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

B Overcollateralisation Ratio Test are satisfied; (v) the Class D Notes is senior to the principal payable in
respect of the Senior Notes and the other Classes of the Rated Notes and the Class N Notes if the Senior
Coverage Tests, the Class B Overcollateralisation Ratio Test and the Class C Overcollateralisation Ratio Test
are satisfied; and (vi) the Class E Notes is senior to the principal payable in respect of the Senior Notes and the
other Classes of the Rated Notes and the Class N Notes if the Senior Coverage Tests, the Class B
Overcollateralisation Ratio Test, the Class C Overcollateralisation Ratio Test and the Class D
Overcollateralisation Ratio Test are satisfied. If the (i) Senior Coverage Tests are not met, interest in respect of
the Class B Notes is subordinated to principal payable on the Senior Notes; and (ii) if Senior Coverage Tests or
the Class B Overcollateralisation Ratio Test are not met, interest in respect of the Class C Notes is subordinated
to principal payable on the Senior Notes and the Class B Notes; and (iii) if Senior Coverage Tests, the Class B
Overcollateralisation Ratio Test or the Class C Overcollateralisation Ratio Test are not met, interest in respect of
the Class D Notes is subordinated to principal payable on the Senior Notes, the Class B Notes and the Class C
Notes; and (iv) if Senior Coverage Tests, the Class B Overcollateralisation Ratio Test, the Class C
Overcollateralisation Ratio Test or the Class D Overcollateralisation Ratio Test are not met, interest in respect of
the Class E Notes is subordinated to principal payable on the Senior Notes, the Class B Notes, the Class C Notes
and the Class D Notes in each case to the extent required and as described in the Conditions of the Notes.
Prior to enforcement of the security over the Collateral, interest in respect of the Class N Notes is
subordinated to interest on the Senior Notes and to each other Class of Rated Notes, and, provided the Coverage
Tests are satisfied in respect of each Class of Notes, and if, following the Target Date, no Target Date
Downgrade Rating is continuing, senior to principal in respect of the Senior Notes and to principal on each other
Class of Rated Notes. If any of the Coverage Tests are not met or, if following the Target Date, a Target Date
Downgrade Rating is continuing, interest in respect of the Class N Notes is subordinated to principal payable on
the Senior Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes.
Interest on each of the Class B Notes, Class C Notes, Class D Notes and Class E Notes will be paid semiannually
and will be deferred in the event that insufficient Interest Proceeds are available to make payment of
interest on such Class of Notes on any Payment Date pursuant to Condition 3(c)(i) (Application of Interest
Proceeds on Payment Dates) or insufficient Principal Proceeds are available pursuant to Condition 3(c)(iii)
(Application of Principal Proceeds on Payment Dates) for so long as, in the case of (i) the Class B Notes or any
Senior Notes remain outstanding; or (ii) the Class C Notes, any Senior Notes or Class B Notes remain
outstanding; or (iii) the Class D Notes, any Senior Notes, Class B Notes or Class C Notes remain outstanding; or
(iv) the Class E Notes, any Senior Notes, Class B Notes, Class C Notes or Class D Notes remain outstanding.
Such a deferral will not constitute an Issuer Event of Default.
Interest on the Class N Notes will be paid semi-annually on each Payment Date only to the extent that there
are Interest Proceeds available following payment of interest in respect of the Senior Notes, the other Rated
Notes and the fees, expenses and other amounts set out in Condition 3(c)(i) (Application of Interest Proceeds on
Payment Dates), and to, the extent amounts are determined by the Collateral Manager to be released from the
Collateral Enhancement Account.
With certain limited exceptions described herein, (a) payments of principal of and interest on the Class A1A
Notes and the Class A1B Notes are senior to the payment of principal of the Class A2 Notes (b) payments of
principal and interest on the Class A2 Notes are senior to the payment of principal of the Class B Notes, the
Class C Notes, the Class D Notes, the Class E Notes and Class N Notes, (c) payments of principal of and
interest on the Class B Notes are senior to the payment of principal of the Class C Notes, the Class D Notes, the
Class E Notes and Class N Notes, (d) payments of principal of and interest on the Class C Notes are senior to
the payment of principal on the Class D Notes, the Class E Notes and the Class N Notes, (e) payments of
principal of and interest on the Class D Notes are senior to the payment of principal on the Class E Notes and
the Class N Notes and (f) payments of principal of and interest on the Class E Notes are senior to the payment of
principal on the Class N Notes.
Payments of principal and interest on each Class of Notes are also subordinated to the payment of certain
other amounts payable by the Issuer, as set out in the Priorities of Payment.
Except in connection with an optional redemption in accordance with Condition 7(b) (Optional
Redemption) (in which case each Class of Notes will be redeemed in full): (a) no payments of principal of the
Class B Notes will be made until principal on the Senior Notes have been paid in full, (b) no payments of
principal of the Class C Notes will be made until principal on the Senior Notes and the Class B Notes have been
paid in full, (c) no payments of principal of the Class D Notes will be made until principal on the Senior Notes,
the Class B Notes and the Class C Notes have been paid in full, (d) no payments of principal of the Class E
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