."
For the purposes of calculating the Class A Interest Coverage Ratio, (i) such calculation will not include any
scheduled interest payments as to which the Collateral Manager has actual knowledge that such payment will not be
made, (ii) the expected interest income on the Collateral Debt Obligations and floating rate Eligible Investments will
be calculated using the then current interest rates applicable thereto, (iii) such calculation will not include interest
scheduled to be received in respect of Defaulted Obligations or Deferred Interest Assets, unless actually received,
and (iv) for so long as a Hedge Counterparty payment default has occurred and is continuing, such calculation will
not include Hedge Receipt Amounts scheduled to be paid to the Issuer by such defaulting Hedge Counterparty.
The "Class A Interest Coverage Test" is a test (i) that will be deemed satisfied as of any Measurement Date
before the Effective Date; and (ii) that will be satisfied as of any Measurement Date on or after the Effective Date if
on such Measurement Date the Class A Interest Coverage Ratio is equal to or greater than 120.0%.
The Class B Overcollateralization Test
The "Class B Overcollateralization Ratio" is equal, as of any Measurement Date, to the ratio (expressed as a
percentage) obtained by dividing: (1) the Principal Collateral Value (as of such Measurement Date); by (2) the
Aggregate Outstanding Amount of the Class A Notes and the Class B Notes (each, as of such Measurement Date).
The "Class B Overcollateralization Test" is a test (i) that will be deemed satisfied as of any Measurement Date
before the Effective Date; and (ii) that will be satisfied as of any Measurement Date on or after the Effective Date if
on such Measurement Date the Class B Overcollateralization Ratio is equal to or greater than 106.6%.
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