VALLAURIS II CLO PLC - Irish Stock Exchange

(B) in the event that 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 is to be calculated by Reference Banks pursuant to
Condition 6(e)(i)(B), that the number of Reference Banks required pursuant to
such Condition are appointed.
If the Calculation Agent is unable or unwilling to continue to act as Calculation
Agent for the purpose of calculating interest hereunder or fails duly to establish 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 for any
Accrual Period or to calculate the Interest Amount on the Class I Senior Notes and/
or the Class II Senior Notes and/or Class III Mezzanine Notes and/or Class IV
Mezzanine Notes, the Issuer shall (with the prior approval of the Trustee) appoint
some other leading bank to act as such in its place. The Calculation Agent may not
resign its duties without a successor having been so appointed.
(f) Interest on the Structured Combination Notes: Each Component of a Structured
Combination Note bears interest at the same rate, or receives interest or any other amount
by way of return in the same manner, as the Underlying Notes represented by that
Component (and which shall calculated by the Collateral Administrator, on each
Determination Date).
(g)
(h)
(i)
Interest on the Subordinated Notes: Subordinated Note Interest shall be payable on an
available funds basis as provided in paragraphs (Y) and (AA) of Condition 3(c)(i)
(Application of Interest Proceeds). The Collateral Administrator will, on each Determination
Date, calculate in respect of the Subordinated Note Interest the Interest Amount payable
in respect of each A1,000 in original principal amount of the Subordinated Notes for the
relevant Interest Accrual Period. The Interest Amount payable in respect of the
Subordinated Note Interest on each Subordinated Note on each Payment Date shall be
determined by reference to the proportion that the principal amount outstanding of such
Subordinated Note bears to the aggregate principal amount of the Subordinated Notes
outstanding and, upon redemption in full thereof, by reference to that proportion
immediately prior to such redemption.
Publication of Floating Rates of Interest and Interest Amounts: The Calculation Agent will
cause the Class I Floating Rate of Interest, the Class II Floating Rate of Interest, the
Class III Floating Rate of Interest and the Class IV Floating Rate of Interest and the
Interest Amount payable in respect of each Class of Notes for each Interest Accrual Period
and Payment Date and any Deferred Interest in respect of the Class III Mezzanine Notes
and Class IV Mezzanine Notes to be notified to the Principal Paying Agent, the Trustee
and the Irish Stock Exchange as soon as possible after their determination but in no event
later than the fourth Business Day thereafter, and the Principal Paying Agent shall cause
each such rate, amount and date to be notified to the Noteholders of each Class in
accordance with Condition 16 (Notices) as soon as possible following notification to the
Principal Paying Agent but in no event later than the third Business Day after such
notification. The Interest Amounts, Payment Date and any Deferred Interest in respect of
the Class III Mezzanine Notes and/or the Class IV Mezzanine Notes so published may
subsequently be amended (or appropriate alternative arrangements made with the consent
of the Trustee by way of adjustment) without notice in the event of an extension or
shortening of the Interest Accrual Period. If any of the Notes become due and payable
under Condition 10 (Events of Default), interest shall nevertheless continue to be calculated
as previously by the Collateral Administrator in accordance with this Condition but no
publication of the applicable Interest Amounts shall be made unless the Trustee so
determines.
Determination or Calculation by Trustee: If the Calculation Agent does not at any time for
any reason so determine the Class I Floating Rate of Interest, the Class II Floating Rate
of Interest, the Class III Floating Rate of Interest or the Class IV Floating Rate of
Interest or calculate the Interest Amounts payable in respect of the Class I Senior Notes,
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