GoldenTree Loan Opportunities III, Limited - Irish Stock Exchange

Table of contents
Summary of terms.........................................................1
Principal terms of the Offered Securities ..............1
Risk Factors ..................................................................30
Relating to the Offered Securities.........................30
Relating to the Portfolio Manager.........................40
Relating to the Collateral Obligations...................40
Relating to certain conflicts of interest .................48
Description of the Offered Securities............................52
The Indenture and the Secured Notes ...................52
Status and security ................................................52
Interest ..................................................................53
Principal................................................................55
Optional Redemption............................................56
Mandatory Redemption ........................................58
Special Redemption ..............................................59
Cancellation ..........................................................59
Class A-1A-S Notes Borrowings ..........................59
Reduction of Commitments ..................................60
Entitlement to payments .......................................61
Priority of payments..............................................62
The Indenture........................................................62
Form, denomination and registration of the
Offered Securities .........................................70
The Subordinated Notes........................................74
The Composite Notes....................................................75
Ratings of the Secured Notes and the Composite Notes77
The Secured Notes................................................77
The Composite Notes............................................77
Security for the Secured Notes .....................................78
Collateral Obligations ...........................................78
The Concentration Limitations .............................79
The Collateral Quality Test...................................79
Collateral Assumptions.........................................86
The Coverage Tests and the Reinvestment
Overcollateralization Test .............................89
Sales of Collateral Obligations; Additional
Collateral Obligations and Investment
Criteria ..........................................................89
The Collection and Payment Accounts .................93
The Ramp-Up Account.........................................94
The Custodial Account .........................................94
The Revolver Funding Account............................94
The Synthetic Security Counterparty Accounts ....95
The Synthetic Security Issuer Accounts................96
The Expense Reserve Account .............................96
The Interest Reserve Account...............................97
The Securities Lending Account...........................97
Hedge Agreements................................................98
Securities lending..................................................99
Use of proceeds.............................................................101
General..................................................................101
Ramp-Up Period ...................................................101
The Portfolio Manager..................................................102
General..................................................................102
GoldenTree Professionals .....................................103
The Portfolio Management Agreement.........................117
The Co-Issuers..............................................................122
General..................................................................122
Capitalization of the Issuer................................... 123
Business of the Co-Issuers.................................... 124
Income tax considerations............................................ 125
Introduction.......................................................... 125
U.S. federal income tax consequences to the
issuer ............................................................ 126
U.S. classification and U.S. tax treatment of the
Secured Notes............................................... 128
Alternative characterization of the Secured
Notes ............................................................ 129
Non-U.S. Holders of the Secured Notes............... 130
Treatment of U.S. Holders of the Composite
Notes ............................................................ 130
Treatment of U.S. Holders of the Subordinated
Notes ............................................................ 130
Taxation of Non-U.S. Holders of Subordinated
Notes ............................................................ 135
Transfer and other reporting requirements ........... 135
Tax-exempt investors ........................................... 135
Information reporting and backup withholding .... 136
Circular 230.......................................................... 136
Cayman Islands taxation ...................................... 137
ERISA and legal investment considerations................. 138
The Secured Notes (other than the Class D
Notes) ........................................................... 139
The Class D Notes and the Subordinated Notes ... 140
The Composite Notes ........................................... 142
Further considerations .......................................... 142
Legal investment considerations .......................... 143
Plan of distribution....................................................... 143
Transfer restrictions...................................................... 145
Global Secured Notes, Global Composite Notes
and Regulation S Global Subordinated
Notes ............................................................ 146
Certificated Secured Notes................................... 148
Certificated Subordinated Notes........................... 148
Class A-1A-S Notes ............................................. 148
Additional restrictions .......................................... 148
Legends ................................................................ 149
Non-Permitted Holder/Non-Permitted ERISA
Holder........................................................... 159
Cayman Islands placement provisions.................. 160
Listing and general information ................................... 160
Legal matters................................................................ 162
Glossary of defined terms............................................. 163
Index of defined terms
Annex A-1 – Form of purchaser representation letter
for Subordinated Notes............................................... A-1-1
Annex A-2 – Form of Subordinated Note ERISA and
affected bank certificate ............................................. A-2-1
Annex A-3 – Form of purchaser representation letter
for Certificated Secured Notes ................................... A-3-1
Annex A-4 – Form of Class D Note and Composite
Note ERISA and affected bank certificate.................. A-4-1
Annex B – Moody's Rating definitions .........................B-1
Annex C – S&P Rating definition and S&P
Recovery Rate Tables.....................................................C-1