VALLAURIS II CLO PLC - Irish Stock Exchange

nearest one hundred-thousandth of a percentage point (with 0.000005 being
rounded upwards)) of such quotations (or of such of them, being at least two,
as are so provided).
(C)
(D)
If on any Interest Determination Date one only or none of the Reference Banks
provides such quotation, the Class I Floating Rate of Interest, the Class II
Floating Rate of Interest, Class III Floating Rate of Interest and Class IV
Floating Rate of Interest, respectively, for the next Interest Accrual Period shall
be the rate per annum which the Calculation Agent determines to be either the
arithmetic mean (rounded, if necessary, to the nearest one hundred- thousandth
of a percentage point (with 0.0005 being rounded upwards)) of the Euro lending
rates which major banks in the Euro-zone selected by the Calculation Agent are
quoting, on the relevant Interest Determination Date, for loans in Euro for a
period of six months to leading European banks plus, in the case of the Class I
Floating Rate of Interest, the Class I Margin; plus, in the case of the Class III
Floating Rate of Interest, the Class III Margin; plus, in the case of the Class IV
Floating Rate of Interest, the Class IV Margin.
Where:
‘‘Euro-zone’’ means the region comprised of Member States of the European
Union that have adopted the single currency in accordance with the Treaty
establishing the European Community;
‘‘Class I Margin’’ means 0.25 per cent. per annum;
‘‘Class II Margin’’ means 0.40 per cent. per annum;
‘‘Class III Margin’’ means 1.45 per cent. per annum; and
‘‘Class IV Margin’’ means 4.10 per cent. per annum.
(ii)
(iii)
Determination of Floating Rate of Interest and Calculation of Interest Amount: The
Calculation Agent will, as soon as practicable after 11.00 am (Brussels time) on each
Interest Determination Date, but in no event later than the second Business Day in
London after such date, determine the Class I Floating Rate of Interest and/or the
Class II Floating Rate of Interest and/or Class III Floating Rate of Interest and/or
Class IV Floating Rate of Interest, as the case may be, and calculate the Interest
Amount payable in respect of each A1,000 in principal amount outstanding of Class I
Senior Notes, the Class II Senior Notes, the Class III Mezzanine Notes and the Class
IV Mezzanine Notes for the relevant Interest Accrual Period. The Interest Amount in
respect of the Class I Senior Notes, the Class II Senior Notes, the Class III
Mezzanine Notes and the Class IV Mezzanine Notes for each Authorised
Denomination shall be calculated by applying the Rate of Interest on the Class I
Senior Notes, the Class II Senior Notes, the Class III Mezzanine Notes and the Class
IV Mezzanine Notes respectively, to the principal amount outstanding of each such
Note, multiplying the product by the actual number of days in the Interest Accrual
Period concerned divided by 360 and rounding the resultant figure to the nearest cent
(half a cent being rounded upwards).
Reference Banks and Collateral Administrator: The Issuer will procure that, so long as
any Class I Senior Note, Class II Senior Note, Class III Mezzanine Note or Class IV
Mezzanine Note remains Outstanding:
(A)
a Calculation Agent shall be appointed and maintained for the purposes of
determining the interest rate and interest amount payable in respect of the Class
I Senior Notes and/or the Class II Senior Notes, and/or Class III Mezzanine
Notes and/or Class IV Mezzanine Notes, as applicable; and
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