(Continued horn previous page) Interest on the Class A Notes. the Class B Notes. the Class C Notes (colltretively, the "Senior Notes") and the Class D Notes (together with the Senior Notes, the "Rated Notes") will accrue at the applicable Interest Rate from the Closing Date until such Notes are redeemed or repaid and will be payable in U.S. Dollars in arrears on the 22nd of March. June, September and December of each year. commencing in December 2011 (or. if any such date is not a Business Day, the next Business Day). Payments on the Securities arc subordinated to certain payments on each Higher Ranking Class. "Higher Ranking Class" with respect to any Class means in the case of (a) Rated Notes. each Class of Rated Notes that ranks higher in right of payment than such Class under the Principal Payment Sequence and (b) the Subordinate) Securities, each Class of Rated Notre. On each Distribution Date, the Subordinated Securities will be entitled to receive any Excess Interest under the Priority of Payments. The payment of interest on Deferrable Classes and distributions on the Subordinated Securities will be subject to, among other things, the satisfaction of certain coverage tests in addition, the Investment Manager may direct the issuer to designate a portion of interest Proceeds that would otherwise be available for payment on the Subordinated Securities to be invested in Collateral Obligations. The Rated Notes will be redeemed by the Issuer at the direction of the Required Redemption Percentage (i) on any Distribution Date after the end of the Non-Call Period or (ii) upon and during the continuance of a Tax Event on any Distribution Date. The Required Redemption Percentage may direct (a) a redemption of each Clam of Rated Notes. (b) a Refinancing of one or more Classes of Rated Notes; or (c) on any Distribution Date on or after the Rated Notes arc redeemed or paid in full. the redemption of Subordinated Securities. "Required Redemption Percentage"