VALLAURIS II CLO PLC - Irish Stock Exchange

Obligation (save in the case of (i) for any such fees and commissions which the
Collateral Manager is permitted to pay into the Interest Account in accordance
with, and subject to the limits of, Condition 3(i)(B)(10) (Interest Account))
provided that where any such amount is received in respect of any Non-Euro
Obligation, it shall first be converted into Euro by the Issuer following
consultation with the Collateral Manager pursuant to the Collateral
Management Agreement;
(6) Sale Proceeds received in respect of Collateral Debt Obligations (save for any
Non-Euro Obligation) and excluding any Sale Proceeds representing accrued
interest allocated by the Collateral Manager as Interest Proceeds in accordance
with (and subject to the limits of) Condition 3(i)(B)(8) (Interest Account);
(7) all Distributions and Sale Proceeds received in respect of Defaulted Equity
Securities;
(8) the net proceeds of enforcement of the security over the Collateral;
(9) all amounts transferred to the Principal Account from the Additional Collateral
Account, at the discretion of the Collateral Manager, pursuant to paragraph (d)
of Condition 3(i)(D) (Additional Collateral Account) upon confirmation by the
Rating Agencies of the ratings assigned to the Class I Senior Notes, the Class II
Senior Notes, the Class III Mezzanine Notes and the Class IV Mezzanine Notes
after the Final Effective Date;
(10) all amounts received by the Issuer from the Interest Rate Hedge Counterparty
upon any reduction of the notional amount of the Interest Rate Hedge
Agreement at the option of the Issuer;
(11) from the Interest Account, Interest Rate Hedge Replacement Receipts and
Interest Rate Hedge Termination Receipts, to the extent provided pursuant to
respectively, paragraphs (d) and (f) of Condition 3(i)(B) (Interest Account)
below;
(12) all amounts payable to the Issuer from the Counterparty Downgrade Collateral
Account upon termination of, or following an Event of Default under, an
Interest Rate Hedge Transaction or the Currency Hedge Transaction, as the
case may be;
(13) amounts transferred to the Principal Account from the Currency Accounts
pursuant to paragraph (c) of Condition 3(i)(H) (Currency Accounts) below
following exchange of such amounts into Euro by the Collateral Manager,
acting on behalf of the Issuer, pursuant to the terms of the Collateral
Management Agreement;
(14) amounts to be deposited in the Principal Account in accordance with paragraph
(T) of Condition 3(c)(i) (Application of Interest Proceeds) and paragraph (K) of
Condition 3(c)(ii) (Application of Principal Proceeds) for the purposes of
reinvestment in Substitute Collateral Debt Obligations;
(15) all other amounts received by the Issuer in respect of Collateral Debt
Obligations (save for any Non-Euro Obligation) which do not constitute Interest
Proceeds or are not otherwise required to be deposited in another Account
pursuant to the Conditions; and
(16) all amounts representing the element of deferred interest in any payments
received in respect of any Deferring Mezzanine Obligation.
The Issuer shall procure payment of the following amounts (and shall ensure
that payment of no other amount is made) out of the Principal Account:
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