ROCKALL CLO B.V. - Irish Stock Exchange

Subordination Prior to Enforcement
General The Security and Intercreditor Deed provides that on the occurrence of certain events prior to
enforcement of the security, certain payments in respect of indebtedness which is for the time being subordinated
to the then senior outstanding indebtedness of the Issuer will be blocked either indefinitely or until the occurrence
of certain remedial actions.
Blockage Periods Upon the occurrence of a Senior Payment Default or in the event that the Issuer fails to be in
compliance with the Senior Over-Collateralisation Test (before giving effect to any grace period set forth in the
applicable Transaction Document), the Issuer and, upon receipt of actual knowledge thereof, the Representative
of the Holders of the applicable Senior Indebtedness shall provide written notice (or telephone notice promptly
confirmed in writing) thereof to the Custodian, the Security Trustee and the other Representatives (or all
Representatives in the case of a notice by the Issuer) and, unless and until such Senior Payment Default shall
have been cured or waived or shall have ceased to exist or the Issuer shall have come into compliance with the
Senior Over-Collateralisation Test, as the case may be, no payment may be made by the Issuer, or on behalf of
the Issuer, on account of Class B Notes, Class C Notes, Class D Notes or Class E Subordinated Notes (including
pursuant to an Offer to Purchase). Any failure of the Issuer or any Representative to furnish such notice, or any
defect therein, shall not have any effect on the consequences of such Senior Payment Default or such failure to
comply with the Senior Over-Collateralisation Test, in each case as provided in the applicable Transaction
Document.
If a Senior Blockage Trigger Event shall occur and be continuing, the Security Trustee shall, if directed by the
Controlling Class to do so, provide a Senior Blockage Notice to the Custodian, the Issuer and each
Representative stating that no payment may be made by the Issuer, or on behalf of the Issuer, on account of
Class B Notes, Class C Notes, Class D Notes or Class E Subordinated Notes (including pursuant to an Offer to
Purchase) and until the end of the Senior Blockage Period no such payment shall be made by either the Issuer or
the Security Trustee. No more than one Senior Blockage Notice may be given during any period of 365
consecutive days.
Upon the occurrence of a Class B Notes Payment Default or in the event that the Issuer fails to be in compliance
with the Class B Notes Over-Collateralisation Test (before giving effect to any grace period set forth in the
applicable Transaction Document), the Issuer and, upon receipt of actual knowledge thereof, the Representative
of the Class B Noteholders shall provide written notice (or telephone notice promptly confirmed in writing) thereof
to the Custodian, the Security Trustee and the other Representatives (or all Representatives in the case of a
notice by the Issuer) and, unless and until such Class B Notes Payment Default shall have been cured or waived
or shall have ceased to exist or the Issuer shall have come into compliance with the Class B Notes
Over-Collateralisation Test, as the case may be, no payment may be made by the Issuer, or on behalf of the
Issuer, on account of Class C Notes, Class D Notes or Class E Subordinated Notes (including pursuant to an
Offer to Purchase), other than on account of: (x) first interest in the following order of priority: first to the Holders
of Senior Indebtedness and second to the Class B Noteholders and (y) second (i) such amounts of principal as
are required to ensure compliance with the Class B Notes Over-Collateralisation Test in accordance with the
order of priorities set out in Condition 3(i) (Prepayment Amount) or (ii) the purchase or other acquisition of Senior
Indebtedness or, if no Senior Indebtedness is then Outstanding, Class B Notes (including pursuant to an Offer to
Purchase). Any failure of the Issuer or any Representative to furnish such notice, or any defect therein, shall not
have any effect on the consequences of such Class B Notes Payment Default or such failure to comply with the
Class B Notes Over-Collateralisation Test, in each case as provided in the applicable Transaction Document.
If a Class B Notes Blockage Trigger Event shall occur and be continuing, the Security Trustee shall, if directed by
the Controlling Class to do so, provide a Class B Notes Blockage Notice to the Custodian, the Issuer and each
Representative stating that no payment may be made by the Issuer, or on behalf of the Issuer, on account of
Class C Notes, Class D Notes or Class E Subordinated Notes (including pursuant to an Offer to Purchase) and
until the end of the Class B Notes Blockage Period no such payment shall be made by either the Issuer or the
Security Trustee. No more than one Class B Notes Blockage Notice may be given during any period of 365
consecutive days.
Upon the occurrence of a Class C Notes Payment Default or in the event that the Issuer fails to be in compliance
with the Class C Notes Over-Collateralisation Test (before giving effect to any grace period set forth in the
applicable Transaction Document), the Issuer and, upon receipt of actual knowledge thereof, the Representative
of the Class C Notes Noteholders shall provide written notice (or telephone notice promptly confirmed in writing)
thereof to the Custodian, the Security Trustee and the other Representatives (or all Representatives in the case
of a notice by the Issuer) and, unless and until such Class C Notes Payment Default shall have been cured or
waived or shall have ceased to exist or the Issuer shall have come into compliance with the Class C Notes
Over-Collateralisation Test, as the case may be, no payment may be made by the Issuer, or on behalf of the
Issuer, on account of Class D Notes or Class E Subordinated Notes (including pursuant to an Offer to Purchase),
other than on account of: (x) first interest in the following order of priority: first to the Holders of Senior
Indebtedness, second to the Class B Noteholders and third to the Class C Noteholders and (y) second (i) such
amounts of principal as are required to ensure compliance with the Class C Notes Over-Collateralisation Test in
accordance with the order of priorities set out in Condition 3(i) (Prepayment Amounts) or (ii) the purchase or other
acquisition of Senior Indebtedness or, if no Senior Indebtedness is then Outstanding, Class B Notes or, if no
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