VALLAURIS II CLO PLC - Irish Stock Exchange

‘‘Interest Accrual Period’’ means the period from and including the Closing Date to but
excluding the first Payment Date and each successive period from and including each Payment Date
to but excluding the following Payment Date.
‘‘Interest Amount’’ means, on each Payment Date, the amount of interest payable in respect of
the principal amount outstanding of the Notes of any Class indicated for any Interest Accrual Period
being:
(a) in the case of the Class I Senior Notes, the Class II Senior Notes, the Class III Mezzanine
Notes and the Class IV Mezzanine Notes, as the case may be, the amount calculated by
the Collateral Administrator as soon as practicable after 11:00 am (Brussels time) on the
relevant Interest Determination Date in accordance with Condition 6(e)(ii) (Determination
of Floating Rate of Interest and Calculation of Interest Amount) excluding any Deferred
Interest; and
(b) in the case of the Subordinated Notes the amounts in respect of Subordinated Note
Interest calculated as provided in Condition 6(g) (Interest on the Subordinated Notes) and
payable pursuant to Condition 3(c) (Priorities of Payment).
‘‘Interest Coverage Numerator’’ means, on any particular Measurement Date:
(a) the Balance standing to the credit of the Expense Reserve Account, the Interest Account
and the Retained Portion Release Amount in respect of the next succeeding Payment Date;
(b) plus the scheduled interest payments due but not yet paid (in each case regardless of
whether the applicable Due Date has yet occurred) in the Due Period in which such
Measurement Date occurs on:
(i) the Collateral Debt Obligations (save for Currency Swap Obligations) excluding (x)
interest on any Collateral Debt Obligation to the extent that such Collateral Debt
Obligation does not provide for the scheduled payment of interest in cash by its
terms and (y) any amounts expected to be withheld at source or otherwise deducted
in respect of taxes plus any amounts expected to be reimbursed in respect of taxes
withheld at source or otherwise deducted; and
(ii) the Principal Account, the Interest Account, the Expense Reserve Account, the
Additional Collateral Account, the Collateral Enhancement Account, the Retained
Portion Account and the Currency Accounts (converted, in the case of any Currency
Account, into Euro at the prevailing spot rate of exchange, as determined by the
Issuer following consultation with the Collateral Manager),
but excluding any scheduled interest payments as to which the Issuer or the Collateral Manager
has actual knowledge or a reasonable expectation that such payment will not be made which
such actual knowledge or reasonable expectation the Issuer or, as the case may be, the
Collateral Manager has communicated to the Collateral Administrator, provided that, for the
purposes of calculation of the Interest Coverage Numerator, Collateral Debt Obligations which
pay interest on an annual basis shall be deemed to pay interest on a semi-annual basis;
(c) plus any Scheduled Interest Rate Hedge Counterparty Payments due and payable from the
Interest Rate Hedge Counterparty to the Issuer on or before the Business Day prior to the
Payment Date relating to the Due Period in which such Measurement Date occurs
(regardless of whether the scheduled date for payment has yet occurred), but excluding any
such payments as to which the Issuer or the Collateral Manager has actual knowledge or a
reasonable expectation that such payment will not be made;
(d) plus scheduled periodic payments in the nature of coupon (and not principal) payable to
the Issuer under any Currency Swap Transaction due and payable but not yet paid
(regardless of whether the scheduled date for payment has yet occurred) in the Due Period
in which such Measurement Date falls, but excluding any such payments as to which the
Issuer or the Collateral Manager has actual knowledge or a reasonable expectation that
such payment will not be made; and
(e) minus the amounts payable pursuant to paragraphs (A) to (F) of Condition 3(c)(i)
(Application of Interest Proceeds) on the following Payment Date.
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