VALLAURIS II CLO PLC - Irish Stock Exchange

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TABLE OF CONTENTS Page SUMMARY OF TERMS ....................................................................................................... 1 RISK FACTORS ..................................................................................................................... 23 1. General............................................................................................................................ 23 2. Relating to the Collateral............................................................................................... 24 3. Relating to the Notes ..................................................................................................... 36 4. Certain Conflicts of Interest........................................................................................... 44 5. Taxation of the Issuer .................................................................................................... 47 6. Certain Provisions of Irish Law..................................................................................... 47 7. Certain ERISA Considerations ...................................................................................... 48 8. Investment Company Act............................................................................................... 49 9. Forced Transfer .............................................................................................................. 49 10. Investment Tax Act (Germany) ..................................................................................... 49 11. Withholding Tax on the Notes ...................................................................................... 50 12. Book-Entry Interests....................................................................................................... 50 13. Not a bank deposit ........................................................................................................ 51 14. Proposed changes to the Basel Capital Accord (‘‘Basel II’’ ) ...................................... 51 15. European Union Savings Directive................................................................................ 51 CONDITIONS OF THE NOTES .......................................................................................... 53 1. Definitions....................................................................................................................... 55 2. Form and Denomination, Title, Transfer and Exchange of Notes .............................. 84 3. Status............................................................................................................................... 86 4. Security............................................................................................................................ 104 5. Covenants of and Restrictions on the Issuer ................................................................ 109 6. Interest ............................................................................................................................ 111 7. Redemption and Purchase.............................................................................................. 116 8. Payments ......................................................................................................................... 123 9. Taxation .......................................................................................................................... 125 10. Events of Default ........................................................................................................... 125 11. Enforcement .................................................................................................................... 128 12. Prescription ..................................................................................................................... 129 13. Replacement of Definitive Certificates ........................................................................... 129 14. Meetings of Noteholders, Modification, Waiver and Substitution ............................... 130 15. Indemnification of the Trustee....................................................................................... 134 16. Notices ............................................................................................................................ 134 17. Further Issues ................................................................................................................. 135 18. Structured Combination Notes ...................................................................................... 135 19. Governing Law ............................................................................................................... 135 20. Third Party Rights ......................................................................................................... 136 USE OF PROCEEDS ............................................................................................................. 