VALLAURIS II CLO PLC - Irish Stock Exchange
VALLAURIS II CLO PLC - Irish Stock Exchange
VALLAURIS II CLO PLC - Irish Stock Exchange
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(e)<br />
Interest on the Rated Notes:<br />
(i) Rate of Interest: Subject as provided in paragraph (iii) below, the rate of interest<br />
from time to time in respect of the Class I Senior Notes (the ‘‘Class I Floating Rate<br />
of Interest’’), the Class <strong>II</strong> Senior Notes (the ‘‘Class <strong>II</strong> Floating Rate of Interest’’), the<br />
Class <strong>II</strong>I Mezzanine Notes (the ‘‘Class <strong>II</strong>I Floating Rate of Interest’’) and the Class<br />
IV Mezzanine Notes (the ‘‘Class IV Floating Rate of Interest’’) will be determined by<br />
the Collateral Administrator on the following basis:<br />
(A) On the second Business Day in London before the beginning of each Interest<br />
Accrual Period (the ‘‘Interest Determination Date’’) the Calculation Agent will<br />
determine the offered rate for six-month Euro deposits as at 11.00 am (Brussels<br />
time) on the Interest Determination Date in question and notify such rate to the<br />
Collateral Administrator (provided that, in respect of the first Interest Accrual<br />
Period, the rate shall be determined by linear interpolation with reference to sixmonth<br />
and nine-month Euro deposits). Such offered rate will be that which<br />
appears on the display designated as page 248 on the Telerate Monitor (or such<br />
other page or service as may replace it for the purpose of displaying EURIBOR<br />
rates). The Class I Floating Rate of Interest for such Interest Accrual Period<br />
shall be the aggregate of the Class I Margin (as defined in this Condition<br />
below) and the rate which so appears; the Class <strong>II</strong> Floating Rate of Interest for<br />
such Interest Accrual Period shall be the aggregate of the Class <strong>II</strong> Margin (as<br />
defined in this Condition below) and the rate which so appears; the Class <strong>II</strong>I<br />
Floating Rate of Interest for such Interest Accrual Period shall be the aggregate<br />
of the Class <strong>II</strong>I Margin (as defined in this Condition below) and the rate which<br />
so appears; the Class IV Floating Rate of Interest for such Interest Accrual<br />
Period shall be the aggregate of the Class IV Margin (as defined in this<br />
Condition below) and the rate which so appears, all as determined by the<br />
Calculation Agent and notified to the Collateral Administrator.<br />
(B) If the offered rate so appearing is replaced by the corresponding rates of more<br />
than one bank then paragraph (A) shall be applied, with any necessary<br />
consequential changes, to the arithmetic mean (rounded, if necessary, to the<br />
nearest one hundred-thousandth of a percentage point (with 0.00005 being<br />
rounded upwards)) of the rates (being at least two) which so appear, as<br />
determined by the Calculation Agent. If for any other reason such offered rate<br />
does not so appear, or if the relevant page is unavailable, the Calculation Agent<br />
will request each of four major banks in the Euro-zone interbank market acting<br />
in each case through its principal Euro-zone (as defined in this Condition<br />
below) office (the ‘‘Reference Banks’’) to provide the Calculation Agent with its<br />
offered quotation to leading banks for Euro deposits in the Euro-zone interbank<br />
market for a period of six months as at 11.00 am (Brussels time) on the Interest<br />
Determination Date in question. The Class I Floating Rate of Interest for such<br />
Interest Accrual Period shall be the aggregate of the Class I Margin and the<br />
arithmetic mean (rounded, if necessary, to the nearest one hundred-thousandth<br />
of a percentage point (with 0.0005 being rounded upwards)) of such quotations<br />
(or of such of them, being at least two, as are so provided); the Class <strong>II</strong><br />
Floating Rate of Interest for such Interest Accrual Period shall be the aggregate<br />
of the Class <strong>II</strong> Margin and the arithmetic mean (rounded, if necessary, to the<br />
nearest one hundred-thousandth of a percentage point (with 0.000005 being<br />
rounded upwards)) of such quotations (or of such of them, being at least two,<br />
as are so provided); the Class <strong>II</strong>I Floating Rate of Interest for such Interest<br />
Accrual Period shall be the aggregate of the Class <strong>II</strong>I Margin and the arithmetic<br />
mean (rounded, if necessary, to the nearest one hundred-thousandth of a<br />
percentage point (with 0.000005 being rounded upwards)) of such quotations (or<br />
of such of them, being at least two, as are so provided) and the Class IV<br />
Floating Rate of Interest for such Interest Accrual Period shall be the aggregate<br />
of the Class IV Margin and the arithmetic mean (rounded, if necessary, to the<br />
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