PROSPECTUS ARLO II Limited - Irish Stock Exchange

(F)
(G)
(H)
(I)
Section 2.19(b)(i)(A) shall be amended by the insertion of: (A) the words “of the relevant
Reference Entity” immediately after the words “most senior Reference Obligation” in the
second line thereof; (B) the words “with respect to such Reference Entity” immediately
after the words “Reference Obligation is specified” in the third line thereof; and (C) the
word “relevant” immediately before the words “Reference Entity” in the fifth line thereof.
The following new paragraph shall be deemed to be added after the last paragraph of
Section 2.20(b): “Notwithstanding anything to the contrary, if an obligation of a Reference
Entity would have been capable of being specified as a Reference Obligation immediately
prior to the occurrence of a Credit Event with respect to such Reference Entity, such
obligation shall continue to be capable of being specified as a Reference Obligation after
the occurrence of such Credit Event. If it is not possible or reasonably practicable to
specify any obligation as a Reference Obligation of a Reference Entity because there is
or will be no obligation in existence as at the Valuation Date that falls within the definition
of “Reference Obligation”, Buyer may, notwithstanding Section 2.30 of the Credit
Derivatives Definitions, designate by notice in writing to Seller, the Calculation Agent and
the Rating Agency one or more bonds, loans, instruments, certificates or obligations (an
“Exchanged Obligation”) which have been or will be issued in exchange, whether
pursuant to a mandatory or voluntary exchange (an “Obligation Exchange”), for one or
more obligations of the Reference Entity that would have been capable of being specified
as a Reference Obligation immediately prior to the occurrence of the relevant Credit
Event as a Reference Obligation of the Reference Entity, provided that failure to deliver
such notice shall not affect the effectiveness of such designation; provided, further, that if
the Calculation Agent acting in a commercially reasonable manner determines that any
bond or loan of a Reference Entity that would have been capable of being specified as a
Reference Obligation immediately prior to the occurrence of the relevant Credit Event as
a Reference Obligation of such Reference Entity is to be exchanged or converted into a
form other than a bond or loan prior to the relevant Valuation Date or prior to the 45th
Business Day following the applicable Event Determination Date, the Calculation Agent
may designate a Valuation Date to fall prior to the 45th Business Day following the
applicable Event Determination Date so as to at all times value a bond or loan.”.
Section 2.31 is deleted.
Sections 2.32(a) and 2.33(a) shall be amended as follows:
(1) any reference to “Physical Settlement” shall be deemed to be a reference to “Cash
Settlement”; and
(2) the words “then a Deliverable Obligation may be specified (or deemed specified
pursuant to Section 9.10) in the Notice of Physical Settlement” appearing in the
fourth and fifth lines thereof shall be deleted and replaced with “an obligation may
be specified as a Reference Obligation”.
(J)
(K)
(L)
In Section 3.3, references to the “Effective Date” shall mean the “Trade Date”.
Section 3.7 is amended by inserting at the end thereof the following: “and such other
published or electronically displayed news or information sources as are referenced in
any Notice of Publicly Available Information”.
Section 3.9 is deleted and replaced in its entirety by the following:
“Section 3.9 Credit Event Notice After Restructuring.
(a)
In the event that Restructuring is the only Credit Event specified in a Credit Event
Notice, the Notifying Party shall specify the portion (an “Exercise Amount”) of the
Reference Entity Notional Amount in respect of which the Conditions to Settlement
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