137 FORM OF THE NOTES ....................................................................................................... 138 1. Initial Issue of Notes...................................................................................................... 138 2. Exchange for Definitive Certificates............................................................................... 139 3. Exchange of Structured Combination Notes................................................................. 140 BOOK-ENTRY CLEARANCE PROCEDURES AND CERTAIN RELEVANT PROVISIONS OF THE DEPOSITARY AGREEMENT...................................................... 142 RATINGS OF THE NOTES.................................................................................................. 148 EXPECTED AVERAGE LIVES OF THE NOTES .............................................................. 150 THE ISSUER.......................................................................................................................... 151 DESCRIPTION OF THE COLLATERAL MANAGERS .................................................... 154 DESCRIPTION OF THE PORTFOLIO ............................................................................... 163 1. Introduction .................................................................................................................... 163 2. Investment Period ........................................................................................................... 164 3. Initial Effective Date ...................................................................................................... 164 vi
Page 4. Final Effective Date ....................................................................................................... 165 5. Eligibility Criteria ........................................................................................................... 166 6. Portfolio Profile Tests..................................................................................................... 168 7. Management of the Portfolio......................................................................................... 169 8. Currency Swap Obligations............................................................................................ 180 9. Interest Rate Hedging .................................................................................................... 184 10. Standard Terms of Hedge Agreements.......................................................................... 186 11. The Collateral Quality Tests .......................................................................................... 190 12. The Coverage Tests ........................................................................................................ 204 DESCRIPTION OF THE COLLATERAL MANAGEMENT AGREEMENT .................... 206 DESCRIPTION OF THE COLLATERAL ADMINISTRATOR ......................................... 210 DESCRIPTION OF THE DEPOSITARY AND REGISTRAR............................................ 211 DESCRIPTION OF THE REPORTS.................................................................................... 212 TAX CONSIDERATIONS ..................................................................................................... 217 CERTAIN ERISA CONSIDERATIONS ............................................................................... 237 SUBSCRIPTION AND SALE................................................................................................ 241 TRANSFER RESTRICTIONS ............................................................................................... 247 GENERAL INFORMATION.................................................................................................. 256 GLOSSARY OF DEFINED TERMS..................................................................................... 259 vii
Page 1 and 2: Prospectus dated 26 July 2006 VALLA
Page 3 and 4: information is in accordance with t
Page 5: AVAILABLE INFORMATION To permit com
Page 9 and 10: The Collateral Administrator: Branc
Page 11 and 12: Class VI Structured Combination Not
Page 13 and 14: Use of Proceeds: Priorities of Paym
Page 15 and 16: Collateral Quality Tests Overcollat
Page 17 and 18: Principal Repayments: Reinvestment
Page 19 and 20: Redemption upon an Effective Date R
Page 21 and 22: Purchase of Collateral Debt Obligat
Page 23 and 24: their respective functions under th
Page 25 and 26: Treatment of Interest Proceeds: Acc
Page 27 and 28: Authorised Denominations: Form, Reg
Page 29 and 30: The Depositary: Additional Issuance
Page 31 and 32: Component. In addition, Class VI St
Page 33 and 34: the obligor group. Second Lien Loan
Page 35 and 36: eferred to herein as ‘‘Particip
Page 37 and 38: Collateral Debt Obligation is enter
Page 39 and 40: Collateral Manager. The need to sat
Page 41 and 42: subject the Notes to an additional
Page 43 and 44: that Collateral Debt Obligations is
Page 45 and 46: 3.4 Subordination of Structured Com
Page 47 and 48: 3.9 Mandatory Redemption of the Not
Page 49 and 50: compensate for such withholding tax
Page 51 and 52: Condition 14(b) (Modification and W
