n, an amount equal to the lesser of (x) the Ongoing Expense Reserve Ceiling and (v) the Ongoing Expense Excess Amount. (iv) To the payment of (A) the Senior Investment Management Fee for such Distribution Date minus any Deferred Senior Fee; and then (B) am unpaid Deferred Senior Fee that the Investment Manager has elected to be

mediately preceding Distribution Date) will not exceed on any Distribution Date the Administrative Expense Senior Cap. (iii) To the payment of (A) the Senior Investment Management Fee for such Distribution Date minus any Deferred Senior Fee: and then (B) any unpaid Deferred Senior Fee that the Investment Manager has elected to be

ediately preceding Distribution Date) will not exceed on any Distribution Date the Administrative Expense Senior Cap. (iii) To the payment of (A) the Senior Investment Management Fee for such Distribution Date minus any Deferred Senior Fee; and then (B) any unpaid Deferred Senior Fee that the Investment Manager has elected to be

on, an amount equal to the lesser of (x) the Ongoing Expense Reserve Ceiling and (y) the Ongoing Expense Excess Amount. (iv) To the payment of (A) the Senior Investment Management Fee for such Distribution Date minus any Deferred Senior Fee; and then (B) any unpaid Deferred Senior Fee that the Investment Manager has elected to be

ediately preceding Distribution Date) will not exceed on any Distribution Date the Administrative Expense Senior Cap. (iii) To the payment of (A) the Senior Investment Management Fee for such Distribution Date minus any Deferred Senior Fee; and then (B) any unpaid Deferred Senior Fee that the Investment Manager has elected to be

mediately preceding Distribution Date) will not exceed on any Distribution Date the Administrative Expense Senior Cap. (iii) To the payment of (A) the Senior Investment Management Fee for such Distribution Date minus any Deferred Senior Fee: and then (B) any unpaid Deferred Senior Fee that the Investment Manager has elected to be

n, an amount equal to the lesser of (x) the Ongoing Expense Reserve Ceiling and (v) the Ongoing Expense Excess Amount. (iv) To the payment of (A) the Senior Investment Management Fee for such Distribution Date minus any Deferred Senior Fee; and then (B) am unpaid Deferred Senior Fee that the Investment Manager has elected to be