ROCKALL CLO B.V. - Irish Stock Exchange

Under-Collateralisation Cure Methodologies fails to cure an
Over-Collateralisation Failure, the Issuer (or the Collateral Manager on its
behalf) shall make payments in accordance with the Prepayment Cure
Methodology in order to cure the resulting Supervening Shortfall by the
Long-Stop Date. Failure to do so will give rise to an Under-Collateralisation
Event, which constitutes an Event of Default for the purpose of the
Conditions (see Condition 10 (Events of Default)).
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 Documents), 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 the 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 Documents. (See Condition 3(h)(i) (Blockage Periods).
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. (See Condition 3(h)(i) (Blockage Periods)).
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 Documents), the Issuer and, upon
receipt of actual knowledge thereof, the Representative of the Holders of
the applicable Class B Notes 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 the 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
Noteholders 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, the 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 Note Payment Default or such failure to
comply with the Class B Notes Over-Collateralisation Test, in each case as
provided in the Conditions. (See Condition 3(h)(ii) (Blockage Periods)).
If a Class B Notes Blockage Trigger Event shall occur and be continuing,
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