ROCKALL CLO B.V. - Irish Stock Exchange

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60 days after the date of the allotment of the relevant tranche of VF Notes or Notes. Such stabilising shall be in compliance with all applicable laws, regulations and rules. No such stabilising shall take place in or from The Netherlands. For a description of these activities, see the section of this Offering Circular headed "Plan of Distribution" below. - viii -
CONTENTS Page SUMMARY.............................................................................................................................................................. 1 RISK FACTORS.................................................................................................................................................... 15 TERMS AND CONDITIONS ................................................................................................................................. 37 DESCRIPTION OF THE PORTFOLIO AND MARKET VALUATION METHODOLOGY ....................................... 94 MARKET VALUATION MANUAL.......................................................................................................................... 97 USE OF PROCEEDS.......................................................................................................................................... 129 FORM OF THE VF NOTES AND NOTES........................................................................................................... 130 BOOK-ENTRY CLEARANCE PROCEDURES ................................................................................................... 133 RATINGS OF THE NOTES................................................................................................................................. 138 DESCRIPTION OF THE ISSUER ....................................................................................................................... 139 DESCRIPTION OF THE COLLATERAL MANAGER .......................................................................................... 141 DESCRIPTION OF THE COLLATERAL ADMINISTRATOR............................................................................... 146 DESCRIPTION OF THE ACCOUNTS ................................................................................................................ 147 DESCRIPTION OF THE COLLATERAL MANAGEMENT AGREEMENT ........................................................... 148 DESCRIPTION OF THE TERMS AND CONDITIONS OF THE VF-1 NOTES.................................................... 152 DESCRIPTION OF THE SECURITY AND INTERCREDITOR DEED................................................................. 158 DESCRIPTION OF THE MASTER TRUST DEED NOTE ISSUANCE PROCEDURE........................................ 165 DESCRIPTION OF THE REPORTS ................................................................................................................... 167 HEDGING ARRANGEMENTS ............................................................................................................................ 169 TAX CONSIDERATIONS.................................................................................................................................... 170 CERTAIN ERISA CONSIDERATIONS ............................................................................................................... 178 PLAN OF DISTRIBUTION .................................................................................................................................. 181 TRANSFER RESTRICTIONS ............................................................................................................................. 184 SECTION 3(C)(7) PROCEDURES...................................................................................................................... 191 GENERAL INFORMATION................................................................................................................................. 192 GLOSSARY ........................................................................................................................................................ 194 - ix -
Page 1 and 2: ROCKALL CLO B.V. (a private limited
Page 3 and 4: OFFER/INVITATION/DISTRIBUTION RESTR
Page 5 and 6: Each purchaser of VF Notes and Note
Page 7: NOTES AND NOTES HAVE NOT BEEN OFFER
Page 11 and 12: 6 Holders of the Class E-1b Subordi
Page 13 and 14: Principal Payments on the Notes Red
Page 15 and 16: Payments (see the section of this O
Page 17 and 18: for each calendar week and (y) to t
Page 19 and 20: the Security Trustee shall, if dire
Page 21 and 22: with the Over-Collateralisation Tes
Page 23 and 24: ERISA Considerations Limited Recour
Page 25 and 26: 1.7 Removal of Credit Enhancement T
Page 27 and 28: made until payment in full of all o
Page 29 and 30: inter-company guarantees such a pro
Page 31 and 32: orrower. A Selling Institution voti
Page 33 and 34: may have an associated Secured Hedg
Page 35 and 36: will be to enable the Custodian, on
Page 37 and 38: 2.25 Disclosure of Portfolio The Is
Page 39 and 40: Investments to properly plan for ex
Page 41 and 42: 3.12 Volatility of the Class E Subo
Page 43 and 44: sections of these Risk Factors head
Page 45 and 46: may also act as counterparty with r
Page 47 and 48: "Account-Holding Bank" means (a) in
Page 49 and 50: "Class C Notes" means the Initial I
Page 51 and 52: (c) (d) (e) (f) Noteholders represe
Page 53 and 54: "Exchange Date" means a day falling
Page 55 and 56: "Ledger" means the ledger maintaine
Page 57 and 58: "Permitted Short-Sale Exposure" mea
Page 59 and 60:
the ratio of (i) the number of days
Page 61 and 62:
accounts so as to effect payment of
Page 63 and 64:
(b) "Unused Class D Notes Commitmen
Page 65 and 66:
and, as the case may be, the Truste
Page 67 and 68:
(c) (d) (iii) Ledger If: (xx) (yy)
Page 69 and 70:
(ii) (iii) Class B Notes Blockage U
Page 71 and 72:
4. Security made with respect to th
Page 73 and 74:
entitled at any time to institute a
Page 75 and 76:
interest rate hedging transactions
Page 77 and 78:
paragraph (a)(vii) of Condition 10
Page 79 and 80:
interest payable in respect of each
Page 81 and 82:
Intercreditor Arrangements shall be
Page 83 and 84:
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 and 136:
Asset Category Less than or equal t
Page 137 and 138:
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
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 and 204:
GLOSSARY € ......................
Page 205 and 206:
Initial Issuance Class B Notes ....
Page 207 and 208:
Short-Sale Contract ...............
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ROCKALL CLO B.V. - Irish Stock Exchange

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