Untitled - Irish Stock Exchange

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Schedule B Structured Finance Obligations Eligible for Notching by S&P If the security is rated by two agencies, notch down as shown below based on the lowest rating. If rated only by one agency, then notch down what is shown below plus one more notch. Issued prior to 8/1/01 Issued on or after 8/1/01 Current rating is: Current rating is: Investment Grade Non- Investment Grade Investment Grade Non- Investment Grade 1. CONSUMER ABS -1 -2 -2 -3 Automobile Loan Receivable Securities Automobile Lease Receivable Securities Car Rental Receivables Securities Credit Card Securities Healthcare Securities Student Loan Securities 2. COMMERCIAL ABS -1 -2 -2 -3 Cargo Securities Equipment Leasing Securities Aircraft Leasing Securities Small Business Loan Securities Restaurant and Food Services Securities Tobacco Litigation Securities 3. Non-RE-REMIC RMBS -1 -2 -2 -3 Manufactured Housing Loan Securities 4. Non-RE-REMIC CMBS -1 -2 -2 -3 CMBS–Conduit CMBS–Credit Tenant Lease CMBS–Large Loan CMBS–Single Borrower CMBS–Single Property 211
5. CBO/CLO CASHFLOW SECURITIES -1 -2 -2 -3 Cash Flow CBO –at least 80% High Yield Corporate Cash Flow CBO –at least 80% Investment Grade Corporate Cash Flow CLO –at least 80% High Yield Corporate Cash Flow CLO –at least 80% Investment Grade Corporate 6. REITs -1 -2 -2 -3 REIT–Multifamily & Mobile Home Park REIT–Retail REIT–Hospitality REIT–Office REIT–Industrial REIT–Healthcare REIT–Warehouse REIT–Self Storage REIT–Mixed Use 7. SPECIALTY STRUCTURED -3 -4 -3 -4 Stadium Financings Project Finance Future flows 8. RESIDENTIAL MORTGAGES -1 -2 -2 -3 Residential "A" Residential "B/C" Home equity loans 9. REAL ESTATE OPERATING COMPANIES -1 -2 -2 -3 212
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If you are not the intended recipie
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THE NOTES HAVE NOT BEEN APPROVED OR
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prepared by the Income Notes Issuer
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NOTICE TO CONNECTICUT RESIDENTS THE
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IN ANOTHER RELEVANT MEMBER STATE AN
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SECURITIES LAWS OF HONG KONG, NO PE
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NOTICE TO RESIDENTS OF THE KINGDOM
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generally to subscribe for or other
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TABLE OF CONTENTS SUMMARY OF TERMS.
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SUMMARY OF TERMS The following summ
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to a transfer of Underlying Income
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Date will be required to provide th
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RISK FACTORS An investment in the N
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Expenses") will be payable by the I
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If any the Notes to be redeemed are
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In addition, all or a portion of an
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(c) the Issuer or the Income Notes
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shall send such notice to each Note
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Irish Paying Agents If and for so l
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Limited will act as the administrat
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educe the amount available to make
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(c) certificates evidencing the Not
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The Notes sold in the United States
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European Economic Area In relation
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Payments on a Global Note will be m
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TRANSFER AND OWNERSHIP RESTRICTIONS
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Certificated Notes, the transferee
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Code), subject to Section 4975 of t
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LISTING AND GENERAL INFORMATION 1.
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INDEX OF DEFINED TERMS Following is
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U.S. Dollars.......................
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Income Notes Offering Circular Exhi
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THE NOTES HAVE NOT BEEN APPROVED OR
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the headings "Risk Factors—Confli
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NOTICE TO RESIDENTS OF BAHRAIN NO P
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OTHERWISE TRANSFER, DIRECTLY OR IND
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APPLIES; AND (C) IN COMPLIANCE WITH
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WITHIN THE MEANING OF RELEVANT SECU
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TABLE OF CONTENTS Page EXECUTIVE SU
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It is anticipated that upon consumm
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SUMMARY OF MATERIAL TERMS OF THE NO
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Payment of principal, premium (if a
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Merrill Lynch, Pierce, Fenner & Smi
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(or any other date, subject to the
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C Advance Amounts"), (D) the Senior
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therein) shall have occurred and be
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the payment of such interest for al
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financial statements for the first
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Listing ...........................
