VALLAURIS II CLO PLC - Irish Stock Exchange

Currency Swap Transactions following the Closing Date by the Issuer (to the
extent that application of Interest Proceeds for such purpose, as described in
Condition 3(c)(i)(J) (Application of Interest Proceeds), is insufficient);
(D)
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, to the extent not paid pursuant to paragraph (K) of Condition
3(c)(i) (Application of Interest Proceeds);
(E) if 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 the extent that application of Interest Proceeds
for such purpose, as described in Condition 3(c)(i)(L) (Application of Interest
Proceeds), is insufficient), 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;
(F)
(G)
in 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) to the extent not paid pursuant to paragraph (M) of Condition 3(c)(i)
(Application of Interest Proceeds);
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, to the extent not paid pursuant to paragraph (N) of Condition
3(c)(i) (Application of Interest Proceeds);
(H) if 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 the extent that application of Interest Proceeds
for such purpose, as described in Condition 3(c)(i)(O) (Application of Interest
Proceeds), is insufficient), 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 to the extent necessary to
cause the Class IV Coverage Tests to be met if recalculated following such
redemption;
(I)
(J)
in payment of that element of the principal amount outstanding of the Class IV
Mezzanine Notes which represents Deferred Interest on the Class IV Mezzanine
Notes which has been capitalised pursuant to Condition 6(c) (Deferral of
Interest) to the extent not paid pursuant to paragraph (P) of Condition 3(c)(i)
(Application of Interest Proceeds);
on the Payment Date (and on each Subsequent Date to the extent required)
following each of the Initial Effective Date and the Final Effective Date, in the
event of the occurrence of an Effective Date Rating Downgrade which is
continuing on the first Business Day prior to such Payment Date (to the extent
that application of Interest Proceeds for such purpose, as described in
paragraph (Q) of Condition 3(c)(i) (Application of Interest Proceeds), is
insufficient) 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
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