ROCKALL CLO B.V. - Irish Stock Exchange

valuing securities and/or other investments that constitute Issuer
Investments) or any other such appraiser designated by the Issuer
(or the Collateral Manager on its behalf) in writing and approved by (i)
the Designated Approval Representative in its reasonable discretion
(acting in good faith and in a commercially reasonable manner) and
(ii) S&P and/or Moody's (as the case may be) pursuant to a Rating
Agency Confirmation.
"Asset-Backed Security"
"Busted Convertible Bond"
"Cash"
"Cash Equivalents"
"Cheapest to Deliver Security"
means any fixed income Security that is (i) backed by and paid
primarily from the proceeds (or payments or proceeds of a
disposition) of Eligible Assets and (ii) issued in a transaction
structured to (A) isolate the Security and the Eligible Assets backing
the Security from the credit risk of the sponsor of the transaction and
(B) result in the creditworthiness of such Security being primarily
dependent upon (x) the creditworthiness of the Eligible Assets
backing such Security and (y) any credit support provided with
respect to the creditworthiness of such Eligible Assets; provided,
however, that in no event shall an "Asset-Backed Security" include
either a Defensive Hedge Transaction or a Structured Product
Transaction.
means any convertible bond that trades like a fixed income
investment because the value of the conversion option for the equity
into which such bond may be converted has fallen below 2.5 per
cent. of the aggregate value of the convertible bond.
means any immediately available funds in Euros or any Eligible
Foreign Currency (including amounts held in the Principal Custody
Account or on deposit with the Custodian pursuant to "sweep"
arrangements linked to the Principal Custody Account).
means investments (other than Cash and Government Securities):
(a)
(b)
in respect of which the obligor has a short-term S&P issuer
credit rating of "A-1+" or a long-term S&P issuer credit rating
of at least "AA" for the purposes of calculating the S&P
Advance Amount and has a short-term Moody's rating of
"P-1" or a long-term Moody's senior unsecured rating of at
least "Aa2" for the purposes of calculating the Moody's
Advance Amount or
in funds investing in money market instruments, such funds
rated "AAAm" or "AAAg" by S&P for the purposes of
calculating the S&P Advance Amount and "Aaa” or ”MR1+"
by Moody's for the purposes of calculating the Moody's
Advance Amount;
provided that: (i) in no event shall Cash Equivalents include any
obligation that provides for the payment of interest alone, (ii) Cash
Equivalents referred to in paragraph (a) above shall mature within
183 days of issuance, (iii) if either S&P or Moody's changes its rating
system, then any ratings included in this definition shall be deemed to
be an equivalent rating in a successor rating category of S&P or
Moody's as the case may be, (iv) if either S&P or Moody's ceases to
be in the business of rating securities, then any ratings included in
this definition shall be deemed to be an equivalent rating from
another rating agency, (v) Cash Equivalents (other than money
market funds maintained by the Custodian) shall not include any such
investment equivalent to more than €100 million in any single issuer
and (vi) in no event shall Cash Equivalents include any Dutch
Ineligible Securities or any synthetic securities or, for the purposes of
calculating the S&P Advance Amount, any Securities with ratings
containing an "r", "t", "p", "pi" or "q" subscript; unless otherwise
confirmed in writing as acceptable by S&P and/or Moody's, as the
case may be.
means, with respect to any Credit Default Swap, the "cheapest to
deliver security" on the date such Credit Default Swap is executed.
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