Mandatory Partial Redemption

Upon and after full redemption of all of the Class A-1 Bonds and Class A-2 Bonds but prior to the occurrence of an Enforcement Event, on each Interest Payment Date (which is also a Distribution Date) on which there is cash available for the redemption of the Bonds pursuant to Clause 9 of the Priority of Payments, the Issuer shall apply 90% of the cash flow remaining after application of Clause 1 through Clause 8 of the Priority of Payments being the total cash balance available under Clause 9 of the Priority of Payments (the “Class B (Clause 9) Instalment Amount” which is subject to adjustment in accordance with the following paragraph) to redeem, and shall redeem, at par on such Interest Payment Date such part of the outstanding principal amount of all Bonds which in aggregate is equal to the Class B (Clause 9) Instalment Amount on a pari passu and pro-rata basis (rounded down, if necessary to the nearest US cent).

Where the Class B (Clause 9) Instalment Amount is greater than the aggregate principal amount of the Bonds then outstanding, the Class B (Clause 9) Instalment Amount shall be adjusted so that the Class B (Clause 9) Instalment Amount becomes equal to such aggregate principal amount (and, for the avoidance of doubt, upon such redemption together with the payment of unpaid interest accrued to the date of such redemption, the Bonds shall be fully redeemed).

Clean-up Option

After all of the Class A-1 Bonds and Class A-2 Bonds have been redeemed in full, the Issuer shall have the option of redeeming all (but not some only) of the Bonds at their principal amount together with any unpaid interest accrued to the date of such redemption, upon the earlier of either (i) the Maturity Date or (ii) on or after the date on which the total outstanding principal amount of Bonds has fallen below US$50 million (the “Clean-up Option”). The Issuer may exercise the Clean-up Option by giving not less than eight days’ notice prior to the date fixed for redemption to the Bonds Trustee, the Principal Paying Agent, the Transfer Agent, the Registrar and the Bondholders, specifying the date of redemption (the “Clean-up Date”) and the redemption amount.

Upon the exercise by the Issuer of the Clean-up Option, the Issuer may, but is not obliged to, procure the sale of all or any of the Fund Investments. The Issuer shall not exercise the Clean-up Option unless the aggregate amount of funds that it expects to receive through additional Equity Investments from the Sponsor and/or from the sale of the Fund Investments will be sufficient to fund the aforesaid redemption amount in full.