ROCKALL CLO B.V. - Irish Stock Exchange

institution ceases to satisfy the Rating Requirement after the date
such Participation was executed, then such selling institution shall be
deemed to be an "Eligible Selling Institution" for a period of 30
calendar days from the date of such cessation.
"European Union"
"Excess Issuer Investments"
means the European Economic and Monetary Union.
means that portion of the Market Value of any Issuer Investments
which comprises any excess set forth below (in each case
determined using the most recent Market Value for the applicable
Issuer Investments).
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(a) for the purposes of calculating the S&P Advance
Amount, the aggregate Market Value of Relevant Issuer
Investments of any single issuer in excess of 5 per cent. of
Total Capitalisation, (b) for the purposes of calculating the
Moody's Advance Amount, the aggregate Market Value of
Relevant Issuer Investments of any single issuer in excess
of 4 per cent. of Total Capitalisation except, in the case of
any five issuers, the aggregate Market Value of Relevant
Issuer Investments (excluding Semi-Liquid Securities) of
each such issuer in excess of 5 per cent. of Total
Capitalisation and (c) the aggregate Market Value of
Mezzanine Loans of any single issuer which are Relevant
Issuer Investments (excluding any accretion since the
purchase of such Mezzanine Loans) in excess of 2.5 per
cent. of Total Capitalisation;
the aggregate Market Value of Relevant Issuer Investments
of issuers in any single Approved Industry in excess of
15 per cent. of Total Capitalisation (except for investments
in any one Approved Industry as described in paragraph (iii)
below);
the aggregate Market Value of Relevant Issuer Investments
of issuers in any one Approved Industry in excess of 20 per
cent. of Total Capitalisation;
the aggregate Market Value of Relevant Issuer Investments
in any three industry categories in excess of 40 per cent. of
Total Capitalisation; provided, however, that the foregoing
limit may be increased to 45 per cent. to the extent that the
aggregate Market Value of Relevant Issuer Investments in
any single Approved Industry is in excess of 15 per cent.
(but not 20 per cent.) of Total Capitalisation as permitted by
paragraph (iii) above;
the aggregate Market Value of Relevant Issuer Investments
consisting of Semi-Liquid Securities in excess of 50 per
cent. of the Net Asset Value;
the Aggregate Counterparty Exposure in excess of 25 per
cent. of Total Capitalisation;
the aggregate Market Value of Relevant Issuer Investments
consisting of Non-Cash Pay Instruments in excess of 25 per
cent. of Total Capitalisation;
the aggregate Market Value of Relevant Issuer Investments
consisting of Busted Convertible Bonds in excess of 5 per
cent. of Total Capitalisation;
the aggregate Market Value of Relevant Issuer Investments
that are Unhedged Currency Investments in excess of 5 per
cent. of Total Capitalisation;
the aggregate Market Value of Relevant Issuer Investments
that are Mezzanine Loans, Second Lien Loans or Senior
Unsecured Loans and that are non US Assets in excess of
20 per cent. of Total Capitalisation;
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