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

(c) Sale of Credit Improved Securities
The Collateral Manager (acting on behalf of the Issuer) may sell Credit Improved Securities at any time
and, during the Reinvestment Period, reinvest the Sale Proceeds thereof in Additional Collateral Debt Securities,
in each case, subject to the conditions set out in paragraph (b) (Conditions of Sale and/or Reinvestment in
Additional Collateral Debt Securities) above. In addition, after the Reinvestment Period, the Sale Proceeds of
any Credit Improved Securities sold will be either (a) reinvested by the Collateral Manager (acting on behalf of
the Issuer) in Additional Collateral Debt Securities if the Reinvestment Criteria and the Additional
Reinvestment Criteria are satisfied and the Collateral Manager will use commercially reasonable efforts to
reinvest such Sale Proceeds within 20 Business Days of receipt of such Sale Proceeds, or (b) deposited in the
Principal Collection Account or Sterling Principal Account, as applicable, and disbursed in accordance with the
Priorities of Payment on the first Payment Date following the Due Period in which such sale occurs.
(d) Sale of Credit Risk Securities
The Collateral Manager (acting on behalf of the Issuer) may sell Credit Risk Securities at any time and,
during the Reinvestment Period, reinvest the Sale Proceeds thereof in Additional Collateral Debt Securities, in
each case, subject to the conditions set out in paragraph (b) (Conditions of Sale and/or Reinvestment in
Additional Collateral Debt Securities) above. After the Reinvestment Period, the Sale Proceeds of any Credit
Risk Securities sold will be deposited in the Principal Collection Account or Sterling Principal Account, as
applicable, and disbursed in accordance with the Priorities of Payment on the first Payment Date following the
Due Period in which such sale occurs.
(e) Sale of Defaulted Securities and Defaulted Equity Securities
The Collateral Manager (acting on behalf of the Issuer) may sell any Defaulted Security or Defaulted
Equity Security at any time following such Collateral Debt Security becoming a Defaulted Security or following
receipt of such Defaulted Equity Security, as the case may be, and, during the Reinvestment Period, reinvest the
Sale Proceeds thereof in Additional Collateral Debt Securities subject to the conditions set out in paragraph (b)
(Conditions of Sale and/or Reinvestment in Additional Collateral Debt Securities) above. After the
Reinvestment Period, the Sale Proceeds of any Defaulted Security or Defaulted Equity Security sold shall be
deposited in the Principal Collection Account or Sterling Principal Account, as applicable, and disbursed in
accordance with the Priorities of Payment on the first Payment Date following the Due Period in which such
sale occurs.
(f)
Sale of PIK Securities
The Collateral Manager (acting on behalf of the Issuer) may sell any PIK Security the issuer or obligor (or,
in the case of a Synthetic Security or Participation, the related Reference Obligor or related Collateral Debt
Security), of which has actually deferred and capitalised as principal any interest due thereon and has not
subsequently paid all such interest in full in cash to the Issuer, and, during the Reinvestment Period, reinvest the
Sale Proceeds thereof in Additional Collateral Debt Securities, in each case, subject to the conditions set out in
paragraph (b) (Conditions of Sale and/or Reinvestment in Additional Collateral Debt Securities) above. After
the Reinvestment Period, the Sale Proceeds (up to the par value of the relevant PIK Security) of any PIK
Security sold shall be deposited in the Principal Collection Account or Sterling Principal Account, as applicable,
and disbursed in accordance with the Priorities of Payment on the first Payment Date following the Due Period
in which such sale occurs. Capitalised interest and other amounts in excess of a PIK Security’s par value shall
be treated as Interest Proceeds and deposited in either the Interest Collection Account or the Sterling Interest
Account.
(g) Sale of Equity Securities
The Collateral Manager (acting on behalf of the Issuer) may sell any Equity Security at any time following
receipt of an Equity Security, subject to the conditions set out in paragraph (b) (Conditions of Sale and/or
Reinvestment in Additional Collateral Debt Securities) above. The Sale Proceeds of any Equity Security (other
than Defaulted Equity Securities) sold shall be deposited in the Principal Collection Account or Sterling
Principal Account, as applicable, in an amount equal to the original purchase price of such Equity Security when
acquired or received by the Issuer and any excess shall be deposited in the Interest Collection Account or
Sterling Interest Account, as applicable, and, in each case, disbursed in accordance with the Priorities of
Payment on the first Payment Date following the Due Period in which such sale occurs.
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