VALLAURIS II CLO PLC - Irish Stock Exchange

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ERISA........................................................................................................................48, 237, 249, 251, 254 ERISA Plan .............................................................................................................................................249 ERISA Plans............................................................................................................................................238 EU Savings Directive...............................................................................................................................124 EURIBOR..................................................................................................................................................65 Euro............................................................................................................................................................ iv Euro Equivalent.........................................................................................................................................65 Euro-zone ...........................................................................................................................................66, 114 Euroclear .................................................................................................................................ii, 20, 65, 138 Euroclear Pledge Agreement .....................................................................................................................65 Euroclear Pledged Account .......................................................................................................................42 Event of Default ................................................................................................................................66, 125 Exchange Act .............................................................................................................................................. v Exchange Date .........................................................................................................................................140 Exchanged Global Note ..........................................................................................................................139 Expected Net Proceeds ............................................................................................................................117 Expense Reserve Account..........................................................................................................................66 Extraordinary Resolution ..........................................................................................................................66 Final Effective Date...........................................................................................................................66, 165 Final Portfolio ...................................................................................................................................14, 163 Financial Instruments ........................................................................................................... 2, 66, 154, 163 first Selling Institution .............................................................................................................................179 Foreign Taxable Investor ........................................................................................................................220 Form-Approved Synthetic Security ...........................................................................................................66 FSMA ................................................................................................................................................ iii, 245 FTA..........................................................................................................................................................221 German Disbursing Agent.......................................................................................................................219 German Investor ......................................................................................................................................220 Global Note ........................................................................................................................................ 66, 84 Global Notes...........................................................................................................................ii, 66, 84, 138 Gross Up Tax Amounts..........................................................................................................................117 Group.......................................................................................................................................................200 Hedge Agreement.....................................................................................................................................186 Hedge Counterparty ................................................................................................................................186 IFSRA.......................................................................................................................................................... i Incentive Collateral Management Fee...............................................................................................66, 206 Income Tax ..............................................................................................................................................219 Independent Accountants’ Report...........................................................................................................164 Independent Director...............................................................................................................................109 Indirect Participants.................................................................................................................................142 Industry Diversity Score..........................................................................................................................192 Initial Effective Date .........................................................................................................................66, 164 263
Initial Ratings ............................................................................................................................................66 Insolvency Law ........................................................................................................................................126 Interest .....................................................................................................................................................220 Interest Account.........................................................................................................................................66 Interest Accrual Period..............................................................................................................................67 Interest Amount.........................................................................................................................................67 Interest Coverage Numerator ....................................................................................................................67 Interest Determination Date..............................................................................................................68, 113 Interest Proceeds ........................................................................................................................................68 Interest Rate Hedge Agreement ................................................................................................................68 Interest Rate Hedge Counterparty ............................................................................................................68 Interest Rate Hedge Receipts ....................................................................................................................68 Interest Rate Hedge Replacement Receipt ...............................................................................................68 Interest Rate Hedge Termination Payment ..............................................................................................68 Interest Rate Hedge Termination Receipt ................................................................................................68 Interest Rate Hedge Transaction ......................................................................................................68, 184 Interest Rate Risk............................................................................................................................... 38, 39 Interest Reinvestment Ratio ......................................................................................................................68 Interest Reinvestment Test ................................................................................................................68, 205 Interim Targets ..........................................................................................................................................68 Investment Company Act...................................................................................................................... i, 69 Investment Period ......................................................................................................................................69 Investment Tax Act ...................................................................................................................................49 Investment Tax Act Reporting Requirements ..........................................................................................50 Irish Listing Agent...................................................................................................................................257 IRS ...........................................................................................................................................................222 ISIN..........................................................................................................................................................256 Issue Price ................................................................................................................................................222 Issuer ...................................................................................................................................................... i, 53 Issuer Irish Account ..................................................................................................................................69 Joint Lead Manager ..................................................................................................................................69 Joint Lead Managers ..................................................................................................................... i, 69, 241 Lead Manager................................................................................................................................ i, 69, 241 lender liability ............................................................................................................................................35 Letter of Undertaking................................................................................................................................69 limited recourse........................................................................................................................................111 Limited Recourse Obligations ...................................................................................................................39 Location Criteria......................................................................................................................................200 look-through rule .....................................................................................................................................237 Lower-Tier PFICs....................................................................................................................................231 Market Value .....................................................................................................................................69, 118 Maturity Date ..................................................................................................................................... 10, 69 264
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Prospectus dated 26 July 2006 VALLA
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information is in accordance with t
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AVAILABLE INFORMATION To permit com
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Page 4. Final Effective Date ......
