Issuer: SIGNUM FINANCE CAYMAN LIMITED - Irish Stock Exchange

“MAJOR” Programme Prospectus: Signum Finance Cayman Limited Series: 2007-06
of the Credit Derivatives Definitions, one or more Successors
have been identified in relation to a particular Reference
Entity (the “Succeeded Reference Entity”), the Calculation
Agent shall (without liability for the consequences therefor)
select at its discretion one such Successor to be a Reference
Entity (and for the avoidance of doubt, the Succeeded
Reference Entity and each unselected Successor shall cease
to be a Reference Entity, except where the Succeeded
Reference Entity is the selected Reference Entity) and the
Reference Entity Notional Amount in respect of the selected
Successor will equal the Reference Entity Notional Amount
which applied to the Succeeded Reference Entity immediately
prior to the occurrence of the Succession Event.”
(vi)
Paragraph 3.4 shall not be applicable and shall be deemed to
be deleted.
(h)
Asset Price Risk
Bearer:
Swap Counterparty
7 Security
(a) Security Interests The Issuer with full title guarantee and as continuing security in favour
of the Trustee as trustee for itself, and the Secured Parties:
(i)
(ii)
Fixed Charge: charges by way of first fixed charge the
Assets and all the Transaction Amounts; and
Assignments: assigns by way of security its Series Rights.
(b) Additional Security None.
(c)
Additional Security
Documents
None.
(d) Secured Parties Trustee, Principal Paying Agent, Custodian, IRS Counterparty, CDS
Counterparty, Noteholders.
(e)
Priority of Claims upon
enforcement of
Security
(i)
(ii)
Trustee: first, to the Trustee in respect of the Trustee’s
Expenses;
Secured Agents: secondly, to each Secured Agent pari
passu and rateably in respect of the Secured Agents’
Expenses;
(iii)
CDS Counterparty and IRS Counterparty: thirdly, on a pro
rata and pari passu basis, (a) to the CDS Counterparty in
respect of the CDS Replacement Price (if positive), and (b)
to the IRS Counterparty in respect of the IRS Replacement
Price (if positive);
(iv)
Noteholders: fourthly, to the Noteholders pari passu and
rateably in payment of any amounts due in respect of the
Notes; and
(v)
Issuer: fifthly, to the Issuer in payment of any balance.
London/011/001894-00545/JBH/RTM AMSI(LDNWK16317) 13 L_LIVE_EMEA1:4955739v5