PROSPECTUS ARLO II Limited - Irish Stock Exchange

The definition of "Value" is deleted and replaced with the following:
"Value" means, for any Valuation Date or other date for which Value is
calculated, and subject to Paragraph 4 in the case of a dispute:
(i)
with respect to Eligible Credit Support comprised in the Credit
Support Balance that is:
(a)
(b)
an amount of cash or a Deposit, the Base Currency
Equivalent of such amount multiplied by the applicable
Valuation Percentage, if any; and
any other item of Eligible Credit Support, the Base Currency
Equivalent of the bid price obtained or quoted by the
Valuation Agent for such item of Eligible Credit Support
multiplied by the applicable Valuation Percentage, if any;
and
(ii)
with respect to other items that are comprised in the Credit Support
Balance not covered by (i) above, zero.
(C)
The following additional definitions shall be added to Paragraph 10 of this
Annex:
"AAA ABS (Cards) " means an asset backed security which the Valuation
Agent determines (i) represents ownership of or payments on which are
secured by or derived from credit card receivables, (ii) the documentation
for which provides for periodic payments at a floating rate and (iii) is rated
AAA by JCR.
"AAA ABS (Autos) " means an asset backed security which the Valuation
Agent determines (i) represents ownership of or payments on which are
secured by or derived from auto loan and/or lease receivables, (ii) the
documentation for which provides for periodic payments at a floating rate
and (iii) which is rated AAA by JCR.
"Additional CS Amount" means, as at any Valuation Date, either:
(i)
(ii)
an amount, as determined by the Valuation Agent (acting in good
faith and in a commercially reasonable manner), equal to the
aggregate of (A) the Buyer Payment Amount due on the next
following Buyer Payment Date (or if such day is a Buyer Payment
Date, on that day) under the Confirmation and (B) an amount equal
to the product of (x) such Buyer Payment Amount multiplied by (y) a
fraction, the numerator of which is 5 and the denominator of which
is 360, provided that such next following Buyer Payment Date (or,
as the case may be, such day if that is a Buyer Payment Date) falls
on or prior to the Scheduled Termination Date; or
otherwise, zero.
"Commercial Paper" means commercial paper or other short-term
securities, instruments, certificates or obligations (other than Deposits)
having a maturity of not more than 270 days from their date of issuance
and are rated not less than the Short-Term Minimum Rating.
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