CVC Cordatus Loan Fund X Limited: 01 February 2018

The assets securing the notes will consist of a portfolio of Senior Secured Loans, Senior Secured Bonds, Second Lien Loans, Mezzanine Obligations and High Yield Bonds, and will be managed by CVC Credit Partners European CLO Management LLP.

Eligibility criteria (includes): it is a Senior Secured Loan, Senior Secured Bond, an Senior Unsecured Obligation, a Corporate Rescue Loan, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond, a PIK Obligation or a Bridge Loan; it is not a Defaulted Obligation or a Credit Impaired Obligation; it is not a lease; it is not a Structured Finance Security, pre-funded letter of credit or a Synthetic Security; other than in the case of Corporate Rescue Loans, it has a Moody’s Rating of not lower than "Caa3" and an S&P Rating of not lower than "CCC-";is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country (as determined by the Collateral Manager acting on behalf of the Issuer); it is not a Project Finance Loan; it has a minimum purchase price of 50 per cent of the Principal Balance of such Collateral Debt Obligation.

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Debt Obligations the Aggregate Principal Balance of which is equal to at least €280mln which is approximately 70.0% of the Target Par Amount.


CRR 405: In accordance with the EU Retention Requirements, the Collateral Manager, in its capacity as the Retention Holder, will undertake to acquire and hold the EU Retention Notes on the terms set out in the EU Retention Letter (see the prospectus) by undertaking to subscribe for and retain, on an ongoing basis, Class M-1 Subordinated Notes with a Principal Amount Outstanding equal to not less than 5 per cent of the greater of (i) the Aggregate Collateral Balance and (ii) the Target Par Amount.