VALLAURIS II CLO PLC - Irish Stock Exchange

(2) any Interest Rate Hedge Termination Payments and any Currency Swap
Termination Payments, in each case due and payable on or prior to such
Payment Date and arising as a result of the occurrence of a Priority
Termination Event on or prior to such Payment Date;
(G) to the payment of the Interest Amounts due and payable on the Class I Senior
Notes in respect of the Interest Accrual Period ending on such Payment Date;
(H) to the payment of the Interest Amounts due and payable on the Class II Senior
Notes in respect of the Interest Accrual Period ending on such Payment Date;
(I) in the event either of the Senior Coverage Tests is not satisfied on the related
Determination Date as calculated by the Collateral Administrator and confirmed
by the Collateral Manager, to redeem the Class I Senior Notes, in whole or in
part and, following redemption in full thereof, to redeem the Class II Senior
Notes, in whole or in part, to the extent necessary to cause the Senior Coverage
Tests to be met if recalculated following such redemption;
(J) in payment on a pro rata basis (based on the respective amounts due and
payable by the Issuer under the Interest Rate Hedge Agreement or the Currency
Swap Agreements immediately prior to termination thereof) of amounts due and
payable by the Issuer to any applicable Interest Rate Hedge Counterparty or
Currency Swap Counterparty in connection with the entry into of a
Replacement Interest Rate Hedge Agreement or Replacement Currency Swap
Agreement to the extent that such amounts exceed amounts received by the
Issuer upon termination of the Interest Rate Hedge Agreement or Currency
Swap Agreement being replaced, as applicable, and in payment of any costs
associated with the entry into of additional Interest Rate Hedge Transactions or
Currency Swap Transactions following the Closing Date by the Issuer;
(K) to the payment of the Interest Amounts due and payable on the Class III
Mezzanine Notes in respect of the Interest Accrual Period ending on such
Payment Date;
(L) in the event either of the Class III Coverage Tests is not satisfied on the related
Determination Date as calculated by the Collateral Administrator and confirmed
by the Collateral Manager, to redeem the Class I Senior Notes, in whole or in
part and, following redemption in full thereof, to redeem the Class II Senior
Notes, in whole or in part and, following redemption in full thereof, to redeem
the Class III Mezzanine Notes, in whole or in part to the extent necessary to
cause the Class III Coverage Tests to be met if recalculated following such
redemption;
(M) to the payment of that element of the principal amount outstanding of the
Class III Mezzanine Notes which represents Deferred Interest on the Class III
Mezzanine Notes, which has been capitalised pursuant to Condition 6(c)
(Deferral of Interest);
(N) to the payment of the Interest Amounts due and payable on the Class IV
Mezzanine Notes in respect of the Interest Accrual Period ending on such
Payment Date;
(O) in the event either of the Class IV Coverage Tests is not satisfied on the related
Determination Date as calculated by the Collateral Administrator and confirmed
by the Collateral Manager, to redeem the Class I Senior Notes, in whole or in
part and, following redemption in full thereof, to redeem the Class II Senior
Notes, in whole or in part and, following redemption in full thereof, to redeem
the Class III Mezzanine Notes, in whole or in part and, following redemption in
full thereof, to redeem the Class IV Mezzanine Notes, in whole or in part, to
the extent necessary to cause the Class IV Coverage Tests to be met if
recalculated following such redemption;
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