ROCKALL CLO B.V. - Irish Stock Exchange

such Cash or Cash Equivalents are held for a period of five
Business Days or fewer and (2) zero per cent., if such Cash
or Cash Equivalents are held for more than five Business
Days, of the Advance Rate thereof otherwise determined in
accordance with the above procedures and the Moody's
Advance Rate applicable to Cash or Cash Equivalents
denominated in Eligible Foreign Currencies other than
Pounds Sterling or U.S. Dollars shall be 95 per cent.;
"Aggregate Counterparty Exposure"
(iii)
(iv)
(v)
the Advance Rate of any Non-Cash Pay Instrument that is
not a Government Security shall be 95 per cent. of the
Advance Rate thereof otherwise determined in accordance
with the above procedures;
the S&P Advance Rates applicable to any non US Asset
which is a Mezzanine Loan or Second Lien Loans of which
the aggregate Market Value is in excess of 7.5 per cent. of
Total Capitalisation and less than or equal to 20 per cent. of
Total Capitalisation shall be 66 2 / 3 per cent. of the S&P
Advance Rates thereof otherwise determined in accordance
with the above procedures; and the S&P Advance Rates
applicable to any US Asset which is a Mezzanine Loan or
Second Lien Loan of which the aggregate Market Value is in
excess of 7.5 per cent. of Total Capitalisation and less than
12.5 per cent. of Total Capitalisation shall be 66 2 / 3 per cent.
of the S&P Advance Rates thereof otherwise determined in
accordance with the above procedures; and
the Advance Rate applicable to any Unquoted Investment
for which the most recent quote is more than three months
old shall be zero.
means, for the purposes of calculating the S&P Advance Amount, on
any date of determination, the excess of (A) the sum of (i) the
aggregate Market Value of Issuer Investments consisting of
Participations with Eligible Selling Institutions having either (x) a
short-term S&P issuer credit rating of less than "A-1+" or (y) with
respect to any Eligible Selling Institution that has no such short-term
S&P issuer credit rating, then a long-term S&P issuer credit rating of
less than "AAA", (ii) the aggregate Market Value of each Defensive
Hedge Transaction, Short-Sale Contract and Synthetic Purchase
Contract, in each case with a positive Market Value and an Eligible
Counterparty with either (x) a short-term S&P issuer credit rating of
less than "A-1+" or (y) with respect to such Eligible Counterparty that
has no such short-term S&P issuer credit rating, then a long-term
S&P issuer credit rating of less than "AAA" and (iii) the aggregate
amount of cash posted to Eligible Counterparties with either (x) a
short-term S&P issuer credit rating of less than "A-1+" or (y) with
respect to any such Eligible Counterparty that has no such short-term
S&P issuer credit rating, then a long-term S&P issuer credit rating of
less than "AAA" in respect of Short-Sale Contracts and Synthetic
Purchase Contracts over (B) the portion of (A) pursuant to which an
Eligible Counterparty has agreed to maintain collateral posted with
the Issuer and with respect to which Rating Agency Confirmation has
been received and, for the purposes of calculating the Moody's
Advance Amount, on any date of determination, the excess of (A) the
sum of (i) the aggregate Market Value of Issuer Investments
consisting of Participations with Eligible Selling Institutions having a
long-term Moody's senior unsecured rating of less than "Aaa", (ii) the
aggregate Market Value of each Defensive Hedge Transaction,
Short-Sale Contract and Synthetic Purchase Contract, in each case
with a positive Market Value and an Eligible Counterparty with a
long-term Moody's senior unsecured rating of less than "Aaa" and
(iii) the aggregate amount of cash posted to Eligible Counterparties
with a long-term Moody's senior unsecured rating of less than "Aaa"
in respect of Short-Sale Contracts and Synthetic Purchase Contracts
over (B) the portion of (A) pursuant to which an Eligible Counterparty
has agreed to maintain collateral posted with the Issuer and with
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