ROCKALL CLO B.V. - Irish Stock Exchange

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Class E-1 Subordinated Notes.......................................... 1 Class E-1a Preferred Subordinated Notes........................ 1 Class E-1b Subordinated Notes........................................ 1 Class E-2 Subordinated Notes.......................................... 1 Class of Noteholders....................................................... 39 Class of Notes................................................................. 39 Clearing System.............................................................. 40 Clearing Systems.......................................................... 133 Clearstream, Luxembourg .......................................... 1, 40 Closing Date ................................................................... 41 Code .........................................................................iii, 172 COF Advance ........................................................... 5, 155 Collateral......................................................................... 41 Collateral Acquisition Agreements .................................. 41 Collateral Administration Agreement .............................. 37 Collateral Administrator................................................... 37 Collateral Management Agreement ................................ 37 Collateral Management Fees.......................................... 41 Collateral Manager...................................... 1, 37, 102, 141 Collateral Manager Advance........................................... 41 Collateral Manager Termination Right ...................... 41, 64 Collateralisation Shortfall Amount................................... 41 Collateralisation Shortfall Date........................................ 41 Collateralisation Shortfall Valuation Statement......... 41, 68 Commercial Paper Notes.............................................. 155 Commitment.................................................................... 41 Commitment Fee Rate.................................................. 155 Commitment Termination Event ................................... 155 Committed Unsettled Status ........................................... 41 Conditions ....................................................................... 41 Conduit Noteholder ....................................................... 155 control ............................................................................. 38 Controlling Class............................................................. 41 Controlling Class Agent .................................................. 42 Cost of Funds Rate ....................................................... 155 Counterparty Downgrade Collateral................................ 42 Credit Default Exposure Contract ................................. 102 Credit Default Protection Adjustments .......................... 102 Credit Default Protection Advance Amount .................. 102 Credit Default Protection Contract ................................ 103 Credit Default Protection Contract Exposure .................. 42 Credit Default Swap ...................................................... 103 Currency Hedging Transaction ..................................... 103 CUSIP ........................................................................... 192 Custodian................................................................ 37, 103 Custody Cash Deposit .................................................... 42 Custody Deposit.............................................................. 42 Dealer Fee Letter ............................................................ 42 Dealer Fees .................................................................... 42 Debt ................................................................................ 42 Default............................................................................. 43 Defaulting VF-1 Noteholder .......................................... 155 Defensive Hedge Advance Amount .............................. 103 Defensive Hedge Transaction....................................... 103 Definitive Certificates ................................................ 13, 43 Delayed Payment Date ............................................. 43, 75 Delayed Redemption Notes ............................................ 43 Delivery Deadline...................................................... 43, 67 Deposits .......................................................................... 43 Designated Approval Representative ........................... 103 Determination Date ......................................................... 43 Direct Participants......................................................... 133 Diversity Compliance Period........................................... 43 Diversity Compliance Requirement........................... 43, 67 DSC .............................................................................. 141 DSCDM......................................................................... 141 DTC............................................................... 1, 12, 43, 186 Due Period ...................................................................... 43 Dutch Ineligible Securities............................................. 104 Early Termination Date ................................................. 163 ECOFIN......................................................................... 171 Elected Amount......................................................... 43, 75 Elected Class E Global Redemption Amount............ 43, 74 Electing Class E Subordinated Noteholder ............... 43, 75 Eligible Assets............................................................... 104 Eligible Counterparty..................................................... 104 Eligible Foreign Currencies ........................................... 104 Eligible Selling Institution .............................................. 104 Eligible Transferee ........................................................ 155 Employee Benefit Plan......................................................iii Equivalent or Shorter Maturity......................................... 43 ERISA .......................................................................iii, 178 ERISA Plans ................................................................. 178 EURIBID.......................................................................... 43 EURIBOR........................................................................ 43 EURIBOR Swaps ...................................................... 43, 50 Euro..................................................................................vii Euro Advance................................................................ 155 Euro Interest.................................................................. 173 Euroclear..................................................................... 1, 43 European Union ............................................................ 105 Euro-zone........................................................................ 43 Event of Default......................................................... 43, 80 Excess Distributions...................................................... 175 Excess Issuer Investments ........................................... 105 Exchange Act ...................................................................vii Exchange Date........................................................ 44, 131 Excluded Assets.............................................................. 44 Excluded Issuer Investments ........................................ 106 Extraordinary Resolution................................................. 44 Fixed Rate Notes ............................................................ 44 Fixed Rate of Interest................................................ 44, 70 Floating Rate Notes ........................................................ 44 Floating Rate of Interest............................................ 44, 70 Form-Approved Swap ..................................................... 44 Foundation .................................................................... 