VALLAURIS II CLO PLC - Irish Stock Exchange

at their applicable Redemption Prices (set out below), by the Issuer
acting at the direction of the holders of the Subordinated Notes
acting by Extraordinary Resolution on any Payment Date after the
end of the Non-Call Period, commencing on the Payment Date
falling on or about 26 September 2010, or on any Payment Date,
upon the occurrence of a Relevant Tax Event, in each case, subject
to the satisfaction of certain conditions set out in Condition 7(b)
(Optional Redemption).
Redemption upon
Breach of Coverage
Tests:
Redemption Prices upon Optional Redemption:
Class I Senior Notes: Par, together with interest accrued thereon to
the date of redemption.
Class II Senior Notes: Par, together with interest accrued thereon to
the date of redemption.
Class III Mezzanine Notes: Par, together with interest accrued
thereon to the date of redemption.
Class IV Mezzanine Notes: Par, together with interest accrued
thereon to the date of redemption.
Subordinated Notes: Each Subordinated Note’s pro rata share of the
amounts payable pursuant to paragraphs (Q) and (S) of Condition
3(c)(ii) (Application of Principal Proceeds) with any excess of such
amount over the then outstanding principal amount of such Note
being treated as interest.
Structured Combination Notes: The Redemption Price of the Class
V Structured Combination Notes will be equal to the Redemption
Price applicable to the Class V Subordinated Component and the
OAT Security Component, the latter payable by delivery of the
OAT Strips corresponding to the OAT Strips Component (or
payment of the proceeds of any such OAT Strips, having already
matured).
The Redemption Price of the Class VI Structured Combination
Notes will be equal to the Redemption Price applicable to the Class
VI Subordinated Component and the Natexis Zero Coupon
Security Component, the latter payable by delivery of the Natexis
Zero Coupon Notes corresponding to such Component (or
payment of the proceeds of any such Natexis Zero Coupon
Notes, having already matured).
In the event that either of the Senior Coverage Tests is not satisfied
on any Determination Date as calculated by the Collateral
Administrator and confirmed by the Collateral Manager, on the
Payment Date next following such Determination Date, Interest
Proceeds and thereafter Principal Proceeds will be used, subject to
the Priorities of Payment, to the extent necessary and available, to
redeem the Class I Senior Notes, in whole or in part, and following
redemption in full thereof, to redeem the Class II Senior Notes, in
whole or in part to the extent required to cause each Senior
Coverage Test to be satisfied if recalculated following such
redemption. If either of the Class III Coverage Tests is not
satisfied on any Determination Date as calculated by the Collateral
Administrator and confirmed by the Collateral Manager, on the
Payment Date next following such Determination Date, Interest
Proceeds, and thereafter Principal Proceeds will be used, subject to
the Priorities of Payment, to the extent necessary and available, to
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