VALLAURIS II CLO PLC - Irish Stock Exchange

12.1 Senior Par Value Test
The ‘‘Senior Par Value Test’’ will be satisfied on any Measurement Date if the Senior Par Value
Ratio (as defined in Condition 1 (Definitions) of the Conditions) is at least 115 per cent. The Senior
Par Value Ratio is expected to be approximately equal to 124.9 per cent. as at the Final Effective
Date.
12.2 Senior Interest Coverage Test
The ‘‘Senior Interest Coverage Test’’ will be satisfied on any Measurement Date if the Senior
Interest Coverage Ratio (as defined in Condition 1 (Definitions) of the Conditions) is at least 120 per
cent. The Senior Interest Coverage Ratio is expected to be approximately equal to 202.9 per cent. as
at the Final Effective Date. For purposes of calculating the Senior Interest Coverage Ratio and for
purposes of the Reinvestment Criteria, the expected interest income on floating rate Collateral Debt
Obligations and Eligible Investments and the Accounts and the expected interest payable on the
Senior Notes will be calculated using the then current interest rates applicable thereto.
12.3 Class III Par Value Test
The ‘‘Class III Par Value Test’’ will be satisfied on any Measurement Date if the Class III Par
Value Ratio (as defined in Condition 1 (Definitions) of the Conditions) is at least 107 per cent. The
Class III Par Value Ratio is expected to be approximately equal to 113.0 per cent. as of the Final
Effective Date.
12.4 Class III Interest Coverage Test
The ‘‘Class III Interest Coverage Test’’ will be satisfied on any Measurement Date if the Class
III Interest Coverage Ratio (as defined in Condition 1 (Definitions) of the Conditions) is at least 110
per cent. The Class III Interest Coverage Ratio is expected to be approximately equal to 178.4 per
cent. as of the Final Effective Date. For purposes of calculating the Class III Interest Coverage Ratio
and for purposes of the Reinvestment Criteria, the expected interest income on floating rate Collateral
Debt Obligations and Eligible Investments and the Accounts (to the extent applicable) and the
expected interest payable on the Senior Notes will be calculated using the then current interest rates
applicable thereto.
12.5 Class IV Par Value Test
The ‘‘Class IV Par Value Test’’ will be satisfied on any Measurement Date if the Class IV Par
Value Ratio (as defined in Condition 1 (Definitions) of the Conditions) is at least 105.5 per cent. The
Class IV Par Value Ratio is expected to be approximately equal to 109.3 per cent. as of the Final
Effective Date.
12.6 Class IV Interest Coverage Test
The ‘‘Class IV Interest Coverage Test’’ will be satisfied on any Measurement Date if the Class
IV Interest Coverage Ratio (as defined in Condition 1 (Definitions) of the Conditions) is at least 100
per cent. The Class III Interest Coverage Ratio is expected to be approximately equal to 167.6 per
cent. as of the Final Effective Date. For purposes of calculating the Class III Interest Coverage Ratio
and for purposes of the Reinvestment Criteria, the expected interest income on floating rate Collateral
Debt Obligations and Eligible Investments and the Accounts (to the extent applicable) and the
expected interest payable on the Senior Notes and the Class III Mezzanine Notes will be calculated
using the then current interest rates applicable thereto.
12.7 Interest Reinvestment Test
The ‘‘Interest Reinvestment Test’’ will be satisfied on any Determination Date if the Interest
Reinvestment Ratio (as defined in Condition 1 (Definitions) of the Conditions) is at least 106 per cent.
The Interest Reinvestment Ratio is expected to be approximately equal to 109.3 per cent. as of the
Final Effective Date.
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