ROCKALL CLO B.V. - Irish Stock Exchange
ROCKALL CLO B.V. - Irish Stock Exchange
ROCKALL CLO B.V. - Irish Stock Exchange
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(ii)<br />
(iii)<br />
Class B Notes Blockage Upon the occurrence of a Class B Notes Payment Default or<br />
in the event that the Issuer fails to be in compliance with the Class B Notes<br />
Over-Collateralisation Test (before giving effect to any grace period set forth in the<br />
applicable Transaction Documents), the Issuer and, upon receipt of actual knowledge<br />
thereof, the Representative of the Holders of the applicable Class B Notes shall<br />
provide written notice (or telephone notice promptly confirmed in writing) thereof to the<br />
Custodian, the Security Trustee and the other Representatives (or all Representatives<br />
in the case of a notice by the Issuer) and, unless and until such Class B Notes<br />
Payment Default shall have been cured or waived or shall have ceased to exist or the<br />
Issuer shall have come into compliance with the Class B Notes Over-Collateralisation<br />
Test, as the case may be, no payment may be made by the Issuer, or on behalf of the<br />
Issuer, on account of Class C Notes, Class D Notes and Class E Subordinated Notes<br />
(including pursuant to an Offer to Purchase), payments being made only on account<br />
of: (x) first interest in the following order of priority: first to the Holders of Senior<br />
Indebtedness and second to the Class B Noteholders and (y) second (i) such<br />
amounts of principal as are required to ensure compliance with the Class B Notes<br />
Over-Collateralisation Test in accordance with the order of priorities set out in<br />
Condition 3(i) (Prepayment Amounts) or (ii) the purchase or other acquisition of Senior<br />
Indebtedness or, if no Senior Indebtedness is then Outstanding, Class C Notes<br />
(including pursuant to an Offer to Purchase). Any failure of the Issuer or any<br />
Representative to furnish such notice, or any defect therein, shall not have any effect<br />
on the consequences of such Class B Notes Payment Default or such failure to<br />
comply with the Class B Notes Over-Collateralisation Test, in each case as provided<br />
in the applicable Transaction Documents.<br />
If a Class B Notes Blockage Trigger Event shall occur and be continuing, the Security<br />
Trustee shall, if directed by the Controlling Class to do so, provide written notice (or<br />
telephone notice promptly confirmed in writing) (a "Class B Notes Blockage Notice")<br />
thereof to the Custodian, the Issuer and each Representative stating that no payment<br />
may be made by the Issuer, or on behalf of the Issuer, on account of Class C Notes,<br />
Class D Notes and Class E Subordinated Notes (including pursuant to an Offer to<br />
Purchase) and until the end of the Class B Notes Blockage Period, no such payment<br />
shall be made by either the Issuer or the Security Trustee. No more than one Class B<br />
Notes Blockage Notice may be given during any period of 365 consecutive days.<br />
Class C Notes Blockage Upon the occurrence of a Class C Notes Payment Default or<br />
in the event that the Issuer fails to be in compliance with the Class C Notes<br />
Over-Collateralisation Test (before giving effect to any grace period set forth in the<br />
applicable Transaction Documents), the Issuer and, upon receipt of actual knowledge<br />
thereof, the Representative of the Class C Noteholders shall provide written notice (or<br />
telephone notice promptly confirmed in writing) thereof to the Custodian, the Security<br />
Trustee and the other Representatives (or all Representatives in the case of a notice<br />
by the Issuer) and, unless and until such Class C Notes Payment Default shall have<br />
been cured or waived or shall have ceased to exist or the Issuer shall have come into<br />
compliance with the Class C Notes Over-Collateralisation Test, as the case may be,<br />
no payment may be made by the Issuer, or on behalf of the Issuer, on account of<br />
Class D Notes and Class E Subordinated Notes (including pursuant to an Offer to<br />
Purchase), payments being made only on account of: (x) first interest in the following<br />
order of priority: first to the Holders of Senior Indebtedness, second to the Class B<br />
Noteholders and third to the Class C Noteholders and (y) second (i) such amounts of<br />
principal as are required to ensure compliance with the Class C Notes<br />
Over-Collateralisation Test in accordance with the order of priorities set out in<br />
Condition 3(i) (Prepayment Amounts) or (ii) the purchase or other acquisition of Senior<br />
Indebtedness or, if no Senior Indebtedness is then Outstanding, Class B Notes or, if<br />
no Senior Indebtedness or Class B Notes are then Outstanding, Class C Notes<br />
(including pursuant to an Offer to Purchase). Any failure of the Issuer or any<br />
Representative to furnish such notice, or any defect therein, shall not have any effect<br />
on the consequences of such Class C Notes Payment Default or such failure to<br />
comply with the Class C Notes Over-Collateralisation Test, in each case as provided<br />
in the applicable Transaction Documents.<br />
If a Class C Notes Blockage Trigger Event shall occur and be continuing, the Security<br />
Trustee shall, if directed by the Controlling Class to do so, provide written notice (or<br />
telephone notice promptly confirmed in writing) (a "Class C Notes Blockage Notice")<br />
thereof to the Custodian, the Issuer and each Representative stating that no payment<br />
may be made by the Issuer, or on behalf of the Issuer, on account of Class D Notes or<br />
Class E Subordinated Notes (including pursuant to an Offer to Purchase) and until the<br />
end of the Class C Notes Blockage Period, no such payment shall be made by either<br />
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