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n be no assurance that the ultimate recovery on any Defaulted Obligation will be at least equal to either the minimum recovery• rate assumed by any Rating Agency in rating the Securities or any recovery rate used in connection with any analysis of the Securities that may have been prepared by the Initial Purc
ny Rating Agency in rating the Securities or any recovery rate used in connection with any analysis of the Securities that may have been prepared by the Initial Purchaser, the Placement Agent or art• other person for or at the direction of Holders of any Securities. Ramp-Up Risk. The Issuer expects that, as of the Cl
date specified below, the Collateral Administrator, on behalf of the Issuer, shall compile and provide to the Trustee (who shall forward it to each Rating Agency, any Hedge Counterparty, the Initial Purchaser, the Investment Manager, each Holder (accompanied, in the case of the Depository, by a request that
ministrator, on behalf of the Issuer, shall compile and provide to the Trustee (who shall forward it to each Rating Agency, any Hedge Counterparty, the Initial Purchaser, the Investment Manager, each Holder (accompanied, in the case of the Depository, by a request that it be transmitted to holders of Securities on th
tion Date (commencing in December 2011), the Collateral Administrator, on behalf of the Issuer, shall provide to the Trustee (for forwarding to each Rating Agency, any Hedge Counterparty, the Initial Purchaser, the Investment Manager, each Holder (accompanied, in the case of the Depository, by a request that
the Collateral Administrator, on behalf of the Issuer, shall provide to the Trustee (for forwarding to each Rating Agency, any Hedge Counterparty, the Initial Purchaser, the Investment Manager, each Holder (accompanied, in the case of the Depository, by a request that it be transmitted to holders of Securities on th
ated by such entity arc Outstanding. "Rating Agency Confirmation": Confirmation in writing (which may be in the form of a press release) from each Rating Agency (or the specified Rating Agency) that a proposed action or designation will not cause the then current ratings of any Class of Rated Notes to be red
sure in the Relevant Member State. "Purchase Aurcement": The Purchase Agreement dated as of the Closing Date between the Issuer. the Co-Issuer and the Initial Purchaser. "Qualified Institutional Buyer": Am• Person that, at the time of its acquisition. purported acquisition or proposed acquisition of Securities. is
n be no assurance that the ultimate recovery on any Defaulted Obligation will be at least equal to either the minimum recovery• rate assumed by any Rating Agency in rating the Securities or any recovery rate used in connection with any analysis of the Securities that may have been prepared by the Initial Purc
ny Rating Agency in rating the Securities or any recovery rate used in connection with any analysis of the Securities that may have been prepared by the Initial Purchaser, the Placement Agent or art• other person for or at the direction of Holders of any Securities. Ramp-Up Risk. The Issuer expects that, as of the Cl
ion. At the cost of the Issuer, the Trustee shall give notice to the Investment Manager, the Fiscal Agent, the Initial Purchaser, each Holder, each Rating Agency and any Hedge Counterparty of any cancellation of an Optional Redemption no later than six Business Days prior to the Redemption Date, by overnight
in connection with such Optional Redemption. At the cost of the Issuer, the Trustee shall give notice to the Investment Manager, the Fiscal Agent, the Initial Purchaser, each Holder, each Rating Agency and any Hedge Counterparty of any cancellation of an Optional Redemption no later than six Business Days prior to
tion Date (commencing in December 2011), the Collateral Administrator, on behalf of the Issuer, shall provide to the Trustee (for forwarding to each Rating Agency, any Hedge Counterparty, the Initial Purchaser, the Investment Manager, each Holder (accompanied, in the case of the Depository, by a request that
the Collateral Administrator, on behalf of the Issuer, shall provide to the Trustee (for forwarding to each Rating Agency, any Hedge Counterparty, the Initial Purchaser, the Investment Manager, each Holder (accompanied, in the case of the Depository, by a request that it be transmitted to holders of Securities on th
ated by such entity arc Outstanding. "Rating Agency Confirmation": Confirmation in writing (which may be in the form of a press release) from each Rating Agency (or the specified Rating Agency) that a proposed action or designation will not cause the then current ratings of any Class of Rated Notes to be red
sure in the Relevant Member State. "Purchase Aurcement": The Purchase Agreement dated as of the Closing Date between the Issuer. the Co-Issuer and the Initial Purchaser. "Qualified Institutional Buyer": Am• Person that, at the time of its acquisition. purported acquisition or proposed acquisition of Securities. is
Entities connected to both Rating Agency and the Initial Purchaser

Moody's
ORGANIZATION
Eric Holder
PERSONHedge Counterparty
PERSONInterest Proceeds
ORGANIZATIONThe Co-Issuers
ORGANIZATION
United States
LOCATIONthe Collateral Obligations
ORGANIZATION
the Cayman Islands
LOCATION
Cayman Islands
LOCATION
Luxembourg
LOCATIONthe Rating Agencies
ORGANIZATIONthe Collateral Principal Amount
ORGANIZATIONRegulation S.
LOCATIONCollateral
ORGANIZATIONthe Reinvestment Requirements
ORGANIZATIONStandard & Poor's
ORGANIZATIONObligors
ORGANIZATION
Ireland
LOCATIONGrant
PERSON
Finland
LOCATION