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The Collateral Administrator: Branc
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Class VI Structured Combination Not
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Use of Proceeds: Priorities of Paym
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Collateral Quality Tests Overcollat
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Principal Repayments: Reinvestment
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Redemption upon an Effective Date R
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Purchase of Collateral Debt Obligat
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their respective functions under th
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Treatment of Interest Proceeds: Acc
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Authorised Denominations: Form, Reg
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The Depositary: Additional Issuance
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Component. In addition, Class VI St
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the obligor group. Second Lien Loan
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eferred to herein as ‘‘Particip
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Collateral Debt Obligation is enter
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Collateral Manager. The need to sat
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subject the Notes to an additional
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that Collateral Debt Obligations is
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3.4 Subordination of Structured Com
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3.9 Mandatory Redemption of the Not
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compensate for such withholding tax
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Condition 14(b) (Modification and W
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investment decisions for the Issuer
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In relation to the disposal of asse
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Investment Tax Act (the ‘‘Inves
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another member state, except that A
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payments, distributions, votes or c
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in each case, including any value a
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‘‘Class IV Interest Coverage Ra
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‘‘Credit Improved Obligation’
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Balance of all Collateral Debt Obli
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‘‘Effective Date Requirements
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next following Payment Date, an amo
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‘‘Interest Determination Date
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(a) a secured mezzanine loan or oth
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such obligation to purchase or othe
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(e) the Principal Balance of any Co
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(b) any Subordinated Note to be red
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(d) the retention of such Retained
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‘‘Securities Act’’ means th
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(a) such Synthetic Security will no
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2. Form and Denomination, Title, Tr
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more bids from one or more brokers
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(2) any Interest Rate Hedge Termina
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(X) (Y) (Z) at the option of the Co
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III Mezzanine Notes, in whole or in
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Failure to Appoint a Replacement Co
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Obligation (save in the case of (i)
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the avoidance of doubt, any schedul
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(BB) termination of the Interest Ra
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(b) (c) (d) at any time in repaymen
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(I) (J) (K) (L) The Retained Portio
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pursuant thereto provided that such
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amount being referred to herein as
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(b) (viii) pay its debts generally
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Notes in accordance with Condition
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nearest one hundred-thousandth of a
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the Class II Senior Notes the Class
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(A) (B) (C) in respect of each Coll
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immediately prior to the related Pa
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(C) (D) the Collateral Administrato
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(b) (c) on the Register at the clos
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(d) as a result of presentation for
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(d) (e) (i) (ii) If an Event of Def
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12. Prescription (a) Note represent
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necessary to facilitate the adminis
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Except where expressly provided oth
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Combination Notes, in the proportio
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FORM OF THE NOTES References below
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interests in the Exchanged Global N
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BOOK-ENTRY CLEARANCE PROCEDURES AND
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Book-Entry Interests owned through
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A person acquiring a Book-Entry Int
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RATINGS OF THE NOTES It is a condit
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EXPECTED AVERAGE LIVES OF THE NOTES
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Deutsche International Finance (Ire
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DESCRIPTION OF THE COLLATERAL MANAG
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A three-dimensional organization -
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Contribution to revenues (consolida
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Directors’ work is prepared and o
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Jean-Luc Simon - CDO Director Jean-
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on behalf of, the Issuer of Synthet
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the Interest Account and/or to the
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to a non-default rate or an improve
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connection with any such sale or re
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in Sections 7.3 (Sale of Credit Imp
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7.6 Unscheduled Principal Proceeds
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(b) in the case of proceeds resulti
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Obligation. For the avoidance of do
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Institution, having a credit rating
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the Defaulted Obligation at the fai
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(a) where the Issuer, following con
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In the event that the Issuer receiv
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(C) at its own cost, (i) in the cas
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Upon the occurrence of any Event of
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For purposes of calculating the Div
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Aggregate Industry Equivalent Unit
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(3) shall be two subcategories abov
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(i) (ii) (iii) if such Collateral D
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Moody’s Recovery Rate Table Oblig
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Reinvestment Period, with the appli
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11.10 S&P CDO Evaluator Test The
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DESCRIPTION OF THE COLLATERAL MANAG
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Collateral Management Agreement (Ap
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DESCRIPTION OF THE COLLATERAL ADMIN
Page 219 and 220: DESCRIPTION OF THE REPORTS 1. Month
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Page 225 and 226: In certain circumstances, Irish tax
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Page 235 and 236: extent thereof), with payments attr
Page 237 and 238: PREFERRED EQUITY CERTIFICATES AND T
Page 239 and 240: or more (measured by vote or value)
Page 241 and 242: values at the time of purchase. A s
Page 243 and 244: associated territories. These apply
Page 245 and 246: The Class IV Mezzanine Notes, the S
Page 247 and 248: Any Plan fiduciary that proposes to
Page 249 and 250: For the avoidance of doubt, all ref
Page 251 and 252: (h) (i) (j) (k) (l) (m) any company
Page 253 and 254: means of sufficient information on
Page 255 and 256: (c) (d) (e) restrictions described
Page 257 and 258: (g) representations and warranties.
Page 259 and 260: PLAN AS DEFINED IN SECTION 3(3) OF
Page 261 and 262: THE TERMS OF THE TRUST DEED. EACH T
Page 263 and 264: GENERAL INFORMATION 1. Clearing Sys
Page 265 and 266: 11. Expenses The total expenses rel
Page 267 and 268: CDO Liabilities....................
Page 269: Currency Swap Counterparty.........
Page 273 and 274: OAT Strips Pledge Agreement .......
Page 275 and 276: Registered Notes ..................
Page 277 and 278: Synthetic Counterparty Default ....
Page 279: imprima de bussy — C94339
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