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

in writing that each such rating is reinstated. See Condition
7(c)(ii) (Redemption Following Target Rate Rating
Downgrade).
(f)
Mandatory Redemption After the Reinvestment Period: On
each Payment Date after the end of the Reinvestment Period,
Principal Proceeds (other than certain Unscheduled Principal
Proceeds and Sale Proceeds from Credit Improved Securities,
which at the option of the Collateral Manager may be invested
in Collateral Debt Securities) will be applied, subject to the
Priorities of Payment, to redeem the Notes. See Condition
7(c)(iii) (Redemption Following Expiry of the Reinvestment
Period).
(g) Mandatory Redemption Upon Breach of Reinvestment OC
Test: On each Payment Date after the end of the Reinvestment
Period, in the event that the Reinvestment OC Test (as
calculated by the Collateral Administrator) is not satisfied on
the immediately preceding Measurement Date, Interest
Proceeds net of the amounts payable under Condition
3(c)(i)(A) to (Z) (inclusive) will be used, subject to the
Priorities of Payment, to redeem the Notes, in whole or in part,
to the extent necessary to cause the Reinvestment OC Test to
be met if recalculated following such redemption or
repayment. See Condition 7(c)(iv) (Redemption upon Breach
of Reinvestment OC Test).
(h) Redemption upon Sterling Funding Mismatch: On each
Payment Date, in the event that there is a Sterling Funding
Mismatch, Interest Proceeds and Principal Proceeds will be
used in accordance with the Priorities of Payment to repay the
Sterling Drawings (on a pro rata basis), in whole or in part, to
the extent necessary to cure such Sterling Funding Mismatch.
See Condition 7(c)(v) (Redemption upon Sterling Funding
Mismatch).
(i)
(j)
Special Redemption at the option of the Collateral Manager:
Save as provided below, principal on the Notes shall be paid in
accordance with Condition 3(c)(iii)(O) (Application of
Principal Proceeds on Payment Dates) by the Issuer on the
direction of the Collateral Manager (acting in its sole and
absolute discretion on behalf of the Issuer) if, at any time
during the Reinvestment Period, the Collateral Manager
(acting on behalf of the Issuer) by notice certifies to the Issuer
and the Trustee that for a period of 90 days following receipt
of such funds it has been unable to identify Additional
Collateral Debt Securities that are deemed appropriate by the
Collateral Manager (in its discretion and acting on behalf of
the Issuer) and which meet the Eligibility Criteria or, to the
extent applicable, the Reinvestment Criteria and the Additional
Reinvestment Criteria, in sufficient amounts to permit the
investment or reinvestment of all or a portion of the funds then
held in the Principal Collection Account that are to be invested
in Additional Collateral Debt Securities (a “Special
Redemption”). See Condition 7(d) (Redemption at the Option
of the Collateral Manager).
Redemption of Class A1A Notes: The Class A1A Notes may
be redeemed by the Issuer subject to and in accordance with
the terms of the Class A1A Note Purchase Agreement.
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