Gresham Capital CLO IV B.V. - Irish Stock Exchange

epayment in full, to redeem the Class B Notes (on a pro rata basis), in whole or in part,
and following such redemption in full, to redeem the Class C Notes (on a pro rata basis),
in whole or in part, and following such redemption in full, to redeem the Class D Notes
(on a pro rata basis), in whole or in part, and following such redemption in full, to
redeem the Class E Notes (on a pro rata basis), in whole or in part or, in each case if
earlier, until the Rating Agencies confirm in writing that each such rating is reinstated;
(M)
(N)
(O)
(P)
(Q)
(R)
(S)
(T)
(U)
(V)
(W)
(X)
(Y)
(Z)
during the Reinvestment Period (and after the expiry of the Reinvestment Period in the
case of certain Unscheduled Principal Proceeds permitted to be reinvested in Additional
Collateral Debt Securities pursuant to the terms of the Collateral Management Agreement
and Sale Proceeds from Credit Improved Securities, in each case, designated for
reinvestment in the following Due Period), save for upon the Payment Date on which the
Notes are to be redeemed or repaid in full, pari passu (1) to the purchase of Additional
Collateral Debt Securities satisfying the Eligibility Criteria, the Reinvestment Criteria and
the Additional Reinvestment Criteria as applicable, (2) to payment, where so obliged, of
the cost of any Replacement Hedge Agreement and (3) to payment of an amount at the
discretion of the Issuer (following recommendation from the Collateral Manager) to the
Additional Collateral Account or the Sterling Additional Collateral Account to be
designated for reinvestment in Additional Collateral Debt Securities;
during the Reinvestment Period, to the extent such funds are not required to be paid in
accordance with Condition 3(c)(iii)(A) to (M) (inclusive) above, at the option of the
Collateral Manager on behalf of the Issuer, to the repayment of amounts outstanding
under the Class A1A Notes;
to payment in an amount equal to the Special Redemption Amount (if any) applicable to
such Payment Date if it is a Special Redemption Date pursuant to Condition 7(d)
(Redemption at the Option of the Collateral Manager) to redeem or repay, as applicable,
the Senior Notes in accordance with the Senior Notes Redemption Method, in whole or in
part, and following such redemption or repayment in full, to redeem the Class B Notes
(on a pro rata basis), in whole or in part, and following such redemption in full, to
redeem the Class C Notes (on a pro rata basis), in whole or in part, and following such
redemption in full, to redeem the Class D Notes (on a pro rata basis), in whole or in part,
and following such redemption in full, to redeem the Class E Notes (on a pro rata basis),
in whole or in part;
after expiry of the Reinvestment Period, to redeem or repay, as applicable, the Senior
Notes in full in accordance with the Senior Notes Redemption Method;
to the payment of the Class B Deferred Interest pro rata;
after expiry of the Reinvestment Period, to redeem in full the Class B Notes pro rata;
to the payment of the Class C Deferred Interest pro rata;
after expiry of the Reinvestment Period, to redeem in full the Class C Notes pro rata;
to the payment of the Class D Deferred Interest pro rata;
after expiry of the Reinvestment Period, to redeem in full the Class D Notes pro rata;
to the payment of the Class E Deferred Interest pro rata;
after expiry of the Reinvestment Period, to redeem in full the Class E Notes pro rata;
to the payment of the amounts referred to in Condition 3(c)(i)(X) and (Y) and (CC) to
(GG) above (inclusive), in each case in the order of priority set out therein, but only to the
extent not paid in full thereunder;
to the payment, on a pro rata basis, to the Class N Noteholders, until the Class N Notes
have received an Internal Rate of Return of 12 per cent. (taking into account all prior
distributions to the Class N Noteholders);
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