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

(J)
(K)
(L)
(M)
(N)
(O)
(P)
(Q)
(R)
(S)
(T)
(U)
(V)
to the payment of interest due and payable on the Class C Notes (other than any Class C
Deferred Interest);
in redemption of the Class C Notes in full (including payment of Class C Deferred
Interest);
to the payment of interest due and payable on the Class D Notes (other than any Class D
Deferred Interest);
in redemption of the Class D Notes in full (including payment of Class D Deferred
Interest);
to the payment of interest due and payable on the Class E Notes (other than any Class E
Deferred Interest);
in redemption of the Class E Notes in full (including payment of Class E Deferred
Interest);
to the payment to any Replacement Collateral Manager of any Replacement Collateral
Manager Subordinated Fee due and payable;
to the payment on a pro rata basis of accrued and unpaid Class A1A Increased Margin;
to the payment of any Subordinated Collateral Management Fee due and payable;
to the payment of the Subordinated Hedge Termination Payments;
to the payment of any Collateral Manager Termination Amount;
in redemption of the Class N Notes in full; and
to the payment of interest due and payable on the Class N Notes.
For the purposes of this paragraph, any proceeds in Euro or Sterling shall be converted into Sterling or
Euro as applicable to ensure that all amounts ranking senior in the above priority of payments is paid in
full before payments of any junior ranking items.
Notwithstanding anything contained in the Priorities of Payment above, the net proceeds of
enforcement of the security created by the Trust Deed in favour of the Trustee for the benefit of the
Liquidity Facility Provider shall be credited to such account as the Liquidity Facility Provider shall
designate and the Trustee shall hold all moneys received by it under or pursuant to the Trust Deed in
connection with the realisation or enforcement of all or part of the security created in favour of the
Trustee for the benefit of the Liquidity Facility Provider, whether before or after the occurrence of an
Issuer Event of Default, in trust for the benefit of the Liquidity Facility Provider.
(c) Only Trustee to Act: Subject to the restrictions of any applicable law, only the Trustee may pursue the
remedies available under the Trust Deed to enforce the rights of the Noteholders or of any of the other
Secured Parties under the Trust Deed and the Notes and no Noteholder or other Secured Party may
proceed directly against the Issuer or any of its assets unless the Trustee, having become bound to
proceed in accordance with the terms of the Trust Deed, fails or neglects to do so within a reasonable
period and such failure or neglect is continuing. Each Secured Party acknowledges and agrees that the
obligations of the Issuer following the realisation of the security over the Collateral shall be limited to
the amount of funds available to the Issuer to satisfy such obligations in accordance with the Priorities
of Payment and that no Secured Party shall have any further recourse to the Issuer in respect of such
obligations. In particular, none of the Trustee, any Noteholder or any other Secured Party shall be
entitled in respect thereof to petition or take any other step for the winding-up of the Issuer.
(d) Purchase of Collateral by Noteholders: Upon any sale of any part of the Collateral following the
occurrence of an Issuer Event of Default whether made under the power of sale under the Trust Deed or
by virtue of judicial proceedings, any Noteholder may bid for and purchase the Collateral or any part
thereof and, upon compliance with the terms of sale (such terms to be in accordance with the terms of
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