- i - ADAGIO II CLO PLC - Irish Stock Exchange

11 0.3350% 26 0.2602%
12 0.3392% 27 0.2506%
13 0.3427% 28 0.2416%
14 0.3457% 29 0.2333%
15 0.3483% 30 0.2255%
The "Actual Deferred Interest Credit" means the Weighted Average Deferred Interest
Percentage multiplied with the percentage of the Aggregate Collateral Balance which are
Euro-denominated Deferring Mezzanine Obligations and Euro-denominated PIK Only
Obligations (both calculated as of a Determination Date).
The "Weighted Average Deferred Interest Percentage" means the Principal Balance of each
Euro-denominated Deferring Mezzanine Obligation and each Euro-denominated PIK Only
Obligation multiplied by the percentage at which each Euro-denominated Deferring
Mezzanine Obligation and each Euro-denominated PIK Only Obligation contractually defers
interest, divided by the Aggregate Principal Balances of all Euro-denominated Deferring
Mezzanine Obligations and all Euro-denominated PIK Only Obligations. Any non-Euro
denominated PIK Only Obligation and any non-Euro Deferring Mezzanine Obligation will be
taken into account for the purposes of this definition only if the accrued and capitalised
interest on any such non-Euro denominated PIK Only Obligation or non-Euro Deferring
Mezzanine Obligation is hedged through the swapping of such flows for Euro payments.
Moody's Tests Matrices
Subject to provisions provided below, on or after the Interim Ramp-Up Test Date, the
Portfolio Manager, will have the option to elect (on behalf of the Issuer) which of the cases
set forth in the matrices set out below (the "Moody's Test Matrices") shall be applicable for
purposes of the Moody's Metric Test and the Moody's Minimum Weighted Average Spread
Test (or the Interim Weighted Average Spread Test as the case may be). Moody's will
provide the Portfolio Manager (on behalf of the Issuer) as of the Effective Date, and from
time to time thereafter with the applicable Moody's CDOROM TM Model developed by
Moody's in connection with the Moody's Metric Test. For any given case:
(i)
(ii)
(iii)
the applicable Moody's Test Matrix for performing the Moody's Metric Test will be
the Moody's Test Matrix in which the elected case is set out;
the applicable column for determining the appropriate Initial Equivalent Credit
Enhancement for the Moody's Metric Test will be the column which corresponds to the
relevant Class of Notes;
the applicable row for determining the Minimum Weighted Average Spread Test will
be the row in which the elected case is set out.
On the Interim Ramp-Up Test Date, the Portfolio Manager will be required to elect (on behalf
of the Issuer) which case shall apply initially. Thereafter, on ten Business Days' written
notice to the Issuer, the Trustee, the Collateral Administrator and Moody's, the Portfolio
Manager may (on behalf of the Issuer) elect to have a different case apply, provided that the
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