Attentus CDO I Offering Circular - Irish Stock Exchange

the Offered Notes.”
Additionally, so long as any Class E Notes are outstanding, if either
Class E Coverage Test is not satisfied on any Determination Date
related to any Distribution Date, then funds that would otherwise be
used to make distributions on the Subordinated Notes will be used
instead to redeem, 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, until each applicable Coverage Test is satisfied. See
“Description of the Offered Notes—Priority of Payments,” “—
Mandatory Redemption,” and “Ratings of the Offered Notes.”
In the event of a Ramp-Up Ratings Confirmation Failure,
Uninvested Proceeds and, to the extent that Uninvested Proceeds are
insufficient for such purpose, Interest Proceeds and Principal
Proceeds that would otherwise be used to make distributions on the
Subordinated Notes and payments in respect of interest on the Senior
Notes will be used to make payments in respect of principal on the
Senior Notes. See “Description of the Offered Notes—Priority of
Payments,” and “Description of the Offered Notes—Mandatory
Redemption.”
Principal Payments
on the Senior Notes:
Distributions on the Subordinated
Notes; Subordination of
the Subordinated Notes:
Principal Proceeds, to the extent not reinvested in Additional
Collateral Debt Securities as described herein, will be applied on
each Distribution Date in accordance with the Priority of Payments
to pay principal of each Class of Notes. The amount and frequency
of principal payments of a Class of Notes will depend upon, among
other things, the amount and frequency of payments of principal and
interest received with respect to the Collateral Debt Securities.
The Issuer may redeem the Notes, in whole but not in part, at the
applicable Redemption Price therefor, under the circumstances
described in “Description of the Offered Notes—Optional
Redemption,” “—Mandatory Redemption” and “—Auction Call
Redemption.”
The Subordinated Notes will not bear interest at a stated rate and
will be entitled to distributions only to the extent funds are available
therefor as described below. On each Distribution Date, to the
extent funds are available therefor, Interest Proceeds will be paid to
the Holders of the Subordinated Notes only after the payment of
interest on the Senior Notes and the payment of certain other
amounts in accordance with the Priority of Payments; provided, that
(i) on each Distribution Date on or after the Distribution Date in
November 2008, to and including the Distribution Date in May
2016, if the Senior Notes are not redeemed in full on or prior to such
date, an amount equal to 25% of the Interest Proceeds that would
otherwise be paid to the Holders of the Subordinated Notes will be
applied to pay, pro rata, principal of (a) the Class D Notes and (b)
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