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

(f)
the amount drawn does not exceed the aggregate of the purchase prices of Additional Collateral Debt
Securities (plus accrued interest if any) to be acquired; and
(g) if such Drawing is denominated in Sterling, the Collateral Debt Security purchased with such Drawing
would not when purchased cause the Sterling Limit or the Aggregate Sterling Limit to be breached.
6. Sale of Collateral Debt Securities and Reinvestment Criteria
(a) General
The Collateral Manager (acting on behalf of the Issuer) is permitted in certain circumstances and subject to
certain requirements, all as set out below, to sell Collateral Debt Securities, Defaulted Equity Securities and
Collateral Enhancement Securities and, during the Reinvestment Period and, to a limited extent, after the
Reinvestment Period, to reinvest the Sale Proceeds thereof in Additional Collateral Debt Securities. The sale
and reinvestment of any Collateral Debt Securities will be required to comply with the provisions set out below,
including meeting the Eligibility Criteria and, after the Ramp-Up Period, the Reinvestment Criteria and after the
Reinvestment Period, the Reinvestment Criteria and the Additional Reinvestment Criteria.
(b) Conditions of Sale and/or Reinvestment in Additional Collateral Debt Securities
The Collateral Manager (acting on behalf of the Issuer) may dispose of any Collateral Debt Security, a
Defaulted Equity Security or a Collateral Enhancement Security, in each case, which is permitted to be sold in
the circumstances provided below, provided that:
(i) no Issuer Event of Default has occurred and is continuing;
(ii) in the case of a proposed disposal of a Collateral Debt Security, either (i) it is a Credit Improved
Security, a Credit Risk Security, a Defaulted Security, a PIK Security to which paragraph (f) (Sale
of PIK Securities) applies or an Equity Security or (ii) the aggregate of the Principal Balances of
the Collateral Debt Securities acquired during the twelve month period commencing on (and
including) the Target Date and each succeeding twelve-month period (excluding from this
calculation, the Principal Balances of the Collateral Debt Securities acquired out of the Sale
Proceeds received pursuant to a disposal referred to in paragraphs (c) (Sale of Credit Improved
Securities) to (g) (Sale of Equity Securities) (inclusive) below) when aggregated with the Principal
Balances of the Collateral Debt Securities to be sold does not exceed 20 per cent. of the Maximum
Investment Amount determined as at the beginning of each twelve month period, provided that the
discretionary sales referred to in this paragraph (b)(ii) will only be permitted during the
Reinvestment Period;
(iii) except in the case of Sale Proceeds from a Credit Risk Security, a Defaulted Security, a PIK
Security or an Equity Security, the Collateral Manager certifies that it believes in its reasonable
business judgement that the Sale Proceeds may be reinvested in one or more Collateral Debt
Security within 20 Business Days of receipt of such Sale Proceeds;
(iv) in the case of a sale of a Collateral Debt Security which is a Credit Risk Security, a Credit
Improved Security or a Defaulted Security, the Collateral Manager certifies that such Collateral
Debt Security is a Credit Risk Security, Credit Improved Security or Defaulted Security;
(v) after giving effect to the sale of any Collateral Debt Security, each of the Collateral Quality Tests
is satisfied or, if not satisfied immediately prior to such sale, is maintained or improved after
giving effect to the sale of such Collateral Debt Security; and
(vi) the Collateral Manager has received from the Collateral Administrator the certificate in respect of
such sale described below.
In respect of any disposal referred to above, the Collateral Manager shall use its reasonable efforts to
reinvest the relevant Sale Proceeds in Additional Collateral Debt Securities at any time prior to the end of the
Due Period in which such Sale Proceeds were received, provided that:
(i) no Issuer Event of Default shall have occurred and be continuing;
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