terest Proceeds may be used to pay interest on any Deferrable Class and distributions on the Subordinated Securities and certain expenses (including the Subordinated Investment Management Fee), and whether Principal Proceeds may be reinvested in Collateral Obligations, or whether Principal Proceeds, Interest Proceeds and funds which woul

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

strative Expenses (in the order specified in the definition thereof), to the extent not paid under clause (ii) above. (xviii) 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

(xviii) 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

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.

(xviii) 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

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.

terest Proceeds may be used to pay interest on any Deferrable Class and distributions on the Subordinated Securities and certain expenses (including the Subordinated Investment Management Fee), and whether Principal Proceeds may be reinvested in Collateral Obligations, or whether Principal Proceeds, Interest Proceeds and funds which woul