ROCKALL CLO B.V. - Irish Stock Exchange

on the Noteholders. Upon the expiry of any such notice as is referred to in this Condition 7(d),
the Issuer shall be bound to redeem the Notes in accordance with this Condition 7(d).
(e)
(f)
(g)
(h)
Mandatory Redemption
(i)
(ii)
(iii)
Redemption
Mandatory Redemption upon Over-Collateralisation Failure
If, on breach of the Over-Collateralisation Tests as contemplated by Condition 5(c)
(Over-Collateralisation Failure and Collateralisation Shortfall Dates), the Issuer (or the
Collateral Manager on its behalf) employs one of the Under-Collateralisation Cure
Methodologies such that payments to Noteholders are made pursuant to
Condition 5(c)(i) (Over-Collateralisation Failure and Collateralisation Shortfall Dates),
the Notes shall be redeemed on a pro rata and mandatory basis in accordance with
the Prepayment Priorities, subject to the payment of any Redemption Breakage
Costs, as required under Condition 5(c)(i) (Over-Collateralisation Failure and
Collateralisation Shortfall Dates) on the Prepayment Date.
Mandatory Class E Subordinated Note Redemptions for Liquidity Reasons
In the event that the Principal Amount Outstanding of Class E Subordinated Notes
falls below €25,000,000 and the Collateral Manager, in its discretion, so determines,
100 per cent. of the Principal Amount Outstanding of Class E Subordinated Notes
shall be redeemed by the Issuer on the next following Payment Date (such date, the
"Class E Mandatory Redemption Date") provided that the Premature Redemption
Requirements are met and that the Collateral Manager's determination hereunder
shall have been made so as to allow the Trustee to give Class E Subordinated
Noteholders not less than 35 days prior notice thereof in accordance with
Condition 7(b)(iii)(A).
Mandatory Redemption of other Interest-Bearing Notes upon Redemption of
Class E Subordinated Notes
In the event that any Class E Subordinated Notes are subject to a Redemption
pursuant to Condition 7(b) (Optional Redemption) or Condition 7(e)(ii) (Mandatory
Class E Subordinated Note Redemptions for Liquidity Reasons), the Issuer (or the
Collateral Manager on the Issuer's behalf) may at its discretion elect to mandatorily
redeem any other Class of Interest-Bearing Notes then Outstanding (each such Class,
an "Associated Mandatory Redemption Class") in whole or in part at the applicable
Redemption Price therefor on the Optional Redemption Date, Delayed Payment Date
or, as the case may be, Class E Mandatory Redemption Date on which such Class E
Subordinated Notes are redeemed (each such date, a "Premature Redemption
Date") provided that: (a) if less than 100 per cent. of the Principal Amount
Outstanding of any Associated Mandatory Redemption Class is to be so redeemed, it
shall be redeemed pro rata according to the respective holdings of the Holders of
such Interest-Bearing Notes comprising such Associated Mandatory Redemption
Class as at the relevant Premature Redemption Date and (b) no such mandatory
redemption may occur if, immediately after giving effect to the same, the Premature
Redemption Requirements are not, or would fail to be, fulfilled.
All Notes in respect of which any notice of redemption is given shall be redeemed on the
Redemption Date at their applicable Redemption Prices and to the extent specified in such
notice and in accordance with the requirements of this Condition 7 (Redemption). Each Note
falling to be redeemed must be surrendered to the Trustee in order to receive the Redemption
Price therefor.
No other Redemption
The Issuer shall not be entitled to redeem any Notes otherwise than as provided in this
Condition 7 (Redemption).
Notice of Redemption
Subject, in addition, to compliance with the specific notification procedures contained in such
Conditions, the Issuer will procure that notice of any redemption in accordance with
Condition 7(b) (Optional Redemption), Condition 7(d) (Redemption for Tax Reasons) or
Condition 7(e) (Mandatory Redemption) is given to the Noteholders in accordance with
Condition 16 (Notices) and promptly in writing to the Rating Agencies.
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