SEC Contract Filing

Filing Date: 2023-11-07

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ea164490_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURCHASE AGREEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS PURCHASE AGREEMENT (this
&ldquo;<U>Agreement</U>&rdquo;) is entered into as of November 6, 2023, by and among XAI Octagon Floating Rate &amp; Alternative Income
Term Trust, a Delaware statutory trust (the &ldquo;<U>Trust</U>&rdquo;), Eagle Point Credit Management LLC (&ldquo;<U>Eagle Point</U>&rdquo;)
and each purchaser identified on <U>Appendix A</U> hereto (each, a &ldquo;<U>Purchaser</U>&rdquo; and collectively the &ldquo;<U>Purchasers</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, subject to the terms
and conditions set forth in this Agreement, the Trust desires to issue, and each Purchaser, severally and not jointly, desires to purchase
shares of the Trust&rsquo;s 6.95% Series 2029 Convertible Preferred Shares, liquidation preference $25.00 per share (the &ldquo;<U>Convertible
Preferred Shares</U>&rdquo;), a series of the Trust&rsquo;s preferred shares of beneficial interest (the &ldquo;<U>Preferred Shares</U>&rdquo;),
upon the terms and conditions as more particularly provided herein; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the foregoing and of the mutual agreements hereinafter contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound, the Trust and each Purchaser hereby agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE I<BR>
PURCHASE AND SALE; CLOSINGS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
and Sale of the Shares</U>. At the Initial Closing (as defined in Section 1.2) and any Subsequent Closings (as defined in Section
1.4), the Trust shall sell to each Purchaser, and each Purchaser, severally and not jointly, shall buy from the Trust, upon the
terms and conditions hereinafter set forth, all or a portion of the number of Convertible Preferred Shares as specified on <U>Appendix
A</U> to this Agreement as determined by the Trust, in its discretion (such Convertible Preferred Shares purchased in the Initial Closing, the &ldquo;<U>Initial
Shares</U>&rdquo;), and at the purchase price of $23.25 per share. The total purchase commitment of the Purchasers, severally and
not jointly, whether purchased in the Initial Closing or Subsequent Closings, shall be 1,200,000 Convertible Preferred Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Initial Closing</U>. Upon the purchase and sale of the Initial Shares (the &ldquo;<U>Initial Closing</U>&rdquo;) (a) the purchase
price for the Initial Shares being purchased by each Purchaser (the &ldquo;<U>Purchase Price</U>&rdquo;) shall be delivered by or on
behalf of such Purchaser to the Trust as more particularly provided in Section 1.5 and (b) the Trust shall cause Equiniti Trust
Company, LLC, the Trust&rsquo;s transfer agent (the &ldquo;<U>Transfer Agent</U>&rdquo;), to deliver to each Purchaser the number of
Initial Shares as more particularly provided in Section 1.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchases
and Sales of Additional Shares</U>. (a) Each Purchaser, severally and not jointly, hereby agrees to purchase an additional number
of Convertible Preferred Shares as determined by the Trust, in its discretion, up to the number of Convertible Preferred Shares
specified on <U>Appendix A </U>to this Agreement less the number of Initial Shares purchased by such Purchaser (such additional
Convertible Preferred Shares, the &ldquo;<U>Additional Shares</U>&rdquo; and, together with the Initial Shares, the
&ldquo;<U>Shares</U>&rdquo;) at the purchase price of $23.25 per Additional Share. Each Purchaser, severally and not jointly, shall
purchase Additional Shares in the same proportion as the number of Shar