- i - ADAGIO II CLO PLC - Irish Stock Exchange

payment to payments of principal on the Class E Notes and
the Class F Subordinated Notes subject to Condition
3(c)(ii)(U) (Application of Interest Proceeds).
Payments of interest on the Class E Notes will be
subordinated in right of payment to payments of interest in
respect of the Class A Notes, the Class B Notes, the Class C
Notes and the Class D Notes. Payments of principal on the
Class E Notes will be subordinated in right of payment to
payments of principal and interest on the Class A Notes, the
Class B Notes, the Class C Notes and the Class D Notes (for
the avoidance of doubt, excluding Deferred Interest).
Payments of interest on the Class E Notes will rank senior in
right of payment to payments of interest and principal on the
Class F Subordinated Notes. Payments of principal on the
Class E Notes will rank senior in right of payment to
payments of principal on the Class F Subordinated Notes.
Interest Proceeds shall be paid on the Class F Subordinated
Notes on each Payment Date in accordance with the priority
of payments on an available funds basis. All payments on
the Class F Subordinated Notes will be subordinated in right
of payment to such payments in respect of the Rated Notes.
Each Component of the Combination Notes shall rank in
accordance with the Class of Notes represented thereby.
Use of Proceeds:
Priorities of Payment:
The net proceeds of the issue and offering of the Notes on
the Closing Date (after payment of applicable fees and
expenses including those associated with the Initial Hedge
Agreements) will be applied by the Issuer: (a) in payment
of certain fees and expenses payable by the Issuer on the
Closing Date, (b) in payment of all amounts due and payable
in connection with the acquisition of certain Collateral Debt
Obligations purchased by the Issuer on or about the Closing
Date, equalling approximately €232,642,402, (c) in payment
of up to €50,000 into the Expense Reserve Account, at the
discretion of the Portfolio Manager (acting within the
mandate given to it under the Portfolio Management
Agreement) and approximately €122,776,787 into the
Unused Proceeds Account and (d) in payment of €3,000,000
into the Interest Reserve Account.
Save for following any redemption of the Notes pursuant to
a written request of the Class F Subordinated Noteholders
(or where applicable the written request of the Noteholders
of the Controlling Class and the Class F Subordinated
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