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

For the purposes of calculating the Class C 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 C 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 C Interest Coverage Ratio is equal to or greater than 110.0%.
The Reinvestment Overcollateralization Test
The "Reinvestment 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, the Class B Notes and the Class C Notes (each, as of such
Measurement Date).
The "Reinvestment Overcollateralization Test" is a test (i) that will be deemed satisfied as of any Measurement
Date before the Effective Date or after the Reinvestment Period; and (ii) that will be satisfied as of any Measurement
Date on or after the Effective Date and during the Reinvestment Period if on such Measurement Date the
Reinvestment Overcollateralization Ratio is equal to or greater than the Reinvestment Overcollateralization Test
Level for such Measurement Date.
The "Reinvestment Overcollateralization Test Level" is, initially, 107.7%, until the day following the
Distribution Date in April 2007, and on the day following such Distribution Date and on the day following the
Distribution Date in each April thereafter, the Reinvestment Overcollateralization Test Level will be reduced by
0.50%.
Minimum Diversity/Maximum Rating/Minimum Spread/Maximum WAL
One of the following charts will be elected by the Collateral Manager on behalf of the Issuer on the Effective
Date (such elected chart to be referred to herein as the "Minimum Diversity/Maximum Rating/Minimum
Spread/Maximum WAL Matrix") and will be used to determine which of the "row/column combinations" are
applicable for purposes of determining compliance with the Moody's Diversity Test, the Weighted Average Rating
Factor Test, the Weighted Average Spread Test and the Weighted Average Life Test, as set forth below.
Minimum Diversity Score
Maximum Weighted
Average Life
Minimum Weighted
Average Spread 55 60 65 70
10.0 years 1.750% 1950 1990 2010 2040
10.0 years 1.875% 2050 2090 2110 2140
10.0 years 2.000% 2150 2170 2200 2230
10.0 years 2.125% 2230 2260 2280 2310
10.0 years 2.250% 2300 2350 2370 2400
10.0 years 2.375% 2360 2410 2460 2490
10.0 years 2.500% 2410 2450 2505 2535
Maximum Weighted Average Moody's Rating Factor
75