VALLAURIS II CLO PLC - Irish Stock Exchange

(H)
Currency Accounts
The Issuer will procure that all amounts received in respect of (1) any Non-Euro
Obligations and (2) Currency Swap Transactions (other than in Euro) are paid into
the appropriate Currency Account in the currency of receipt thereof.
The Issuer will procure payment of the following amounts (and shall ensure that
payment of no other amount is made) out of the appropriate Currency Account:
(a) at any time, all amounts payable by the Issuer to the Currency Swap
Counterparty under any Currency Swap Transaction;
(b) at any time, any amount payable by the Issuer upon entry into a Replacement
Currency Swap Agreement in accordance with the Collateral Management
Agreement up to an amount equal to the Currency Swap Termination Receipts
received by the Issuer upon termination of the Currency Swap Agreement which
is being replaced, except for:
(AA) in the event that the Issuer, following consultation with the Collateral
Manager (acting on behalf of the Issuer), determines not to replace a
Currency Swap Agreement or certain transactions thereunder and Rating
Agency Confirmation is received in respect of such determination; or
(BB) if a Currency Swap Agreement is terminated on a Redemption Date
pursuant to Conditions 7(a) (Final Redemption), 7(b) (Optional
Redemption), 7(g) (Redemption upon Failure to Appoint a Replacement
Collateral Manager) or 10 (Events of Default) and Currency Swap
Termination Receipts are payable on a Redemption Date; or
(CC) to the extent that such Currency Swap Termination Receipts are not
required for application towards costs of entry into a Replacement
Currency Swap Agreement,
the Balance in the case of paragraphs (AA) to (CC) (inclusive) above standing
to the credit of the appropriate Currency Account that comprises Currency
Swap Termination Receipts in relation to the Currency Swap Agreement being
terminated and replaced shall be converted into Euro by the Collateral
Manager, acting on behalf of the Issuer, and transferred to the Principal
Account in accordance with paragraph (12) of Condition 3(i)(A) (Principal
Account);
(c) on the Business Day prior to any Redemption Date in the event of redemption
of the Notes in whole, all amounts standing to the credit of any Currency
Account received by the Issuer under any Non-Euro Obligation other than any
periodic payments or other payments in the nature of interest, to the extent not
subject to the terms of a Currency Swap Agreement, shall be converted into
Euro by the Collateral Manager, acting on behalf of the Issuer, and transferred
to the Principal Account for disbursement as Principal Proceeds in accordance
with Condition 3(c)(ii) (Application of Principal Proceeds); and
(d) all other amounts on account of interest received in respect of Non-Euro
Obligations (including accrued interest included in the amount of any Sale
Proceeds received in respect of a Non-Euro Obligation) and interest accrued on
the Currency Accounts to the extent not subject to the terms of a Currency
Swap Agreement, which are converted into Euros by the Collateral Manager,
acting on behalf of the Issuer, in accordance with the Collateral Management
Agreement, to the Interest Account.
Pursuant to the Collateral Management Agreement, the Collateral Manager
may, acting on behalf of the Issuer, enter into foreign exchange transactions to
convert any non-Euro amounts which are payable into the Principal Account or
Interest Account into Euro on the date of receipt thereof.
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