VALLAURIS II CLO PLC - Irish Stock Exchange

‘‘Bearer Notes’’ has the meaning given thereto in Condition 2(a)(i) (Global Notes).
‘‘Business Day’’ means (save to the extent otherwise defined) a day:
(a) on which the TARGET System is open;
(b) on which commercial banks and foreign exchange markets settle payments in London,
New York, New York and Chicago Illinois (other than a Saturday or a Sunday); and
(c) for the purposes of the definition of Presentation Date, in relation to any place, on which
commercial banks and foreign exchange markets settle payments in that place.
‘‘CDO Liabilities’’ means the payment obligations of the Issuer under the Notes and the
Transaction Documents.
‘‘CDO Principal Balance’’ means the sum of:
(a) the aggregate outstanding Principal Balance of Collateral Debt Obligations (excluding
Defaulted Obligations);
(b) the Balances standing to the credit of the Principal Account and the Additional Collateral
Account; and
(c) the Euro Equivalent of the principal amount standing to the credit of the Currency
Accounts, solely to the extent that such amounts are yet to be transferred to the Principal
Account on the next Payment Date.
‘‘Class I Floating Rate of Interest’’ has the meaning given thereto in Condition 6 (Interest).
‘‘Class I Margin’’ has the meaning given thereto in Condition 6 (Interest).
‘‘Class I Senior Noteholders’’ means the holders of the Class I Senior Notes from time to time.
‘‘Class II Floating Rate of Interest’’ has the meaning given thereto in Condition 6 (Interest).
‘‘Class II Margin’’ has the meaning given thereto in Condition 6 (Interest).
‘‘Class II Senior Noteholders’’ means the holders of the Class II Senior Notes from time to time.
‘‘Class III Coverage Test’’ means the Class III Interest Coverage Test and the Class III Par
Value Test.
‘‘Class III Floating Rate of Interest’’ has the meaning given thereto in Condition 6 (Interest).
‘‘Class III Interest Coverage Ratio’’ means, as at any Measurement Date, the ratio (expressed as
a percentage) obtained by dividing (a) the Interest Coverage Numerator by (b) the sums of the
scheduled interest payments due and payable on (i) the Senior Notes Outstanding and (ii) the Class
III Mezzanine Notes Outstanding, on the next following Payment Date.
‘‘Class III Interest Coverage Test’’ means the test which shall be satisfied if as at any
Measurement Date the Class III Interest Coverage Ratio is at least 110 per cent.
‘‘Class III Margin’’ has the meaning given thereto in Condition 6 (Interest).
‘‘Class III Mezzanine Noteholders’’ means the holders of the Class III Mezzanine Notes from
time to time.
‘‘Class III Par Value Ratio’’ means, as of any Measurement Date, the ratio (expressed as a
percentage) obtained by dividing the Par Coverage Numerator by the aggregate principal amount
outstanding of (a) the Senior Notes Outstanding and (b) the Class III Mezzanine Notes Outstanding
(which shall include, for the avoidance of doubt, Deferred Interest on such Notes).
‘‘Class III Par Value Test’’ means the test which shall be satisfied if, as at any Measurement
Date, the Class III Par Value Ratio is at least 107 per cent.
‘‘Class IV Coverage Test’’ means the Class IV Interest Coverage Test and the Class IV Par
Value Test.
‘‘Class IV Floating Rate of Interest’’ has the meaning given thereto in Condition 6 (Interest).
‘‘Class IV Interest Coverage Test’’ means the test which shall be satisfied if as at any
Measurement Date the Class IV Interest Coverage Ratio is at least 100 per cent.
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