VALLAURIS II CLO PLC - Irish Stock Exchange

(BB) termination of the Interest Rate Hedge Agreement under which such
Interest Rate Hedge Termination Receipts are payable occurs on a
Redemption Date; or
(CC) to the extent that such Interest Rate Hedge Termination Receipts
are not required for application towards costs of entry into a
Replacement Interest Rate Hedge Agreement,
in payment of such amounts (save for accrued interest thereon) to the
Principal Account.
(C)
(D)
Expense Reserve Account
The Issuer will procure that the following amounts are paid into the Expense Reserve
Account:
(1) on the Closing Date, A75,000 and an amount in Euro equal to 0.04 per cent. of
the Target Par Amount; and
(2) on each Payment Date (other than the date on which the Subordinated Notes
are to be redeemed in full following such Payment Date) the amount of Interest
Proceeds required pursuant to paragraph (D) of Condition 3(c)(i) (Application of
Interest Proceeds) and, to the extent that such amounts are not paid out of
Interest Proceeds, the amount of Principal Proceeds required pursuant to
paragraph (A) of Condition 3(c)(ii) (Application of Principal Proceeds).
The Issuer shall procure payment of the following amounts (and shall ensure
that payment of no other amount is made) out of the Expense Reserve
Account:
(a) on the first Business Day prior to each Payment Date the Balance
standing to the credit of the Expense Reserve Account to the Payment
Account for disbursement in accordance with Condition 3(c)(i) (Application
of Interest Proceeds);
(b) at any time, in payment by the Collateral Administrator on behalf of the
Issuer of any Trustee Fees and Expenses and Administrative Expenses
which have accrued and become payable prior to any Payment Date, to
the extent applicable, upon receipt of invoices therefor from the relevant
creditor; and
(c) all interest accrued on the Expense Reserve Account to the Interest
Account.
Additional Collateral Account
The Issuer shall procure that the proceeds of the issue of the Notes remaining after
payment of the aggregate purchase price of the Collateral Debt Obligations purchased
by or on behalf of the Issuer on or about the Closing Date, the payment of costs of
entry into any Interest Rate Hedge Transaction and/or Currency Swap Transaction
entered into on or about the Closing Date, the payment of amounts required to be
paid into the Expense Reserve Account and the Interest Account on the Closing Date
and the other fees and expenses of the Issuer payable on the Closing Date are paid
into the Additional Collateral Account on the Closing Date.
The Issuer shall procure payment of the following amounts (and shall ensure that
payment of no other payment is made) out of the Additional Collateral Account:
(a) during the Investment Period in accordance with the terms of, and to the extent
permitted under, the Collateral Management Agreement, amounts required in
the acquisition of Additional Collateral Debt Obligations;
(b) on the Business Day prior to each Payment Date, to the Payment Account as
Principal Proceeds for application in accordance with the Priorities of Payment
set out in Condition 3(c)(ii) (Application of Principal Proceeds) to the extent
required in order to procure that the Senior Coverage Tests and the Mezzanine
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