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RISK FACTORS An investment in the N
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High Yield Investments. A substanti
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eing negotiated, approved by the cr
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Leveraged Capital Structure The Iss
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Holders of the Senior Indebtedness,
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commencing an involuntary case or p
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Equity Characteristic of Income Not
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for the Issuer at a set price and p
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The Issuer is also authorized to en
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Lender Liability Considerations and
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Manager cannot be relied upon as an
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Section 3(14) of ERISA) or "disqual
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given to the Issuer, any charge con
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DESCRIPTION OF THE NOTES This descr
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Indebtedness, the Class B Notes, th
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Asset Valuation: The Investment Man
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Cancellation All Notes that are red
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In case any such mutilated, defaced
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distributions to the Subordinated I
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or the Trustee on account of princi
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Indebtedness. The security interest
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"Reporting Date" means the Thursday
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under and as defined in the Credit
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Consolidations, Mergers and Sales o
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(if any) on the Rated Notes or to e
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Outstanding Principal Amount thereo
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interpolation of the next shorter a
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"Required Holders" means, at any ti
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Eurodollar Rate Loan (as defined in
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DESCRIPTION OF THE PLEDGE AND INTER
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Third: to (i) principal then due an
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THE INVESTMENT MANAGER The informat
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(v) use of advanced hedging techniq
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Baumgarten earned a B.S. in economi
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Keith T. Anderson, Managing Directo
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DESCRIPTION OF THE INVESTMENT MANAG
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affiliates may have a potentially c
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General THE ISSUERS The Issuer is a
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offer and sale of the Rated Notes.
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Investment Grade" means unrated deb
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PLAN OF DISTRIBUTION General The Is
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Prior to the sale of any Rated Note
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SETTLEMENT AND CLEARING Global Note
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Certificates for Rated Notes issued
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none of the Issuers, the Initial Pu
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THIS NOTE HAS BEEN ISSUED WITH "ORI
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elow and be represented by one or m
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IF THE TRANSFER OF THIS NOTE IS TO
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INCOME TAX CONSIDERATIONS General T
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dividends and certain other U.S. so
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dividends paid to a U.S. Holder who
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U.S. federal income tax purposes, e
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donee/successor) or (ii) if the Not
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PRIOR TO MAKING AN INVESTMENT IN TH
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MARGIN STOCK Lenders (other than se
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LISTING AND GENERAL INFORMATION 1.
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LEGAL MATTERS Certain U.S. legal ma
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Asset Category G-9 Investments.....
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Emerging Market Bond ..............
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Other Investment Vehicles .........
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Telerate Page 3750.................
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Senior Over-Collateralization Test
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Asset Category Moody's Advance Rate
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Notwithstanding the foregoing, for
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Page 239 and 240: SECTION 2. Determination of Fund In
Page 241 and 242: Structured Product Transactions in
Page 243 and 244: Firm or an Approved Third-Party App
Page 245 and 246: designated by the Issuer in writing
Page 247 and 248: (v) (vi) shares of any money market
Page 249 and 250: country identified by the Issuer fr
Page 251 and 252: "Investment Manager" means BlackRoc
Page 253 and 254: issuer are unqualified and certifie
Page 255 and 256: "Rated Note" means the Class B Note
Page 257 and 258: "Swap Transaction" means: (i) any r
Page 259 and 260: Senior Over-Collateralization Test
Page 261 and 262: Class C Over-Collateralization Test
Page 263 and 264: Class E Over-Collateralization Test
Page 265 and 266: "Asset Category C-2 Investments" me
Page 267 and 268: (i) (ii) (iii) (iv) with respect to
Page 269 and 270: (ix) (x) (xi) (xii) (xiii) (xiv) (x
Page 271 and 272: (xix) (xx) (xxi) [Reserved]; (A) th
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Page 275 and 276: Credit Agreement (or (x) any succes
Page 277 and 278: similar designation the payment of
Page 279 and 280: suffered a ratings downgrade shall
Page 281 and 282: Securities Act (or any successor pr
Page 283 and 284: "Reporting Date" means the Thursday
Page 285 and 286: "Senior Advance Amount" means the S
Page 287: Schedule A Structured Finance Oblig
Page 291: PRINCIPAL OFFICES OF ISSUERS BlackR
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