VALLAURIS II CLO PLC - Irish Stock Exchange

the avoidance of doubt, any scheduled or unscheduled termination or
redemption payments save to the extent that such amounts are attributable to
accrued interest or periodic payments which are in the nature of interest
payments;
(3) all interest accrued in respect of the Balance standing to the credit of each of
the Accounts from time to time;
(4) all amendment and waiver fees, all late payment fees and all other fees and
commission received in connection with any Collateral Debt Obligations (other
than fees and commissions received in connection with (i) the purchase or sale
of any Collateral Debt Obligations, (ii) any Defaulted Obligation, or (iii) the
work out or restructuring of any Collateral Debt Obligation, in each case,
which shall, subject (in the case of (i) only) to the Collateral Manager
determining that such be paid into the Interest Account and constitute Interest
Proceeds in accordance with the terms of the Collateral Management
Agreement, be payable into the Principal Account and shall constitute Principal
Proceeds) and, where any such amount is received in respect of any Non-Euro
Obligation, converted into Euro by the Collateral Manager, acting on behalf of
the Issuer, pursuant to the Collateral Management Agreement;
(5) any or all accruals on the cash pay coupon covenant forming part of any Sale
Proceeds of any Collateral Debt Obligation (save for any Non-Euro Obligation
and excluding for the avoidance of doubt any par accretion amounts) allocable
as Interest Proceeds pursuant to the Collateral Management Agreement;
(6) all amounts transferred to the Interest Account from the Additional Collateral
Account, at the discretion of the Collateral Manager, pursuant to paragraph (e)
of Condition 3(i)(D) (Additional Collateral Account) upon confirmation by the
Rating Agencies of the ratings assigned to the Class I Senior Notes, Class II
Senior Notes, the Class III Mezzanine Notes and the Class IV Mezzanine Notes
after the Final Effective Date;
(7) all accrued interest included in the amount of any Sale Proceeds received in
respect of Collateral Debt Obligations to be allocated by the Collateral Manager
as Interest Proceeds pursuant to the Collateral Management Agreement
(provided always that such Sale Proceeds may not be allocated as Interest
Proceeds and shall be allocated to the Principal Account if (i) they constituted
part of the principal amount of a Collateral Debt Obligation at the time it was
bought including any Purchased Accrued Interest and any accrued interest or
other sum that has, under the terms of such Collateral Debt Obligation, been
capitalised as principal thereafter; and (ii) (a) the Class IV Par Value Ratio is
less than such ratio as at the Closing Date; or (b) the aggregate of such Sale
Proceeds is equal to or less than 100% of the purchase price for such Collateral
Debt Obligations);
(8) all amounts payable thereto out of the Collateral Enhancement Account
pursuant to paragraph (1) of Condition 3(i)(E) (Collateral Enhancement
Account);
(9) any fees and commissions (such as syndication fees) received no earlier than the
date falling one year after the Closing Date, in connection with the purchase or
sale of any Collateral Debt Obligation which the Collateral Manager determines
shall be paid into the Interest Account and treated as Interest Proceeds
(provided that the Class IV Par Value Ratio is equal to or above such ratio as
at the Closing Date); and where any such amount is received in respect of any
Non-Euro Obligation, such amount converted into Euro by the Collateral
Manager, acting on behalf of the Issuer, pursuant to the Collateral Management
Agreement;
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