140 FSMA ....................................................................... vi, 182 Fungible Notes .............................................................. 165 Further Issuance ........................................................... 158 Further Non-Fungible Class A Notes .............................. 33 Further Non-Fungible Class B Notes .............................. 33 Further Non-Fungible Class C Notes .............................. 33 Further Non-Fungible Class D Notes .............................. 33 Further Non-Fungible Class E Subordinated Notes........ 33 Further Non-Fungible VF Notes ...................................... 32 Further Notes ................................................................ 163 GBP..................................................................................vii GIA ................................................................................ 141 Global Notes ............................................................... 1, 44 Government Securities.................................................. 107 Hedging and Short-Sale Advance Amount ................... 107 Hedging and Short-Sale Transaction ............................ 107 Hedging Arrangement ..................................................... 44 Hedging Representative.................................................. 44 High Yield Security........................................................ 108 Holder.............................................................................. 44 IFSRA................................................................................ 1 Incentive Fee........................................................... 44, 148 Incentive Fee Payment Date................................... 11, 148 Increase ........................................................................ 155 Increase Request .......................................................... 155 Indebtedness................................................................... 44 Indirect Participants....................................................... 133 Initial Borrowing Arrangements ....................................... 17 Initial Closing Date ...................................................... 1, 44 Initial Issuance Class A Notes......................................... 44 - 195 -
Initial Issuance Class B Notes ........................................ 44 Initial Issuance Class C Notes ........................................ 44 Initial Issuance Class D Notes ........................................ 44 Initial Issuance Class E Subordinated Notes .................. 44 Initial Issuance Class E-1a Preferred Subordinated Notes ........................................................................................ 44 Initial Issuance Class E-1b Subordinated Notes............. 45 Initial Issuance Class E-2 Subordinated Notes............... 45 Initial Issuance Notes...................................................... 45 Initial Rated Notes....................................................... 1, 49 Interbank Advance ............................................................ 5 Interbank Rate .............................................................. 155 Interbank Rate Advance ............................................... 156 Intercreditor Approval...................................................... 45 Intercreditor Arrangements ............................................. 45 Intercreditor Priority of Payments............................ 45, 162 Interest Custody Account................................................ 45 Interest Determination Date ...................................... 45, 70 Interest Payment Amount ............................................... 45 Interest Period................................................................. 45 Interest Rate Hedging Transaction ............................... 108 Interest Rate/Currency Hedging Advance Amount ....... 108 Interest Rate/Currency Hedging Net Exposure............. 108 Interest-Bearing Notes .................................................... 45 Interim Determination Date ........................................... 149 Intermediate Trade........................................................ 163 Investment Company Act............................ 1, 45, 186, 188 Irish Paying Agent........................................................... 37 Irish Stock Exchange ...................................................... 45 IRS ................................................................................ 172 ISIN ............................................................................... 192 issue price..................................................................... 173 Issuer .......................................................................... 1, 37 Issuer Dutch Account...................................................... 45 Issuer Fee ....................................................................... 45 Issuer Indebtedness........................................................ 45 Issuer Investments........................................................ 108 Issuer Order .................................................................. 160 Junior Class .............................................................. 45, 57 Junior Interest-Bearing Notes ......................................... 45 Junior Secured Creditor ................................................ 163 Junior Secured Obligations........................................... 163 Ledger............................................................................. 46 lender liability .................................................................. 28 Liquidation Direction ....................................................... 46 Liquidity Limitation Procedure......................................... 46 Loan Commitment........................................................... 46 Loans ............................................................................ 108 Long-Stop Date............................................................... 46 Major Trade................................................................... 163 Majority Senior Holder .................................................... 46 Management Agreement ........................................ 37, 139 Management Fee.................................................... 46, 148 Managing Directors................................................. 46, 139 Market Valuation Manual ................................................ 46 Market Value................................................................... 97 Market Value Price.......................................................... 98 MassMutual................................................................... 141 Master Trust Deed .......................................................... 37 Master Trust Deed Covenants ...................................... 165 Material Agreements....................................................... 46 Maturity Date................................................................... 46 Maximum Amount ......................................................... 156 Maximum Funding Exposure .......................................... 46 Maximum Unfunded Amount ........................................ 108 Member State ................................................................. 46 Mezzanine Loan............................................................ 108 Minimum Denomination .................................................. 46 Minor Trade................................................................... 164 Modified Following Business Day Convention ................ 46 Monthly Date ................................................................. 156 Moody’s Advance Amount ............................................ 108 Moody’s OC Test Rating ............................................... 109 Moody's ....................................................................... 1, 46 Net Accrual Amount ...................................................... 110 Net Asset Value ............................................................ 111 Net Exposure Component............................................. 111 Net Value ...................................................................... 