Page 53 and 54: investment decisions for the Issuer
Page 55 and 56: In relation to the disposal of asse
Page 57 and 58:
Investment Tax Act (the ‘‘Inves
Page 59 and 60:
another member state, except that A
Page 61 and 62:
payments, distributions, votes or c
Page 63 and 64:
in each case, including any value a
Page 65 and 66:
‘‘Class IV Interest Coverage Ra
Page 67 and 68:
‘‘Credit Improved Obligation’
Page 69 and 70:
Balance of all Collateral Debt Obli
Page 71 and 72:
‘‘Effective Date Requirements
Page 73 and 74:
next following Payment Date, an amo
Page 75 and 76:
‘‘Interest Determination Date
Page 77 and 78:
(a) a secured mezzanine loan or oth
Page 79 and 80:
such obligation to purchase or othe
Page 81 and 82:
(e) the Principal Balance of any Co
Page 83 and 84:
(b) any Subordinated Note to be red
Page 85 and 86:
(d) the retention of such Retained
Page 87 and 88:
‘‘Securities Act’’ means th
Page 89 and 90:
(a) such Synthetic Security will no
Page 91 and 92:
2. Form and Denomination, Title, Tr
Page 93 and 94:
more bids from one or more brokers
Page 95 and 96:
(2) any Interest Rate Hedge Termina
Page 97 and 98:
(X) (Y) (Z) at the option of the Co
Page 99 and 100:
III Mezzanine Notes, in whole or in
Page 101 and 102:
Failure to Appoint a Replacement Co
Page 103 and 104:
Obligation (save in the case of (i)
Page 105 and 106:
the avoidance of doubt, any schedul
Page 107 and 108:
(BB) termination of the Interest Ra
Page 109 and 110:
(b) (c) (d) at any time in repaymen
Page 111 and 112:
(I) (J) (K) (L) The Retained Portio
Page 113 and 114:
pursuant thereto provided that such
Page 115 and 116:
amount being referred to herein as
Page 117 and 118:
(b) (viii) pay its debts generally
Page 119 and 120:
Notes in accordance with Condition
Page 121 and 122:
nearest one hundred-thousandth of a
Page 123 and 124:
the Class II Senior Notes the Class
Page 125 and 126:
(A) (B) (C) in respect of each Coll
Page 127 and 128:
immediately prior to the related Pa
Page 129 and 130:
(C) (D) the Collateral Administrato
Page 131 and 132:
(b) (c) on the Register at the clos
Page 133 and 134:
(d) as a result of presentation for
Page 135 and 136:
(d) (e) (i) (ii) If an Event of Def
Page 137 and 138:
12. Prescription (a) Note represent
Page 139 and 140:
necessary to facilitate the adminis
Page 141 and 142:
Except where expressly provided oth
Page 143 and 144:
Combination Notes, in the proportio
Page 145 and 146:
FORM OF THE NOTES References below
Page 147 and 148:
interests in the Exchanged Global N
Page 149 and 150:
BOOK-ENTRY CLEARANCE PROCEDURES AND
Page 151 and 152:
Book-Entry Interests owned through
Page 153 and 154:
A person acquiring a Book-Entry Int
Page 155 and 156:
RATINGS OF THE NOTES It is a condit
Page 157 and 158:
EXPECTED AVERAGE LIVES OF THE NOTES
Page 159 and 160:
Deutsche International Finance (Ire
Page 161 and 162:
DESCRIPTION OF THE COLLATERAL MANAG
Page 163 and 164:
A three-dimensional organization -
Page 165 and 166:
Contribution to revenues (consolida
Page 167 and 168:
Directors’ work is prepared and o
Page 169 and 170:
Jean-Luc Simon - CDO Director Jean-
Page 171 and 172:
on behalf of, the Issuer of Synthet
Page 173 and 174:
the Interest Account and/or to the
Page 175 and 176:
to a non-default rate or an improve
Page 177 and 178:
connection with any such sale or re
Page 179 and 180:
in Sections 7.3 (Sale of Credit Imp
Page 181 and 182:
7.6 Unscheduled Principal Proceeds
Page 183 and 184:
(b) in the case of proceeds resulti
Page 185 and 186:
Obligation. For the avoidance of do
Page 187 and 188:
Institution, having a credit rating
Page 189 and 190:
the Defaulted Obligation at the fai
Page 191 and 192:
(a) where the Issuer, following con
Page 193 and 194:
In the event that the Issuer receiv
Page 195 and 196:
(C) at its own cost, (i) in the cas
Page 197 and 198:
Upon the occurrence of any Event of
Page 199 and 200:
For purposes of calculating the Div
Page 201 and 202:
Aggregate Industry Equivalent Unit
Page 203 and 204:
(3) shall be two subcategories abov
Page 205 and 206:
(i) (ii) (iii) if such Collateral D
Page 207 and 208:
Moody’s Recovery Rate Table Oblig
Page 209 and 210:
Reinvestment Period, with the appli
Page 211 and 212:
11.10 S&P CDO Evaluator Test The
Page 213 and 214:
DESCRIPTION OF THE COLLATERAL MANAG
Page 215 and 216:
Collateral Management Agreement (Ap
Page 217 and 218:
DESCRIPTION OF THE COLLATERAL ADMIN
Page 219 and 220:
DESCRIPTION OF THE REPORTS 1. Month
Page 221 and 222:
(P) (Q) which consist of Participat
Page 223 and 224:
Class I Senior Notes, Class II Seni
Page 225 and 226:
In certain circumstances, Irish tax
Page 227 and 228:
amount of interest paid, but also o
Page 229 and 230:
General The following summary descr
Page 231 and 232:
‘‘grossed up’’ for any mate
Page 233 and 234:
maturity of such Notes will be the
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 and 270:
Currency Swap Counterparty.........
Page 271 and 272:
Initial Ratings ...................
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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VALLAURIS II CLO PLC - Irish Stock Exchange

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