ROCKALL CLO B.V. - Irish Stock Exchange

(c)
(iv)
(v)
(vi)
(vii)
11. Enforcement
(a)
(b)
premium and interest thereon, to be due and payable and, upon any such declaration,
the same shall become and be immediately due and payable.
If at any time: (i) the VF Notes have been declared to be due and payable prior to their
stated maturity as a result of the occurrence of an event of default pursuant to their
terms, (ii) the Trustee or the relevant Noteholders (as applicable) have declared the
relevant Notes to be due and payable solely due to the occurrence of an event of
default under the VF Notes, (iii) the VF Noteholders rescind and annul the
acceleration of maturity of the VF Notes and its consequences and (iv) any past
amounts payable on the relevant Notes are paid in full (other than any Blocked Junior
Note Interest) then, notwithstanding the provision of Condition 11(b) (Enforcement),
the acceleration of maturity of the relevant Class of Notes and its consequences shall
be rescinded and annulled without any action on the part of the Issuer, the Trustee or
the relevant Class of Noteholders.
If an Event of Default occurs and is continuing, the Trustee shall upon the written
direction of the Controlling Class pursuant to an Intercreditor Approval, and may, in its
discretion, pursue any available remedy by proceeding at law or in equity to collect the
payment of principal of or premium (if applicable), interest, commitment fees (if any) or
breakage costs (if any) on the Notes or to enforce the performance of any provision
(including any obligation of payment or performance) of the Notes or the Trust Deed;
provided, however, that such remedy is not inconsistent with any of the subordination
restrictions set forth therein or with the provisions of the Intercreditor Arrangements.
The Senior Outstanding Class acting by Extraordinary Resolution may by notice to the
Security Trustee, waive an existing Default or Event of Default and its consequences
(including rescinding acceleration), except a Default or Event of Default in the
payment of principal of or premium (if applicable), interest, commitment fees (if any) or
breakage costs (if any) on any Note (other than principal or interest which has
become due as a result of acceleration), which must be waived by each affected
Noteholder. A cross-default to another Class of Notes may be waived by the Senior
Outstanding Class acting by Extraordinary Resolution. Any waiver of any Default or
Event of Default in respect of any covenant or obligation of the Issuer (including any
obligation of payment) to or for the benefit of the Trustee shall also require the
express written consent of the Trustee. When a Default or Event of Default is waived,
it is deemed cured and ceases to exist (but only with respect to the facts or
circumstances that gave rise to such Default or Event of Default).
Upon any notice being given to the Issuer in accordance with Condition 10(b)(i)
(Acceleration and Curing Default), all of the Notes shall immediately become due and
repayable at their applicable Redemption Prices.
Notification and Confirmation of No Default
The Issuer shall promptly notify the Trustee, the Collateral Manager and the Rating Agencies
upon becoming aware of the occurrence of an Event of Default. The Trust Deed contains
provision for the Issuer to provide written confirmation to the Trustee and the Rating Agencies
on an annual basis or on request that no Event of Default has occurred and that no condition,
event or act has occurred which, with the lapse of time and/or the issue, making or giving of
any notice, certification, declaration and/or request and/or the taking of any similar action
and/or the fulfilment of any similar condition could constitute an Event of Default and that no
other matter which is required (pursuant thereto) to be brought to the Trustee's attention has
occurred.
Security becoming Enforceable
The security constituted under the Security Documents over the Collateral shall become
enforceable upon an acceleration of the maturity of any of the Notes pursuant to
Condition 10(b) (Acceleration and Curing Default) or, in the event that the same has not
precipitated an acceleration under Condition 10(b) (Acceleration and Curing Default), upon the
service of a Liquidation Direction pursuant to the Intercreditor Arrangements.
Enforcement
At any time after the security under the Security Documents becomes enforceable, the Trustee
shall, at the direction of the Controlling Class, in accordance with the Intercreditor
Arrangements and without further notice, institute such proceedings against the Issuer as
instructed by the Controlling Class to enforce the terms of the Security Documents and the
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