VALLAURIS II CLO PLC - Irish Stock Exchange

aggregate Principal Balance of such Triple C Assets which as a percentage of the CDO Principal
Balance is in excess of the Triple C Asset Percentage Limit.
‘‘Triple C Asset Market Value Percentage’’ means 100 per cent. minus the Triple C Asset Par
Percentage.
‘‘Triple C Asset Par Percentage’’ means the lesser of (i) 100 per cent. and (ii) the Triple C Asset
Percentage Limit divided by the Triple C Asset Percentage, provided that if the Triple C Asset
Percentage is zero, the Triple C Asset Par Percentage will be 100 per cent.
‘‘Triple C Asset Percentage’’ means the aggregate outstanding Principal Balances of all Triple C
Assets divided by the CDO Principal Balance, expressed as a percentage.
‘‘Triple C Asset Percentage Limit’’ means in the case of a calculation of the Triple C Asset
Adjusted Par Value in respect of each of the Senior Par Value Ratio, the Mezzanine Par Value Tests
and the Interest Reinvestment Test, 5 per cent.
‘‘Trustee Fees and Expenses’’ means the fees and expenses and any other amounts payable to the
Trustee pursuant to the Transaction Documents from time to time, including any value added tax
due and payable in respect thereof.
‘‘Underlying Instruments’’ means the indenture or other agreement or instrument pursuant to
which a Collateral Debt Obligation has been issued or created and each other agreement that governs
the terms of, or secures the obligations represented by, such Collateral Debt Obligation or under
which the holders or creditors under such Collateral Debt Obligation are the beneficiaries.
‘‘Underlying Notes’’ means, in respect of the Class V Structured Combination Notes, the
Subordinated Notes and the OAT Strips relating to the respective Components thereof, and in respect
of the Class VI Structured Combination Notes, the Subordinated Notes and the Natexis Zero
Coupon Notes relating to the respective Components thereof.
‘‘Unscheduled Principal Proceeds’’ means:
(a)
(b)
(c)
(d)
with respect to any Collateral Debt Obligation other than a Currency Swap Obligation,
principal repayments prior to the Stated Maturity thereof received as a result of optional
redemptions, prepayments (including any acceleration) or Offers (excluding any premia or
make whole amounts in excess of the principal amount of such Collateral Debt
Obligation), and other unscheduled principal payments with respect to Collateral Debt
Obligations (to the extent not included in Sale Proceeds);
with respect to any Currency Swap Obligation, any amounts in Euro payable to the Issuer
by the applicable Currency Swap Counterparty in exchange for payment by the Issuer of
any unscheduled principal proceeds received in respect of any Collateral Debt Obligation,
as described in paragraph (a) above, under the related Currency Swap Transaction;
Synthetic Collateral (or any amount received upon liquidation thereof) that ceases to be
subject to the applicable Synthetic Counterparty’s security interest on early termination
(but not expiration) of such Synthetic Security other than at the option of the Issuer; and
Currency Swap Termination Receipts, in each of the following cases: (i) where a Currency
Swap Agreement has been terminated and the Collateral Manager acting on behalf of the
Issuer, determines not to replace such Currency Swap Agreement and Rating Agency
Confirmation is received in respect of such determination; (ii) where termination of the
Currency Swap Agreement occurs on a Redemption Date pursuant to Conditions 7(a)
(Final Redemption), 7(b) (Optional Redemption), 7(g) (Redemption upon Failure to Appoint a
Replacement Collateral Manager) or10(Events of Default);
Excluding in any case, however, any principal proceeds recovered in respect of a Defaulted
Obligation.
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