VALLAURIS II CLO PLC - Irish Stock Exchange

(b)
(c)
(d)
at any time in repayment of any Collateral Manager Advance (and interest
accrued thereon outstanding);
at any time at the discretion of the Collateral Manager, acting on behalf
of the Issuer, in transfer to the Interest Account or the Principal Account;
and
on the Business Day prior to the Maturity Date or any Payment Date on
which the Subordinated Notes are to be redeemed in full, in payment into
the Payment Account for distribution on such Payment Date as Interest
Proceeds in accordance with Condition 3(c)(i) (Application of Interest
Proceeds).
Amounts may not be paid out of the Collateral Enhancement Account in any other
circumstances save for interest accrued on the Balance thereof from time to time
which shall be transferred to the Interest Account.
(F)
(G)
Payment Account
The Issuer will procure that on the Business Day prior to each Payment Date the
Balance standing to the credit of each of the Interest Account and the Principal
Account, together with all Scheduled Interest Rate Hedge Payments due and payable
to the Issuer on such date and, to the extent applicable, the Balance standing to the
credit of the Expense Reserve Account and, if applicable, the Additional Collateral
Account, the Retained Portion Account, the Currency Accounts, and the Collateral
Enhancement Account which are required to be transferred to the Payment Account
pursuant to paragraphs (A) to (E) (inclusive) and (H) (I) and (J) of this Condition
3(i) (Accounts) are so transferred and, on such Payment Date, the Collateral
Administrator, acting on behalf of the Issuer, shall disburse such amounts in
accordance with the Priorities of Payment. No amounts shall be transferred to or
withdrawn from the Payment Account at any other time or in any other
circumstances, save that all interest accrued on the Payment Account shall be credited
to the Interest Account and save for the discretionary payments from the Collateral
Enhancement Account.
Synthetic Collateral Account
The Issuer shall procure that sums and/or securities posted by the Issuer as Synthetic
Collateral to secure the Issuer’s obligations under a Synthetic Security pursuant to the
terms of such Synthetic Security are paid into separate segregated sub accounts (each
relating to individual Synthetic Counterparties) within the Synthetic Collateral
Account.
The Issuer shall procure payment of the following amounts (and shall ensure that
payment of no other amount is made) out of the Synthetic Collateral Account:
(a)
(b)
(c)
(d)
(e)
all principal payments received in respect of any Synthetic Collateral to the
extent no longer subject to the security interest of the applicable Synthetic
Counterparty to the Principal Account;
all payments in the nature of interest received by the Issuer in respect of any
Synthetic Collateral to the extent no longer subject to the security interest of the
applicable Synthetic Counterparty to the Interest Account;
in payment of any amounts due and payable by the Issuer under any Synthetic
Security;
for the purpose of investment in Eligible Investments to the extent permitted by,
and in accordance with, the Collateral Management Agreement; and
all interest accrued on the Synthetic Collateral Account to the Interest Account.
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