ROCKALL CLO B.V. - Irish Stock Exchange

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Asset Category Less than or equal to 1 year Moody's Class C Notes Advance Rates Greater than 1 year and less than or equal to 3 years Greater than 3 years and less than or equal to 5 years Greater than 5 years and less than or equal to 7 years Greater than 7 years and less than or equal to 10 years Independent of maturity Greater than 10 years A-1 100.0% - - - - - - A-2 99.3% - - - - - - A-3 96.8% - - - - - - A-4 92.5% - - - - - - A-5 89.7% - - - - - - A-6 83.2% - - - - - - B-1 91.0% - - - - - - B-2 82.0% - - - - - - B-3 74.0% - - - - - - B-4 79.6% - - - - - - B-5 73.8% - - - - - - B-6 70.8% - - - - - - B-7 79.6% - - - - - - B-8 73.8% - - - - - - B-9 70.8% - - - - - - C-1 - 97.2% 95.5% 93.4% 92.3% 89.6% 82.9% C-2 - 96.8% 94.3% 91.6% 90.2% 87.1% 79.2% C-3 - 96.5% 93.2% 89.8% 88.2% 84.7% 75.4% D-1 - 93.1% 90.8% 87.5% 85.4% 82.0% 72.4% D-2 - 91.7% 90.4% 87.2% 84.7% 81.3% 71.5% D-3 - 90.5% 88.8% 86.8% 84.0% 80.6% 70.6% E-1 - 84.4% 82.6% 81.3% 77.0% 76.7% 69.4% E-2 - 80.7% 78.7% 78.1% 74.3% 74.0% 69.0% E-3 - 78.5% 76.0% 75.1% 71.3% 70.8% 64.4% F-1 - 77.9% 72.8% 70.0% 65.6% 65.9% 53.2% F-2 - 75.8% 68.0% 64.4% 59.7% 59.6% 44.0% F-3 - 64.2% 61.8% 61.1% 56.5% 56.2% 39.8% I-1 76.8% - - - - - - I-2 70.3% - - - - - - I-3 59.9% - - - - - - I-4 39.1% - - - - - - I-5 35.4% - - - - - - I-6 30.7% - - - - - - I-7 39.1% - - - - - - I-8 35.4% - - - - - - I-9 30.7% - - - - - - I-10 45.7% - - - - - - K-1 38.1% - - - - - - K-2 33.9% - - - - - - - 127 -
Asset Category Less than or equal to 1 year Moody's Class D Notes Advance Rates Greater than 1 year and less than or equal to 3 years Greater than 3 years and less than or equal to 5 years Greater than 5 years and less than or equal to 7 years Greater than 7 years and less than or equal to 10 years Independent of maturity Greater than 10 years A-1 100.0% - - - - - - A-2 100.0% - - - - - - A-3 97.9% - - - - - - A-4 96.5% - - - - - - A-5 94.8% - - - - - - A-6 87.9% - - - - - - B-1 92.3% - - - - - - B-2 84.9% - - - - - - B-3 78.9% - - - - - - B-4 80.7% - - - - - - B-5 76.4% - - - - - - B-6 75.5% - - - - - - B-7 80.7% - - - - - - B-8 76.4% - - - - - - B-9 75.5% - - - - - - C-1 - 98.3% 98.3% 97.5% 96.6% 94.7% 94.7% C-2 - 97.9% 97.1% 95.6% 94.4% 92.1% 92.1% C-3 - 97.6% 95.9% 93.7% 92.3% 89.5% 89.5% D-1 - 94.4% 94.0% 92.0% 90.0% 87.3% 80.1% D-2 - 93.0% 93.6% 91.7% 89.2% 86.5% 79.1% D-3 - 91.7% 91.9% 91.3% 88.5% 85.8% 78.1% E-1 - 86.0% 86.6% 86.9% 82.3% 81.6% 78.7% E-2 - 82.3% 82.5% 83.5% 79.4% 80.0% 78.2% E-3 - 80.0% 79.7% 80.3% 76.2% 76.5% 73.0% F-1 - 80.6% 79.0% 78.3% 73.2% 74.4% 64.8% F-2 - 78.5% 73.8% 72.0% 66.6% 67.3% 53.6% F-3 - 66.5% 67.1% 68.3% 63.0% 63.5% 48.5% I-1 77.9% - - - - - - I-2 72.8% - - - - - - I-3 63.9% - - - - - - I-4 39.7% - - - - - - I-5 36.6% - - - - - - I-6 32.7% - - - - - - I-7 40.5% - - - - - - I-8 38.5% - - - - - - I-9 36.2% - - - - - - I-10 55.7% - - - - - - K-1 46.4% - - - - - - K-2 41.3% - - - - - - - 128 -
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ROCKALL CLO B.V. (a private limited
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OFFER/INVITATION/DISTRIBUTION RESTR
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Each purchaser of VF Notes and Note
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NOTES AND NOTES HAVE NOT BEEN OFFER
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CONTENTS Page SUMMARY..............
