Attentus CDO I Offering Circular - Irish Stock Exchange

Mandatory Redemption of Senior
Notes:
Each Class of Senior Notes shall, on any Distribution Date, be
subject to mandatory redemption in the event that any Coverage Test
applicable to such Class of Senior Notes or any Class of Senior
Notes Subordinate to such Class is not satisfied on the related
Determination Date. Any such redemption will be effected, first,
from Interest Proceeds and, second (to the extent that the application
of Interest Proceeds pursuant to the Priority of Payments would be
insufficient to cause such tests to be satisfied), from Principal
Proceeds, in each case to the extent necessary to cause each
applicable Coverage Test to be satisfied. Any such redemption will
be applied to each outstanding Class of Senior Notes sequentially in
direct order of seniority and will otherwise be effected as described
below under “Description of the Offered Notes—Priority of
Payments.”
In the event of a Ramp-Up Ratings Confirmation Failure, the Issuer
will be required to apply on the first Distribution Date Uninvested
Proceeds, Interest Proceeds and Principal Proceeds to the repayment
of each outstanding Class of Senior Notes sequentially in direct
order of seniority in accordance with the Priority of Payments as,
and to the extent, necessary to obtain a Ratings Confirmation. See
“Description of the Offered Notes—Mandatory Redemption.”
On each Distribution Date on or after the Distribution Date
occurring 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) the Class E Notes until each such Class of Notes has been
paid in full. See “Description of the Offered Notes—Principal,” “—
Mandatory Redemption” and “—Priority of Payments—Interest
Proceeds.”
On each Distribution Date occurring after 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 50% 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 the Class A-1 Notes, the
Class A-2 Notes, the Class B Notes, the Class C-1 Notes, the Class
C-2 Notes, the Class D Notes and the Class E Notes, until each such
Class of Senior Notes has been paid in full. See “Description of the
Offered Notes—Principal,” “—Mandatory Redemption” and “—
Priority of Payments—Interest Proceeds.”
Upon any redemption of any Class of Notes, each Combination Note
with a Component representing a Note of such Class will receive
payment with respect to such Component. Thereafter the
Combination Notes will represent only such Components of such
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