Attentus CDO I Offering Circular - Irish Stock Exchange

that would otherwise be used to pay interest on the Class D Notes and the Class E Notes and to make
distributions on the Subordinated Notes and pay certain other expenses must instead be used to pay
principal of, first, the Class A-1 Notes, second, the Class A-2 Notes, third, the Class B Notes, fourth, the
Class C-1 Notes, and fifth, the Class C-2 Notes, to the extent necessary to cause each Class C Coverage
Test to be satisfied. In the event that either Class D Coverage Test is not satisfied on any Distribution
Date, funds that would otherwise be used to pay interest on the Class E Notes and to make distributions
on the Subordinated Notes and pay certain other expenses must instead be used to pay principal of, first,
the Class A-1 Notes, second, the Class A-2 Notes, third, the Class B Notes, fourth, the Class C-1 Notes,
fifth, the Class C-2 Notes, and sixth, the Class D Notes, to the extent necessary to cause each Class D
Coverage Test to be satisfied. In the event that either Class E Coverage Test is not satisfied on any
Distribution Date, funds that would otherwise be used to make distributions on the Subordinated Notes
and pay certain other expenses must instead be used to pay principal of, first, the Class A-1 Notes,
second, the Class A-2 Notes, third, the Class B Notes, fourth, the Class C-1 Notes, fifth, the Class C-2
Notes, sixth, the Class D Notes and seventh, the Class E Notes, to the extent necessary to cause each Class
E Coverage Test to be satisfied. See “Description of the Offered Notes—Priority of Payments.”
The “Class A/B Coverage Tests” will consist of the Class A/B Overcollateralization Test and the
Class A/B Interest Coverage Test. The “Class C Coverage Tests” will consist of the Class C
Overcollateralization Test and the Class C Interest Coverage Test. The “Class D Coverage Tests” will
consist of the Class D Overcollateralization Test and the Class D Interest Coverage Test. The “Class E
Coverage Tests” will consist of the Class E Overcollateralization Test and the Class E Interest Coverage
Test.
None of the Coverage Tests will apply prior to the Ramp-Up Completion Date.
The Class A/B Overcollateralization Test:
The “Class A/B Overcollateralization Test” will be satisfied on any Measurement Date on which
any Class A-1 Notes, Class A-2 Notes or Class B Notes remain outstanding if the Class A/B
Overcollateralization Ratio on such Measurement Date is equal to or greater than 124%.
The “Class A/B Overcollateralization Ratio” is, as of any Measurement Date, the number
(expressed as a percentage) calculated by dividing (a) the Net Outstanding Portfolio Collateral Balance on
such Measurement Date by (b) the sum of the Aggregate Outstanding Principal Amount of the Class A-1
Notes plus the Aggregate Outstanding Principal Amount of the Class A-2 Notes plus the Aggregate
Outstanding Principal Amount of the Class B Notes.
The Class C Overcollateralization Test:
The “Class C Overcollateralization Test” will be satisfied on any Measurement Date on which
any Class C Notes remain outstanding if the Class C Overcollateralization Ratio on such Measurement
Date is equal to or greater than 106.6%.
The “Class C Overcollateralization Ratio” is, as of any Measurement Date, the number
(expressed as a percentage) calculated by dividing (a) the Net Outstanding Portfolio Collateral Balance on
such Measurement Date by (b) the Aggregate Outstanding Principal Amount of the Class A-1 Notes plus
the Aggregate Outstanding Principal Amount of the Class A-2 Notes plus the Aggregate Outstanding
Principal Amount of the Class B Notes plus the Aggregate Outstanding Principal Amount of the Class C
Notes (including, without duplication, any Class C-1 Deferred Interest or Class C-2 Deferred Interest).
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