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6 Holders of the Class E-1b Subordi
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Principal Payments on the Notes Red
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Payments (see the section of this O
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for each calendar week and (y) to t
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the Security Trustee shall, if dire
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with the Over-Collateralisation Tes
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ERISA Considerations Limited Recour
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1.7 Removal of Credit Enhancement T
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made until payment in full of all o
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inter-company guarantees such a pro
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orrower. A Selling Institution voti
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may have an associated Secured Hedg
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will be to enable the Custodian, on
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2.25 Disclosure of Portfolio The Is
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Investments to properly plan for ex
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3.12 Volatility of the Class E Subo
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sections of these Risk Factors head
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may also act as counterparty with r
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"Account-Holding Bank" means (a) in
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"Class C Notes" means the Initial I
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(c) (d) (e) (f) Noteholders represe
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"Exchange Date" means a day falling
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"Ledger" means the ledger maintaine
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"Permitted Short-Sale Exposure" mea
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the ratio of (i) the number of days
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accounts so as to effect payment of
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(b) "Unused Class D Notes Commitmen
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and, as the case may be, the Truste
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(c) (d) (iii) Ledger If: (xx) (yy)
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(ii) (iii) Class B Notes Blockage U
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4. Security made with respect to th
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entitled at any time to institute a
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interest rate hedging transactions
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paragraph (a)(vii) of Condition 10
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interest payable in respect of each
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Intercreditor Arrangements shall be
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Redemption Date") provided that Cla
Page 85 and 86: until all outstanding Senior Indebt
Page 87 and 88: on the Noteholders. Upon the expiry
Page 89 and 90: otherwise be due but for the imposi
Page 91 and 92: (b) (xii) (xiii) (xiv) Final judgme
Page 93 and 94: (c) (d) 12. Prescription Notes and
Page 95 and 96: Resolution represents of the aggreg
Page 97 and 98: (x) (xi) (xii) (xiii) (xiv) (xv) to
Page 99 and 100: management or operation of the Coll
Page 101 and 102: 20. Specific Conditions Specific Co
Page 103 and 104: DESCRIPTION OF THE PORTFOLIO AND MA
Page 105 and 106: (Definitions)) or (2) the Issuer ha
Page 107 and 108: "Market Value Price" "Advance Rate"
Page 109 and 110: espect to which Rating Agency Confi
Page 111 and 112: "Class B Notes Advance Amount" "Cla
Page 113 and 114: “Dutch Ineligible Securities” "
Page 115 and 116: "Excluded Issuer Investments" (xi)
Page 117 and 118: “High Yield Security” “Intere
Page 119 and 120: “Net Accrual Amount” (vi) (vii)
Page 121 and 122: Over-Collateralisation Test, the Cl
Page 123 and 124: of “Caa1” for the purposes of c
Page 125 and 126: instrumentality thereof. “Pound S
Page 127 and 128: Purchase Contracts, Short-Sale Cont
Page 129 and 130: elated Permitted Short-Sale Obligat
Page 131 and 132: Collateral Manager on its behalf) r
Page 133 and 134: Asset Category S&P Senior Advance R
Page 135: Asset Category Less than or equal t
Page 139 and 140: FORM OF THE VF NOTES AND THE NOTES
Page 141 and 142: five years (in the case of interest
Page 143 and 144: 2. Book-Entry Ownership (a) (b) DTC
Page 145 and 146: Closing Date will be required, by v
Page 147 and 148: RATINGS OF THE NOTES It is a condit
Page 149 and 150: Mrs Maria Chr. van der Sluijs Plant
Page 151 and 152: There may be circumstances where de
Page 153 and 154: International Business from Northea
Page 155 and 156: DESCRIPTION OF THE COLLATERAL ADMIN
Page 157 and 158: DESCRIPTION OF THE COLLATERAL MANAG
Page 159 and 160: Automatic Termination of the Collat
Page 161 and 162: DESCRIPTION OF THE TERMS AND CONDIT
Page 163 and 164: Replacement of VF-1 Noteholders In
Page 165 and 166: "Interbank Rate Advance" means an A
Page 167 and 168: DESCRIPTION OF THE SECURITY AND INT
Page 169 and 170: Senior Indebtedness or Class B Note
Page 171 and 172: dealings (including in the case of
Page 173 and 174: "Minor Trade" means a sale or other
Page 175 and 176: Specified Notes The conditions cons
Page 177 and 178: any), provided that in relation to
Page 179 and 180: TAX CONSIDERATIONS General For purp
Page 181 and 182: the marketing of the Specified Note
Page 183 and 184: non-contingent principal payments o
Page 185 and 186: discussion below assumes that the I
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CERTAIN ERISA CONSIDERATIONS The U.
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meets all relevant legal requiremen
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This Offering Circular has been pre
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TRANSFER RESTRICTIONS Because of th
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in a Regulation S Global Note, the
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eliminates United States federal in
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(4) It acknowledges that the Issuer
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GENERAL INFORMATION 1. Clearing Sys
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GLOSSARY € ......................
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Initial Issuance Class B Notes ....
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Short-Sale Contract ...............
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ROCKALL CLO B.V. - Irish Stock Exchange

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