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

(ii) the transfer is construed as an inheritance or as a gift made by or on behalf of a person who, at the
time of the gift or death, is, or is deemed to be, resident in The Netherlands for the purpose of the
relevant provisions; or
(iii) such Note is attributable to an enterprise or part thereof which is either effectively managed in The
Netherlands or carried on through a permanent establishment or a permanent representative in The
Netherlands;
(d) there is no Dutch registration tax, stamp duty or any other similar tax or duty payable in The
Netherlands in respect of or in connection with the execution, delivery and/or enforcement by legal
proceedings (including any foreign judgment in the courts of The Netherlands) of the Notes or the
performance of the Issuer’s obligations under the Notes;
(e) there is no Dutch value added tax payable in respect of payments in consideration for the issue of the
Notes or in respect of the payment of interest or principal under the Notes or the transfer of a Note,
provided that Dutch value added tax may, however, be payable in respect of fees charged for certain
services rendered to the Issuer, if for Dutch value added tax purposes such services are rendered, or are
deemed to be rendered, in The Netherlands and an exemption from Dutch value added tax does not
apply with respect to such services; and
(f)
a holder of a Note will not be treated as a resident of The Netherlands by reason only of the holding of
a Note or the execution, performance, delivery and/or enforcement of the Notes.
United States Federal Income Taxation
General
The following discussion summarises certain of the material U.S. federal income tax consequences of the
purchase, beneficial ownership, and disposition of the Notes.
For purposes of this summary, a “U.S. Holder” is a beneficial owner of a Note that is:
· an individual who is a citizen or a resident of the United States, for U.S. federal income tax purposes;
· a corporation (or other entity that is treated as a corporation for U.S. federal tax purposes) that is
created or organised in or under the laws of the United States or any State thereof (including the
District of Columbia);
· an estate whose income is subject to U.S. federal income taxation regardless of its source; or
· a trust if a court within the United States is able to exercise primary supervision over its administration,
and one or more United States persons have the authority to control all of its substantial decisions.
For purposes of this summary, a “Non-U.S. Holder” is a beneficial owner of a Note that is:
· a non-resident alien individual for U.S. federal income tax purposes;
· a foreign corporation for U.S. federal income tax purposes;
· an estate whose income is not subject to U.S. federal income tax on a net income basis; or
· a trust if no court within the United States is able to exercise primary jurisdiction over its
administration or if no United States persons have the authority to control all of its substantial
decisions.
An individual may, subject to certain exceptions, be deemed to be a resident of the United States for U.S.
federal income tax purposes by reason of being present in the United States for at least 31 days in the calendar
year and for an aggregate of at least 183 days during a three-year period ending in the current calendar year
(counting for such purposes all of the days present in the current year, one-third of the days present in the
immediately preceding year, and one-sixth of the days present in the second preceding year).
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