Attentus CDO I Offering Circular - Irish Stock Exchange

Collateral Debt Securities (excluding any Defaulted Securities) held by the Issuer as of such date of
determination. In computing the Fixed Rate Excess on any date of determination, the Weighted Average
Coupon for such date will be computed as if the Spread Excess were equal to zero.
Criteria for Purchase of Collateral
In addition to the other limitations set forth herein, the purchase of the Collateral Debt Securities
on the Closing Date and on each date thereafter is subject in each case to compliance with certain
specified guidelines related to the maturities, ratings and diversification of the Collateral Debt Securities
consisting of (a) the Eligibility Criteria and (b) the Coverage Tests (collectively, the “Purchase Criteria”).
Eligibility Criteria
After giving effect to the purchase of any Collateral Debt Security, including any Additional
Collateral Debt Security, at the times specified below, the following “Eligibility Criteria” must be met:
(i) With respect to the Ramp-Up Completion Date, the aggregate Principal Balance of
Pledged Securities that evidence obligations of a single issuer must not exceed 3.75% of the aggregate
Principal Balance on such date and, with respect to the date on which any Additional Collateral Debt
Security is purchased, the purchase of such Additional Collateral Debt Security must not cause the
aggregate Principal Balance of Pledged Securities that evidence obligations of a single obligor to exceed
3.75% of the aggregate Principal Balance on such date; provided, that for purposes of the above
calculations, (a) any Trust Preferred Securities the payments of which are guaranteed (to the limited
extent described elsewhere in this Offering Circular) by the same Parent Real Estate Entity shall be
deemed to have been issued by a single issuer and (b) any Subordinated Security that is issued by a
wholly-owned subsidiary of a Trust Preferred Securities Issuer shall be deemed to have been issued by the
same issuer as any Trust Preferred Security the payments of which are guaranteed (to the limited extent
described elsewhere in this Offering Circular) by such Trust Preferred Securities Issuer;
(ii) On the date of any acquisition of any Collateral Debt Security, each Collateral Debt
Security, when acquired by the Issuer and pledged to the Trustee, must have been:
(A) individually reviewed by Standard & Poor’s and Fitch for the purpose of
receiving a credit estimate rating (including in respect of any public rating thereof);
(B)
in the case of Trust Preferred Securities:
(1) when initially acquired by the Issuer and pledged to the Trustee on or prior to the
Ramp-Up Completion Date, must be, or have been, issued by a Trust Preferred Securities Issuer
whose parent is a Real Estate Entity;
(2) has been individually statistically reviewed and has been determined, as a result
of such review, to have a Moody’s implied rating factor equivalent to not more than 3490 (which
is equivalent to a Moody’s rating of approximately “B3”); provided, that such review and such
determination of a Moody’s implied rating factor equivalent shall in no way imply, and it shall
not pursuant to this clause (2) be required, that a Moody’s rating has been or will be assigned to
such issuer (as the assignment of such a rating would be based on a probability of default and an
expected recovery rate of 15.00%, which factors were not necessarily considered in connection
with the determination of a Moody’s rating factor equivalent); or
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