VALLAURIS II CLO PLC - Irish Stock Exchange

Principal Repayments:
Reinvestment Period:
Non-Call Period:
Redemption at Maturity:
Redemption at the
Option of the Subordinated
Noteholders:
Notes will only affect such Structured Combination Notes to the
extent that the corresponding Components of such Structured
Combination Notes are affected as described above.
Principal repayments of the Notes will be made in the following
circumstances:
(a) on the Maturity Date of the Notes;
(b) after the occurrence of an Effective Date Rating Event;
(c) on the Rated Notes upon breach of any Coverage Test
relating to such Notes;
(d) after expiry of the Non-Call Period but prior to expiry of the
Reinvestment Period, at the discretion of the Collateral
Manager, acting on behalf of the Issuer, out of Principal
Proceeds;
(e) pursuant to an optional redemption of the Notes in full by the
Subordinated Noteholders:
(i) after expiry of the Non-Call Period; or
(ii) following the occurrence of a Relevant Tax Event;
(f) after the Reinvestment Period, out of Principal Proceeds
other than in the case of either Unscheduled Principal
Proceeds or Sale Proceeds designated for reinvestment in
Substitute Collateral Debt Obligations by the Collateral
Manager in accordance with the terms of the Collateral
Management Agreement; and
(g) upon failure to appoint a successor Collateral Manager
within 90 days of the resignation or termination of the
appointment of the Collateral Manager;
each on a Payment Date (subject to the Priorities of Payment and
save where provided herein) and as described in further detail
below. See Condition 7 (Redemption and Purchase). The
corresponding Components of the Structured Combination Notes
will be redeemed on the same terms as the Classes of Notes of
which they are comprised and the Structured Combination Notes
will be redeemed on a pro rata basis.
The period from the Closing Date to and including 26 July 2012 (or
if such day is not a Business Day the next following Business Day).
The period from the Closing Date to but excluding 26 July 2010 (or
if such day is not a Business Day the next following Business Day).
Each Class of the Rated Notes will mature at their principal
amount outstanding, and the Subordinated Notes will be redeemed
at their outstanding principal amount together with interest equal
to the excess of the remaining Principal Proceeds over their
outstanding principal amount to be applied towards such
redemption pursuant to the Priorities of Payment, on
26 September 2022 (subject to adjustment for non-Business Days
in accordance with the Conditions) (the ‘‘Maturity Date’’), in each
case, unless redeemed or repaid prior thereto. The average life of
the Rated Notes of each Class is expected to be shorter than the
number of years from the Closing Date until the Maturity Date.
All (but not some only) of the Class I Senior Notes, the Class II
Senior Notes, the Class III Mezzanine Notes, the Class IV
Mezzanine Notes and the Subordinated Notes shall be redeemed,
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