111 New Holders.............................................................. 46, 90 New York Business Day................................................ 136 Non-Call Period............................................................... 46 Non-Cash Pay Instrument............................................. 111 Non-Credit Risk Security............................................... 111 Non-Excluded Issuer Investments ................................ 111 Non-Fungible Notes ...................................................... 165 Non-Permitted Holder ......................................... 36, 46, 55 Non-Petition Covenant .................................................... 47 non-U.S. Holder ............................................................ 171 Note................................................................................. 47 Note Commitment ........................................................... 47 Note Placement Agency Agreement ............................... 47 Note Tax Event ............................................................... 47 Noteholder Accession Certificate .................................. 158 Noteholder Confirmation Notice .................................... 158 Noteholders..................................................................... 47 Notes............................................................................... 47 Offer to Purchase ............................................................ 47 Offering ............................................................................ iv Offering Circular ................................................................ ii OID................................................................................ 173 OID de minimis amount................................................. 173 OID Note ....................................................................... 173 Optional Currency Advance .......................................... 156 Optional Redemption ...................................................... 47 Optional Redemption Date........................................ 47, 74 Ordinary Resolution ........................................................ 47 Other terms ..................................................................... 92 Outstanding..................................................................... 47 Outstanding Issuer Swap Termination Payments ........... 47 Over-Collateralisation Failure.......................................... 47 Over-Collateralisation Test Report.................................. 47 Over-Collateralisation Tests.......................................... 111 parallel security ............................................................. 110 Participants ................................................................... 133 Participation .................................................................. 115 Participations................................................................... 21 Paying Agent Account..................................................... 47 Paying Agents ................................................................. 37 Payment Date ............................................................. 1, 47 Payment Default.............................................................. 47 Percentage.................................................................... 156 Performing..................................................................... 115 Permitted Action............................................................ 164 Permitted Dealing.......................................................... 164 Permitted Redemption Amount ................................. 47, 75 Permitted Security Interest.............................................. 47 Permitted Security Interests ............................................ 65 Permitted Short-Sale Exposure....................................... 48 Permitted Short-Sale Obligation.................................... 115 Permitted Short-Sale Transaction ................................. 115 Person........................................................................... 115 PFIC .............................................................................. 174 Placement Agent......................................................... 1, 48 Plan ...................................................................................iii Plan Assets Regulation .................................... iv, 178, 185 Plans ............................................................................. 178 - 196 -
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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
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until all outstanding Senior Indebt
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on the Noteholders. Upon the expiry
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otherwise be due but for the imposi
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(b) (xii) (xiii) (xiv) Final judgme
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(c) (d) 12. Prescription Notes and
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Resolution represents of the aggreg
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(x) (xi) (xii) (xiii) (xiv) (xv) to
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management or operation of the Coll
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20. Specific Conditions Specific Co
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DESCRIPTION OF THE PORTFOLIO AND MA
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(Definitions)) or (2) the Issuer ha
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"Market Value Price" "Advance Rate"
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espect to which Rating Agency Confi
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"Class B Notes Advance Amount" "Cla
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“Dutch Ineligible Securities” "
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"Excluded Issuer Investments" (xi)
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“High Yield Security” “Intere
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“Net Accrual Amount” (vi) (vii)
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Over-Collateralisation Test, the Cl
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of “Caa1” for the purposes of c
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instrumentality thereof. “Pound S
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Purchase Contracts, Short-Sale Cont
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elated Permitted Short-Sale Obligat
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Collateral Manager on its behalf) r
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Asset Category S&P Senior Advance R
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Asset Category Less than or equal t
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Asset Category Less than or equal t
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FORM OF THE VF NOTES AND THE NOTES
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five years (in the case of interest
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2. Book-Entry Ownership (a) (b) DTC
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Closing Date will be required, by v
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RATINGS OF THE NOTES It is a condit
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Mrs Maria Chr. van der Sluijs Plant
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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
Page 187 and 188: CERTAIN ERISA CONSIDERATIONS The U.
Page 189 and 190: meets all relevant legal requiremen
Page 191 and 192: This Offering Circular has been pre
Page 193 and 194: TRANSFER RESTRICTIONS Because of th
Page 195 and 196: in a Regulation S Global Note, the
Page 197 and 198: eliminates United States federal in
Page 199 and 200: (4) It acknowledges that the Issuer
Page 201 and 202: GENERAL INFORMATION 1. Clearing Sys
Page 203: GLOSSARY € ......................
Page 207 and 208: Short-Sale Contract ...............
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