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ny Deferred Senior Fee; and then (B) any unpaid Deferred Senior Fee that the Investment Manager has elected to be paid. (iv) To the payment to any Hedge Counterparty under any Hedge Agreement of (A) any amounts (other than termination payments), including any such amounts not paid on an earlier Distribution Date

istrative Expenses (in the order specified in the definition thereof), to the extent not paid under clause (ii) above. (xii) To the payment of (A) the Subordinated Investment Management Fee for such Distribution Date, minus any Deferred Subordinated Fee; then (B) any Subordinated LNG IM CLO 2011-1 156 CONFIDENTIAL - PURSUANT TO FED.

(iv) To the payment to any Hedge Counterparty under any Hedge Agreement of (A) any amounts (other than termination payments). including any such amounts not paid on an earlier Distribution Date

istrative Expenses (in the order specified in the definition thereof), to the extent not paid under clause (ii) above. (xii) To the payment of (A) the Subordinated Investment Management Fee for such Distribution Date, minus any Deferred Subordinated Fee: then (B) any Subordinated Investment Management Fee due on an earlier Distribution

ny Deferred Senior Fee; and then (B) any unpaid Deferred Senior Fee that the Investment Manager has elected to be paid. (iv) To the payment to any Hedge Counterparty under any Hedge Agreement of (A) any amounts (other than termination payments), including any such amounts not paid on an earlier Distribution Date

istrative Expenses (in the order specified in the definition thereof), to the extent not paid under clause (ii) above. (xii) To the payment of (A) the Subordinated Investment Management Fee for such Distribution Date, minus any Deferred Subordinated Fee; then (B) any Subordinated LNG IM CLO 2011-1 156 CONFIDENTIAL - PURSUANT TO FED.