ROCKALL CLO B.V. - Irish Stock Exchange

“Net Accrual Amount”
(vi)
(vii)
in the case of an Issuer Investment that is not rated by
Moody’s and no other obligation of the same issuer is rated
by Moody’s then:
(A)
(B)
(C)
(D)
(1) if such Issuer Investment is rated by S&P,
(a) one subcategory below the Moody’s equivalent
of the rating assigned by S&P if such rating is
“BBB-“ or higher and (b) two subcategories below
the Moody’s equivalent of the rating assigned by
S&P if such rating is “BB+” or lower or (2) if such
Issuer Investment is not rated by S&P but another
obligation of the issuer is rated by S&P (a “parallel
security”), and the Moody’s equivalent of the rating
of such parallel security is determined in
accordance with the methodology set forth in
clause (1) above, the rating determined in
accordance with the methodology set forth in
clause (iv) above (for such purpose treating the
parallel security as if it were rated by Moody’s at
the rating determined pursuant to this
subclause (2));
if (1) neither the issuer of such Issuer Investment
nor any of its Affiliates is subject to reorganisation
or bankruptcy proceedings, (2) no obligations of the
issuer are in default, (3) neither the issuer nor any
of its Affiliates have defaulted on any debt during
the past two years, (4) the issuer has been in
existence for the past four years, (5) the issuer is
current on any cumulative dividends, (6) the
fixed-charge ratios for the issuer exceeds 120 per
cent. for each of the past two fiscal years (and for
the most recent four quarters), (7) the issuer had a
net profit before tax in the past fiscal year and the
most recent quarter and (8) the annual financial
statements of the issuer are unqualified and
certified by a firm of independent accounts of
international reputation, and quarterly statements
are unaudited but signed by a corporate officer,
“B3” if such Issuer Investment is a senior secured
obligation and “Caa1” if such Issuer Investment is
not a senior secured obligation;
if (1) neither the issuer of such Issuer Investment
nor any of its Affiliates is subject to reorganisation
or bankruptcy proceedings and (2) no obligation of
the issuer has been in default during the past two
years, “Caa2”;
if an obligation of the issuer of such Issuer
Investment has been in default during the past two
years, “Ca” and
in the case of an Issuer Investment that is only rated by
Moody’s (including any estimated rating), such Moody’s
rating.
means, as of any date, an amount, which may be positive or
negative, equal to (i) the aggregate amount of accrued interest
payable to the Issuer (excluding any interest payable on Counterparty
Downgrade Collateral) on all interest-bearing Non-Excluded Issuer
Investments as of such date minus (ii) the sum of (a) the aggregate
amount of accrued interest payable by the Issuer as of such date in
respect of Issuer Indebtedness, (b) the aggregate amount of accrued
and unpaid payments due to the counterparty under any Permitted
Short-Sale Transaction as of such date and (c) the Collateral
Manager’s good faith estimate of the aggregate amount of accrued
and unpaid fees and expenses of the Issuer (including, for the
avoidance of doubt, any Management Fee (together with VAT
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