ROCKALL CLO B.V. - Irish Stock Exchange

(Definitions)) or (2) the Issuer has complied with Condition 5(c) (Over-Collateralisation Failure and
Collateralisation Shortfall Dates). In the event that the Over-Collateralisation Tests are not satisfied, the Issuer is
obliged to employ certain strategies to attempt to ensure compliance within specific timeframes (see
Condition 5(c) (Over-Collateralisation Failure and Collateralisation Shortfall Dates)).
Over-Collateralisation Failure and Collateralisation Shortfall Dates
On the occurrence of a failure to comply with the Over-Collateralisation Tests, the Issuer will procure that the
Collateral Manager, on behalf of the Issuer, shall, not later than the Business Day following the date on which the
breach occurred (such day being referred to in the Conditions as a Collateralisation Shortfall Date), furnish the
Rating Agencies, the VFN Agent (for furnishing to the VF Noteholders) and the Trustee with a Collateralisation
Shortfall Valuation Statement. Upon the occurrence of a Collateralisation Shortfall Date, the Issuer (or the
Collateral Manager on its behalf) shall, inter alia, also employ either the Prepayment Cure Methodology or the
Projection Cure Methodology in order to remedy the breach of the Over-Collateralisation Tests. Pursuant to the
Prepayment Cure Methodology, the Issuer, or the Collateral Manager on its behalf, is obliged to make
prepayments of its VF Notes and Outstanding Notes (see Condition 7(e)(i) (Mandatory Redemption upon
Over-Collateralisation Failure)) by reference to the seniority of the same up to the level necessary to cure the
relevant under-collateralisation (see paragraph (i) of Condition 5(c) (Over-Collateralisation Failure and
Collateralisation Shortfall Dates)). Pursuant to the Projection Cure Methodology which the Issuer, or the
Collateral Manager on its behalf, may elect to adopt instead of the Prepayment Cure Methodology, the Issuer is
obliged to furnish the Rating Agencies, the VFN Agent (for furnishing to the VF Noteholders) and the Trustee with
a Projection Cure Statement showing projected compliance with the Over-Collateralisation Tests by the
Long-Stop Date by means of disposing of certain Issuer Investments and acquiring others in accordance with a
specific set of timelines and redeeming VF Notes and Notes with the net proceeds of such disposals and
acquisitions and other liquidity available to the Issuer (see paragraph (ii) of Condition 5(c)) (Over-Collateralisation
Failure and Collateralisation Shortfall Dates).
Under-Collateralisation Events
In the event that the application of the Under-Collateralisation Cure Methodologies fails to cure an
Over-Collateralisation Failure, the Issuer (or the Collateral Manager on its behalf) shall make payments in
accordance with the Prepayment Cure Methodology in order to cure the resulting Supervening Shortfall by the
Long-Stop Date. Failure to do so will give rise to an Under-Collateralisation Event, which constitutes an Event of
Default for the purpose of the Conditions (see Condition 10 (Events of Default)).
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